The vacuum lifter market size is set to grow by USD 72.9 billion, accelerating at a CAGR of over 8%, during the period spanning over 2020-2024. One of the key factors driving growth is the rise in global constructions. The construction industry has witnessed strong growth across countries such as the US, Australia, and India, over the past few years. The adoption of automation in various industries is a significant trend that will further stimulate market growth. The rising labor costs and difficulty in finding and retaining skilled labor have compelled organizations to adopt automation.
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Parent Market Analysis
Technavio categorizes the global vacuum lifter market as a part of the global industrial machinery market. The parent global industrial machinery market covers companies engaged in the manufacturing of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications.
Growth in the global industrial machinery market will be driven by the growing industrial output leading to capacity additions in process and discrete industries.
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Vacuum Lifter Market: Geographic Segmentation
The report segments the market by geography: APAC, Europe, North America, MEA, and South America. About 48% of the market's growth will originate from APAC during the forecast period. The rapid growth of the emerging economies and the presence of several global manufacturing industries in the region are fueling market growth. China and Japan are the key markets for vacuum lifters in APAC.
Vacuum Lifter Market: Segmentation by End-user
The industrial manufacturing segment was leading the market in 2019. Vacuum lifters are extensively used in various industrial applications for efficient material handling during manufacturing, processing, and warehousing stages. They are also ideal in handling packaging materials and packages as they reduce the strain on the human worker from lifting heavy packages. These factors are fueling the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the vacuum lifter market size.
Vacuum Lifter Market: Growth Drivers
The market is driven by the rise in global construction. The rise in employment coupled with low housing interest rates has increased the demand for residential spaces across the world. Besides, the construction industry is witnessing the development of several housing megaprojects and skyscrapers across the world. Vacuum lifters are widely used in the construction industry for handling and movement of building materials, such as concrete slabs, girders, sheet metals, pipes, and glass sheets. Therefore, the rise in construction projects worldwide will fuel the growth of the market during the forecast period.
Vacuum Lifter Market: Challenges to Overcome
China is one of the largest markets for vacuum lifters, both in terms of revenue and growth. However, the slowdown in trade activities and the weakening of currency has reduced the economic growth of the country. Besides, the country has stopped various unsustainable business practices, which has shut the business for various firms. These factors might hinder the growth of market vendors during the forecast period.
Vacuum Lifter Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading vacuum lifter companies, including:
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