Lifting Industrial Equipment Market is Estimated to Grow

The industrial lifting equipment market is estimated to grow from USD 63.96 billion in 2018 to reach USD 79.73 billion by 2023, at a CAGR of 4.51% between 2018 and 2023. The key driving factors for the growth of the industrial lifting equipment market are increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and the rising demand for cranes and hoists in the mining industry.

However, the high initial cost associated with industrial lifting equipment hinders the market growth

The market for mobile cranes to grow at a higher CAGR during the forecast period  Lifting-Container

The market for mobile cranes is expected to exhibit a significant growth during the forecast period owing to the increasing demand in the construction and mining industry. Due to high mobility, high travelling speed, and less time for setup on construction sites, the market for mobile cranes is increasing. Mobile cranes are commonly used in the construction of buildings and assembling of heavy equipment.

The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained the popularity; where lifting and lowering require expansive displacements.

The market for electric forklift is expected to grow at the highest rate during the forecast period
Electric forklifts are powered by batteries or fuel cells. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level.

Electric forklifts are gaining acceptance, as they are environment-friendly and produce low noise during operation; they do not emit harmful gases. Moreover, electric forklifts have low operation and maintenance costs, and are easier to operate than internal combustion engine forklifts

The hoist market in Europe to grow at the highest CAGR during the forecast period
Europe is projected to grow at the highest CAGR between 2018 and 2023 in the industrial lifting equipment market for hoists. The demand from the automotive industry drives the hoists market in France. Given the product competitiveness in the market, automotive manufacturers, component providers, and suppliers seek to gain a competitive edge by offering quality products.

The break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 60%, Tier 2 = 30%, and Tier 3 = 10%
• By Designation: C–Level Executives = 45%, Directors = 30%, and Others = 25%
• By Region: North America = 40%, Europe = 20%, APAC = 35%, and RoW = 5%

More details: Cision PR Newswire

Read the full report: https://www.reportlinker.com/p05345163

 

Hercules SLR is part of the Hercules Group of Companies which offers a unique portfolio of businesses nationally with locations from coast to coast. Our companies provide an extensive coverage of products and services that support the success of a wide range of business sectors across Canada including the energy, oil & gas, manufacturing, construction, aerospace, infrastructure, utilities, oil and gas, mining and marine industries.

Hercules Group of Companies is comprised of: Hercules SLRHercules Machining & Millwright ServicesSpartan Industrial MarineStellar Industrial Sales and Wire Rope Atlantic.

We have the ability to provide any solution your business or project will need. Call us today for more information. 1-877-461-4876. Don’t forget to follow us on FacebookTwitter and LinkedIn for more news and upcoming events.

7 Major Trends That Will Impact the Construction Industry

construction-industry

The construction industry is always changing and evolving. Every year new trends appear within the industry, from technological advancements to a stronger focus on sustainability. If you run a construction company and you want to make sure you stay ahead of the game, it can be useful to be aware of emerging trends that could prepare you for the future.

After all, many of the trends make construction work easier and more efficient, so if you aren’t aware of them, you may find it hard to keep up with your competitors. While it can be difficult to know which trends will be more popular than others, there are a few important trends already starting to emerge. Here are seven major trends that will impact the construction industry over the next year.

construction-industry-2

1. More Technological Integration

Technology is one of the main factors pushing change in nearly every industry, but in some ways, the construction industry has managed to partially avoid this. However, recent advancements have resulted in technology that is specifically suited to construction; with more drone usage and 3D printing than ever before, it is likely the construction industry will embrace both these forms of technology.

After all, both will make construction work safer and easier; drones can be used to ensure materials are placed exactly how they should be, and 3D printing can be used to make sure every material is the perfect size. Self-driving vehicles may also become more popular within the construction industry, as well as mobile and cloud applications that make the whole construction process more straightforward.

Another form of technology that people can expect to see more of is Building Information Modeling (BIM). BIM will make the collaboration aspect of construction easier. Most construction projects require tens (or even hundreds) of people to come up with essential aspects of the plan, but it can be difficult for all these people to stay in communication.

Many construction companies are already starting to use BIM technology, and it isn’t hard to see why. There are lots of benefits to using BIM; it makes resource management easier, it helps people to stay in touch throughout the project, and it enables enhanced collaboration. In fact, the National BIM report of 2017 by the NBS found that people are having a very positive response to the technology. The report found that nearly 80% of the participants believe BIM is the future of project management, and a further 60% believe the technology has the ability to make projects more time efficient.

2. Increase in Prefabrication and Modular Construction Projects

Prefabrication and modular construction have both become more popular over the last year or so, and it isn’t hard to see why. Both trends are energy efficient and cost-effective, which is ideal at a time when most material prices are rising, or high already! This popularity is likely to increase even more over the next few months, especially for construction companies looking to cut overall costs. And with the help of effective hot melt adhesives and the overall ease of design, the actual construction of the homes is quite quick. So, you can expect to see a lot more permanent modular buildings in the future, as well as pop-up buildings and prefabricated homes.

3. Additional Focus on Sustainability

Increasingly, people are focused on sustainability, so the most successful companies are also focusing on sustainability. This is a terrific way to appeal to the Millennials, and of course, it is also much better for the world as a whole. For this reason, it is very likely that most, if not all, construction companies will place a strong focus on sustainability. While it is still important to find the best product for the job, it is likely managers will look for products that have a focus on ecological benefits, such as living walls that provide an area with fresh oxygen.

4. Improved Safety Procedures

Most people understand construction isn’t the safest job in the world, especially when compared with an office job. After all, the industry suffers far more workplace accidents and fatalities, and this knowledge has resulted in an increased level of scrutiny on the industry. This scrutiny has resulted in the development of technology designed to make construction sites safer. New mobile apps and computer programmers make it easier for employees to adhere to safety measurements when they are working.

5. A Rise in the Popularity of Project Management Software

Many industries are now embracing project management software, and this includes the construction industry. Project management software has been improved significantly over the last few years, and now there are lots of specialized programs to suit different jobs; from designing a building to running a construction site.

The software provides construction companies with three major advantages; transparency, accountability, and efficiency. As many people will be using the same software, it is easier for people to understand their role, which could also help to make construction sites safer.

Currently, project management software offers real-time communication, trackability, and a project overview. This could result in an increase in IT spending within the construction industry, which is interesting since most construction managers only spend around 2% of their budget on IT.

6. Slow Growth

While the demand for construction is likely to continue growing, the growth will be slower than many people expect. This is due to limited spending in both residential and non-residential sectors, which could result in an increase in competition.

7. Rising Material Costs

The last few years have seen rising material costs within the construction industry, and sadly this trend is sticking around. Due to the rising cost of skilled labor and supplies, construction companies have been forced to fork out more if they want to keep the company going – and prices are expected to stay just as high in 2018. This is why many construction companies are looking for ways to cut overall costs – and if you are doing this, one of the best things you can do is embrace new construction technologies that can make your workforce more efficient. It can also be useful to bulk buy materials to lower costs.

The overall outlook for construction is positive. The construction industry is an essential part of any successful city, although rising costs can make it harder for smaller companies to compete. However modern technologies are set to make the world of construction safer, more efficient, and more effective, which could help to lower overall costs.

Article by Casey Heigl read original article here and more articles by her here

Hercules SLR is part of the Hercules Group of Companies which offers a unique portfolio of businesses nationally with locations from coast to coast. Our companies provide an extensive coverage of products and services that support the success of a wide range of business sectors across Canada including the energy, oil & gas, manufacturing, construction, aerospace, infrastructure, utilities, oil and gas, mining and marine industries.

Hercules Group of Companies is comprised of: Hercules SLRHercules Machining & Millwright ServicesSpartan Industrial MarineStellar Industrial Sales and Wire Rope Atlantic.

We have the ability to provide any solution your business or project will need. Call us today for more information. 1-877-461-4876. Don’t forget to follow us on Twitter LinkedIn and Facebook for more news and upcoming events.

Construction Industry Draws $1.3 Billion in Venture Capital

Ventire-Captital-in-Construction

In a bid to digitize building trades, investors have already bet big on the transformative power of new startups

Move over meal deliveries and mobility startups: The construction industry has become a new focal point for venture capital funds and tech investment.

Investment in AEC firms—architecture, engineering, and construction—have blossomed in the last few years, as a once low-tech, staid industry begins to feel the full impact of digital technology, especially when it comes to collaboration software, worksite monitoring, safety, and new design tools.

Tech Investment

Tech investment in construction has grown rapidly in the past decade—in 2008, global investment totaled $4.5 million across two deals—led by growing number of more active and specialized venture capital investors. According to data from CB Insights, the industry saw $882.3 million in investment last year across 103 deals, and has already bested that in 2018, racking up $1.38 billion across 61 deals.

While this year’s considerable investment is mostly due to a handful of sizable venture capital investments in companies such as Katerra, the Silicon Valley construction startup that received $865 million in a funding round that included the SoftBank Vision Fund, these mammoth deals only show the potential many see in these types of companies.

venture-capital-diggerFrom Low Tech to High Tech

“Construction is one of the least digitized industries, so many startups are seizing the opportunity to build technology that would increase efficiency within this market,” says Michael Wholey, an intelligence analyst for CB Insights. “As a result, funding and deal activity in the construction technology space has been increasing steadily over the past few years.”

Kaustubh Pandya, a principal at Brick & Mortar Ventures, a three-year-old San Francisco-based investment fund focused on AEC companies, says the technology to digitize buildings, including affordable sensors and better mobile technology, has the potential to make an industry known for long time frames and flexible deadlines more efficient.

According to a recent Crunchbase article, a number of startups are on the rise, including Rhumbix, which raised $20 million in venture capital investments for its mobile platform for the construction craft workforce, and Procore, which has built a cloud-based construction management software application and raised $229 million.

While there’s a desire to expand and diversify tech investment—”the world doesn’t need another general fund, there are plenty out there,” says Pandya—the size and scope of the construction and design field offers plenty of opportunities. A report from global consulting firm McKinsey found numerous areas for improvement and investment, especially in the realms of field productivity and site-performance management.

One of the main reasons investors see great potential is the relatively low growth in productivity in the building trades, relative to other industries. The McKinsey analysis found that construction labor productivity averaged 1 percent growth annually over the last two decades, compared to the 3 to 4 percent average found in other industries. If new technologies could help close that gap, that would add an estimated $1.6 trillion to the industry’s annual output.

Read original article here.

Hercules SLR is part of the Hercules Group of Companies which offers a unique portfolio of businesses nationally with locations from coast to coast. Our companies provide an extensive coverage of products and services that support the success of a wide range of business sectors across Canada including the energy, oil & gas, manufacturing, construction, aerospace, infrastructure, utilities, oil and gas, mining and marine industries.

Hercules Group of Companies is comprised of: Hercules SLRHercules Machining & Millwright ServicesSpartan Industrial MarineStellar Industrial Sales and Wire Rope Atlantic.

We have the ability to provide any solution your business or project will need. Call us today for more information. 1-877-461-4876. Don’t forget to follow us on Twitter LinkedIn and Facebook for more news and upcoming events.