- Industrial Lifting Equipment can find its application in almost every industry and may vary depending upon the type of industry in which it is being used.
- Wide scale implementation of automation in industries requires automated lifts to process the manufactured products.
- Globally, the Asia Pacific Region has the largest market share.
Industrialization is exponentially increasing on a global scale. These industries need proper tools to handle heavy machinery. The process of lifting heavy machines is performed by industrial lifting equipment. Industrial Lifting Equipment can find its application in almost every industry and may vary depending upon the type of industry in which it is being used.
As the manufacturing industry is expanding day by day, it also causes the Industrial Lifting Equipment Market to grow and prosper. Wide scale implementation of automation in industries also requires automated lifts to process the manufactured products.
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, and warehouses.
On the basis of geography: North America, Europe, Asia Pacific (APAC), Rest of the World (RoW). Growing industrialization is the main growth driver for the Industrial Lifting Equipment Market. Almost each and every industry has lifting equipment installed to handle or lift the heavy machines in the industry whether it is a forging industry or an automobile industry. Advancement in industries are also leading toward robots performing the work.
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Globally, the Asia Pacific Region has the largest market share, followed by the North American market and European market. Due to globalization and industrialization, developing countries in the region like China and India have wide scale implementation of Industrial Lifting Equipment.
Industrial Lifting Equipment has to be installed separately. This increases the cost of machinery and takes up space, which is one of the downsides of the Industrial Lifting Equipment Market. But, applications of 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 Industrial Lifting Equipment. These lifts are used in the manufacturing process to move the products within the factory and also to store them in large warehouses.
Key players in the Market are: Toyota Industries, KION Group, Hyster-Yale Material Handling, Oshkosh, Linamar, Konecranes, Cargotec, Terex, Manitowoc, Ingersoll Rand, Mammoet, ZPMC, and Columbus McKinnon (US).