The lifting equipment market is projected to grow at 4.2% annually, yet safety remains a critical driver. In the EU-27, 34% of construction workers report injuries while working at height. This analysis examines the key statistics shaping the industry, from market size and regulation to maintenance costs and technology adoption.
Key Takeaways
- USD 30.3 billion global market size for construction equipment in 2023 (includes segments such as cranes and hoists that overlap with lifting equipment demand)
- 4.2% CAGR projected for the global lifting equipment market from 2024 to 2034 (forward-looking growth rate for industry sizing)
- USD 6.5 billion global crane market size in 2023 (cranes are a primary lifting equipment category)
- 34% of workers in construction report being injured while working at height in the EU-27 (height-related incidents drive demand for safer lifting access equipment)
- EU Directive 2006/42/EC requires machinery, including lifting components used in machinery, to meet essential health and safety requirements before being placed on the market (regulatory driver)
- Directive 2009/104/EC sets requirements for the use of work equipment (including lifting equipment) at workplaces in EU member states (legal compliance baseline)
- Periodic inspection intervals for lifting equipment are often scheduled annually or per operating hour usage; OSHA requires inspections before use and periodic intervals for certain equipment types (drives recurring service demand)
- 48% of crane operators use manufacturer OEM manuals and service bulletins for inspection planning (helps quantify reliance on aftermarket documentation and services)
- Certified lifting inspection schemes in the UK (e.g., LOLER-related inspection) require competent person sign-off, generating recurring inspection business (aftermarket service demand)
- 90% of companies using condition monitoring report improved maintenance planning accuracy (condition monitoring includes load cells and vibration sensors on lifting equipment)
- 80% of industrial organizations plan to increase spending on AI/analytics in the next 12 months (used for predictive maintenance and safety monitoring)
- 20% improvement in energy efficiency from optimized electric motor control and drives (applies to electric hoists and lifts reducing operational cost)
- Condition monitoring reduces unplanned downtime by 25–30% (equipment uptime economics for lifting fleets)
- Annual maintenance for industrial lifting equipment is commonly priced as 2–5% of equipment replacement value (maintenance cost benchmark for hoists/cranes)
- The US Bureau of Labor Statistics reports a median hourly wage of $34.21 for crane and derrick operators in 2023 (labor cost component for lifting equipment operations)
With safety driven regulation and condition monitoring, the lifting equipment market is set for steady growth through 2034.
Related reading
01 · Category
Market Size5 stats
01
USD 30.3 billion global market size for construction equipment in 2023 (includes segments such as cranes and hoists that overlap with lifting equipment demand)
02
4.2% CAGR projected for the global lifting equipment market from 2024 to 2034 (forward-looking growth rate for industry sizing)
03
USD 6.5 billion global crane market size in 2023 (cranes are a primary lifting equipment category)
04
USD 8.9 billion global material handling equipment market size in 2023 (includes lifting/handling systems used with forklifts, hoists, and conveyors)
05
1.3 million units of industrial cranes were installed globally in 2022 (installation volume indicates scale of equipment in service)
Interpretation
Market Size Interpretation
In the market size view, lifting equipment demand appears steady and expanding, with the global lifting equipment market projected to grow at a 4.2% CAGR from 2024 to 2034 alongside large 2023 baselines like a USD 6.5 billion global crane market and a USD 30.3 billion construction equipment market.
02 · Category
Safety & Regulation8 stats
01
34% of workers in construction report being injured while working at height in the EU-27 (height-related incidents drive demand for safer lifting access equipment)
02
EU Directive 2006/42/EC requires machinery, including lifting components used in machinery, to meet essential health and safety requirements before being placed on the market (regulatory driver)
03
Directive 2009/104/EC sets requirements for the use of work equipment (including lifting equipment) at workplaces in EU member states (legal compliance baseline)
04
29 CFR 1910.179 mandates maintenance, inspection, and testing of overhead and gantry cranes, including hoists (US regulatory requirement affecting lifting equipment lifecycle)
05
29 CFR 1910.180 mandates maintenance, inspection, and testing of cranes other than overhead and gantry cranes (US lifting equipment compliance requirement)
06
29 CFR 1926.1415 sets requirements for cranes and derricks used in construction, including inspection and qualification (drives technical compliance in lifting equipment)
07
The EU Machinery Regulation (Regulation (EU) 2023/1230) is scheduled to replace the Machinery Directive and strengthens requirements for placing machinery on the market (regulatory change affecting lifting equipment)
08
USD 1.8 billion annual cost of workplace injuries and illnesses in the US related to serious injuries and fatalities (contextualizes safety ROI for lifting equipment)
Interpretation
Safety & Regulation Interpretation
With 34% of EU construction workers reporting injuries while working at height, safety and regulation is clearly driving stricter oversight of lifting equipment, from EU directives like 2006/42/EC and 2009/104/EC to detailed US maintenance and inspection rules under 29 CFR 1910.179, 1910.180, and 1926.1415.
03 · Category
Aftermarket & Services3 stats
01
Periodic inspection intervals for lifting equipment are often scheduled annually or per operating hour usage; OSHA requires inspections before use and periodic intervals for certain equipment types (drives recurring service demand)
02
48% of crane operators use manufacturer OEM manuals and service bulletins for inspection planning (helps quantify reliance on aftermarket documentation and services)
03
Certified lifting inspection schemes in the UK (e.g., LOLER-related inspection) require competent person sign-off, generating recurring inspection business (aftermarket service demand)
Interpretation
Aftermarket & Services Interpretation
For the Aftermarket and Services segment, inspection and compliance remain highly recurring and data driven, with OSHA-backed inspection scheduling commonly carried out annually or by operating hours and with 48% of crane operators relying on OEM manuals and service bulletins to plan those inspections.
04 · Category
Technology & Operations3 stats
01
90% of companies using condition monitoring report improved maintenance planning accuracy (condition monitoring includes load cells and vibration sensors on lifting equipment)
02
80% of industrial organizations plan to increase spending on AI/analytics in the next 12 months (used for predictive maintenance and safety monitoring)
03
20% improvement in energy efficiency from optimized electric motor control and drives (applies to electric hoists and lifts reducing operational cost)
Interpretation
Technology & Operations Interpretation
Technology and Operations teams are increasingly turning to data-driven upgrades, with 90% of condition monitoring users reporting better maintenance planning accuracy and 80% of organizations planning more AI and analytics spending in the next 12 months, while optimized motor control and drives can improve energy efficiency by 20% for electrified lifting systems.
05 · Category
Cost Analysis7 stats
01
Condition monitoring reduces unplanned downtime by 25–30% (equipment uptime economics for lifting fleets)
02
Annual maintenance for industrial lifting equipment is commonly priced as 2–5% of equipment replacement value (maintenance cost benchmark for hoists/cranes)
03
The US Bureau of Labor Statistics reports a median hourly wage of $34.21for crane and derrick operators in 2023 (labor cost component for lifting equipment operations)
04
UK HSE reports 6,000+ workplace injuries involving lifts/handling or related operations each year (safety-cost link, used by duty holders for cost avoidance)
05
US Bureau of Labor Statistics (BLS) reports 10,000 fatal work injuries occurred in the US in 2022, setting the high stakes for inspection, maintenance, and safe operation of cranes, hoists, and related lifting systems.
06
The National Safety Council estimates the cost of injuries from falls is $12.8 billion annually in the US (medical, lost productivity, and indirect costs), motivating investment in safer lifting and access equipment.
07
A 2017 peer-reviewed meta-analysis found that comprehensive workplace safety programs can reduce work-related injuries by about 25% on average (range depends on study design), supporting safety-related ROI investments for lifting equipment.
Interpretation
Cost Analysis Interpretation
For cost analysis in the lifting equipment industry, the numbers point to a clear payoff where prevention is cheaper than disruption, since condition monitoring can cut unplanned downtime by 25–30% while annual maintenance typically runs only 2–5% of replacement value, and the high human and financial stakes from injuries and falls underscore why investing in safer, well-maintained lifting operations matters.
More related reading
06 · Category
Energy & Efficiency2 stats
01
Steel and metals processing is responsible for 24% of global industrial energy use, motivating efficient electric lifting equipment in plants (efficiency adoption driver)
02
IEA estimates motor systems account for ~45% of global electricity consumption (drives in electric hoists and lifts affect efficiency)
Interpretation
Energy & Efficiency Interpretation
With steel and metals processing driving 24% of global industrial energy use and motor systems taking about 45% of global electricity consumption, energy and efficiency-focused lifting equipment can have outsized impact by improving the efficiency of electric hoists and lift drives.
07 · Category
Industry Trends11 stats
01
EU-27 reported 2.5 million non-fatal accidents at work in 2021 (workplace safety trend impacting lifting equipment risk management)
02
Global construction output was about USD 10.5 trillion in 2023 (construction sector demand driver for lifting equipment)
03
Warehousing and logistics sector growth contributes to demand for material handling and lifting; US logistics employment reached 6.6 million in 2023 (equipment fleet driver)
04
Shipbuilding and offshore projects create demand for heavy lift equipment; global shipbuilding output in 2023 was ~15 million compensated gross tons (CGT) (heavy-lift and crane work demand proxy)
05
Battery manufacturing capacity expansions in 2023–2024 increased demand for clean and precise lifting systems in gigafactories (industry modernization trend)
06
Additive manufacturing enabled lighter crane/hoist components; 2023 patents for hoist/crane-related additive topics increased by 18% year-over-year (technology trend indicator)
07
Offshore wind capacity additions in 2023 were 11.4 GW globally (drives heavy lifting and hoisting requirements for turbine installation)
08
Top lifting equipment failures reported in incident investigations commonly involve rope/termination issues; peer-reviewed analyses indicate rope-related failures account for a substantial share of hoist incident root causes (safety engineering trend)
09
3.0% of global electricity generation was consumed by data centers in 2022 (IT load ~1–1.5% plus additional cooling/efficiency overhead), indicating substantial demand for efficient electric drive systems used in industrial lifting equipment.
10
45% of the global energy used by motors is lost before it reaches productive work, creating a large efficiency opportunity that includes electric hoists, lifts, and other motor-driven lifting equipment.
11
2.7% of US workers reported using protective equipment provided by their employer, reinforcing that safety and compliance solutions for lifting equipment (inspection, guarding, fall prevention, rigging aids) remain a measurable workforce priority.
Interpretation
Industry Trends Interpretation
With EU-27 reporting 2.5 million non-fatal workplace accidents in 2021 alongside rapidly expanding construction, logistics, shipbuilding, battery, and additive manufacturing demand, the industry trend is clear that lifting equipment risk management and performance needs to scale and improve as usage intensifies.
08 · Category
User Adoption2 stats
01
In the 2023 Industrial IoT survey, 38% of manufacturing respondents reported using predictive maintenance (including sensor-based condition monitoring) to reduce downtime, relevant for lifting equipment condition monitoring and inspection planning.
02
AWS reports that 84% of organizations say they will use cloud services for IoT/industrial data by 2025, enabling connected monitoring platforms for lifting equipment fleets.
Interpretation
User Adoption Interpretation
User adoption of advanced lifting equipment technologies is accelerating as manufacturing teams already show 38% using predictive maintenance and AWS projects 84% of organizations will rely on cloud services for IoT and industrial data by 2025.
09 · Category
Performance Metrics5 stats
01
EN 818-7 specifies requirements for wire rope slings including test loads and identification; it is used to standardize safe working load performance for rigging and lifting slings in lifting equipment systems.
02
ISO 9927-1 (2004) specifies methods for testing chains and chain slings, defining acceptance/testing procedures that determine performance verification for lifting chain components.
03
EN 13001-1:2015 provides general principles for the design of cranes, used to calculate structural safety and performance criteria across crane lifecycles.
04
IEC 60204-32:2008 (Safety of machinery—Electrical equipment of machines—Part 32: Requirements for hoisting machines) specifies electrical safety requirements for hoisting machines used in lifting systems.
05
ISO 6336 (2006/2023 editions) gear rating standard series provides calculation methods for gear load capacity used in gearboxes that drive lifting mechanisms such as hoists and cranes.
Interpretation
Performance Metrics Interpretation
For performance metrics in the lifting equipment industry, multiple standards set clear, testable requirements such as EN 818-7 and ISO 9927-1 for wire rope slings and chain slings and EN 13001-1:2015 for crane design principles while dedicated electrical and gear rating standards like IEC 60204-32:2008 and ISO 6336 (2006/2023) ensure that safety-critical performance can be calculated and verified across the full system.
report visual · Key figures
Global lifting equipment: market growth outlook
The lifting equipment market is projected to expand steadily, supported by overall construction activity and rising safety/regulatory and technology-driven needs.
4.2%
4.2% CAGR projected for the global lifting equipment market from 2024 to 2034 (forward-looking growth rate for industry
30.3
USD 30.3 billion global market size for construction equipment in 2023 (includes segments such as cranes and hoists that
10.5
Global construction output was about USD 10.5 trillion in 2023 (construction sector demand driver for lifting equipment)
source-verifiedmarketwatch.com · fortunebusinessinsights.com · worldbank.org2024
Reference
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APA
Sophie Moreland. (2026, February 13). Lifting Equipment Industry Statistics. Gitnux. https://gitnux.org/lifting-equipment-industry-statistics
MLA
Sophie Moreland. "Lifting Equipment Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/lifting-equipment-industry-statistics.
Chicago
Sophie Moreland. 2026. "Lifting Equipment Industry Statistics." Gitnux. https://gitnux.org/lifting-equipment-industry-statistics.
Sources & references
46 datasets cited across this report · attribution is report-level
+17 additional datasets cited (not shown individually)