With the rapid globalization, the industrialization is also exponentially increasing. With these industries the need of proper tools to handle the heavy machinery is also increasing. The process of lifting these heavy machineries is done by the Industrial lifting equipment. The Industrial Lifting Equipment can find it`s application in almost every industry and may vary depending upon the type of industry in which it is being used.
The market is segmented on the basis of of type as Lifts, Fork lifts, Hoists, Stackers, Pallet trucks, Robotic arms; On the basis of mechanism involved, the industrial lifting equipment market can be segmented as: Hydraulic, Pneumatic, Electrical, Magnetic, Scissor lifts; On the basis of nature of installation: Overhead, Fulcrum, Vehicle mounted; On the of application area, the industrial lifting equipment market can be segmented as: Manufacturing industry, Process industry, Shipping dockyards, warehouses; on the basis of geography: North America, Europe, Asia Pacific (APAC), Rest of the World (RoW).
The growing industrialization is the main growth driver of the Industrial Lifting Equipment Market. Almost each and every industry has lifting equipment installed to handle or lift the heavy machineries in the industry whether it is a forging industry or an automobile industry. The advancement in the industries are also leading to the robots to take over and do the work.
The Industrial Lifting Equipment has to be installed separately. This increases the cost of machinery and takes up space, which are the downsides of the Industrial Lifting Equipment Market. But, the application of the Industrial Lifting Equipment can be found in every industry which are creating ample opportunities for the Industrial Lifting Equipment Market to expand.
On the basis of application, the manufacturing sector has the greatest market for the Industrial Lifting Equipment. These lifts are used in the manufacturing process to move the products within the factory and also to store them in the large warehouses. As the manufacturing industry is expanding day by day, it also offers the Industrial Lifting Equipment Market to grow and prosper. The wide scale implementation of the automation in the industries also require automated lifts to process the manufacturing products.
Globally, Asia Pacific Region has the largest market share, followed by the North American market and European market. Due to globalization and industrialization, the developing countries in the region like China and India has the wide scale implementation of the Industrial Lifting Equipment on a large scale.
The key players in the Market are: Toyota Industries, KION Group, Hyster-Yale Material Handling, Oshkosh, Linamar, Konecranes, Cargotec, Terex, Manitowoc, Ingersoll Rand, Mammoet, ZPMC, Columbus McKinnon (US).