Heavy lifting equipment market to reach $47.1 billion by 2032 due to IoT integration

From GlobeNewswire: 2025-01-20 06:30:00

The heavy lifting equipment market is projected to reach USD 47.1 billion by 2032, driven by IoT integration and remote monitoring systems. Smart lifting solutions enhance efficiency and safety measures across industries. Intelligent lifting equipment with advanced features like load tracking and remote operation are increasingly popular for optimizing resource utilization and productivity on-site.

In 2023, the cranes segment accounted for around USD 11 billion in the heavy lifting equipment market, with a projected 6.2% CAGR from 2024 to 2032. Cranes are crucial for handling large loads with precision, especially in sectors requiring the movement of substantial materials. Construction companies represented 38% of the market share in 2023, with a 6.3% expected CAGR from 2024 to 2032 due to heavy reliance on lifting equipment for large-scale projects.

The United States led the heavy lifting equipment market in 2023, capturing 85% of the regional share. Urban development projects drive demand for advanced lifting solutions, especially in infrastructure, transportation, and residential construction. The US’s need to efficiently handle heavy materials supports the growth of the market.



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