A new report from Allied Market Research estimates the global construction equipment industry to have been worth $201.9 billion in 2021, and will grow to $322 billion by 2031, at a CAGR of 4.8 per cent. Whereas the earth moving segment currently holds two-fifths of the industry, the report predicts that the lifting and material handling segment will record the highest growth up until 2031, a CAGR of 7.1 per cent, on the back of growth in seaborne trade.
In India, asides the ports sector, growth in the construction and logistics industries may spur growth in the lifting and material handling equipment segment.
CW brings you a few examples of the use of lifting equipment—tower cranes, crawler cranes, hoists and aerial work platforms—on construction sites.
