What are the growth prospects for lifting equipment?

With new advancements in lifting equipment that is majorly used at any construction site, there is an increasing demand for getting the best safety solutions to avoid any accidents and losses.

The industrial lifting equipment industry has seen some remarkable progress of about 61.37 billion in 2017 and is expected to touch great heights in the forthcoming years. By 2023, the expected growth is at a CAGR of 4.23% of about 79 billion and more. Some of the key driving factors responsible for the growing need for lifting equipment are camlok lifting clamps, camlok plate clamps, and a lot more.

There are several diversifications of this industry makes it today one of the leading industries. When working over a certain height, every employee has a fear of falling down that might eventually lead to enormous losses of life, property, and resources.

Based on the types, the heavy lifting equipment market is majorly split into these categories as per the time period of 2015 to 2025:

• Manually
• Hydraulic
• Electrical

Based on the applications, the lifting equipment market covering these categories from 2015 to 2025:

• Construction
• Factory
• Train station
• Airport
• Other
• The

lifting equipment market for the wire rope hoists holds an enormous share of the hoist market by the end of 2017. Wire rope medium generally changes as per the loading capacity of the hoists, and all of these hoists are powered either electrically or pneumatically and they are hung overhead on the beam of the bridge by taking the help of a trolley. The wire ropes are majorly in use in the production environment as they provide quick lifting time. When looking at the hoist sector, Asia Pacific will account for the largest market share by 2017. There is an increasing need for production output with no compromise on the quality standards that has an effect on the manufacturing sector in several parts of the world. Several manufacturers and suppliers might face challenges majorly with the labor cost and increasing lead time because of the manual procedures. Thus, many companies are automating their processes and driving the hoists market in the Asia pacific.

• There are innumerable competitive benefits of electric forklifts like environment-friendly in nature as compared to other types of forklifts, lower cost of operation and offer adequate growth of electric forklifts. As per 2017 metrics, diesel forklifts were holding the largest market share in this sector. And in the future, this growth will undoubtedly take quantum leaps with much more efficiency in energy and reduced noise levels that fit best for the environment.

Summing it up!!

There are numerous benefits of making use of any of the lifting types of equipment not just for the construction sites but also used by many people for their purpose. And this is why with time, there can be expected great growth in the lifting equipment market industry that will stand out in the market.

Garret Henry is a skilled writer working at Bishop Lifting Services, a leading lifting equipment store, with a vast experience in articles and blog writing.