Several factors, including the demand for safety regulations in crane operations, an increase in the use of cranes in industrial and construction settings, an increase in the number of smart cranes, and rising public awareness of the advantages of LMI systems, are propelling the growth of the global market for load moment indicators. All industrial sectors have seen an increase in the rigour of safety standards, but crane operators in particular. Because they offer real-time information on load and crane movements, load moment indicators have seen an increase in demand as a result. Additionally, the need for LMI systems is being driven by the growing use of cranes in industrial and construction operations, which helps to reduce crane accidents. Another important element boosting the market for load moment indicators is the increase of smart cranes.
The global Load Moment Indicator (LMI) market is expanding as a result of severe safety and working conditions laws, an increase in the need for high-capacity cranes globally, and an increased necessity for safety in lifting operations. The efficiency of crane operations has grown because to technological improvements like automation and remote-control capabilities, which has created demand for the Load Moment Indicator market.
Numerous benefits provided by the load moment indicator market enable firms to streamline their processes. First of all, by accurately measuring crane loading capacity, these indicators can reduce overloading. As a result, operators can simply keep an eye on the crane's load during any operation, ensuring safety. Additionally, LMI systems might lessen the danger of accidents brought on by overloading because they are sometimes connected with automated emergency stop systems. Additionally, in order to enhance operations, the Load Moment Indicator Market offers comprehensive data on crane operations, such as crane speed, position, and orientation.
An electronic tool used to keep track of a crane's load is called a load moment indicator. The load moment is tracked and displayed as a percentage of the crane's capacity. The Load Moment Indicator (LMI), which can be mechanical or electrical, shows the amount of weight a crane is lifting in real time. It also aids in determining the stability and security of the crane's functioning.
At a CAGR of 4.5% over the projected period, the global market for load moment indicators is anticipated to increase from USD 1.06 billion in 2021 to USD 1.47 billion by 2031.
Several reasons are anticipated to hamper the global market for load moment indicators. First off, during the projection period, the market's expansion would be constrained by the high cost of installation and maintenance of these systems. Additionally, the high cost of an additional safety system for cranes is another obstacle. Another significant barrier is the end-users' lack of awareness, particularly in underdeveloped nations. However, the market will benefit from profitable chances brought about by technical development and rising building industry investment. The market for load moment indicators is additionally anticipated to grow due to the development of new effective products.
Terex Corporation, Manitowoc Cranes LLC, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Zoomlion Heavy Industry Science, and Technology Co. Ltd., Liebherr Group, XCMG Group, Sany Heavy Industry Co. Ltd., Konecranes Oyj, Zoomlion International Trade Co. Ltd., and UNIC Cranes Corp. are a few of the top market participants in the load moment indicator market.
The Tower Crane Type to Emerge as the Most Lucrative Segment
Based on type, the Load Moment Indicator (LMI) market is divided into tower cranes, truck cranes, and other segments. Due to its capacity to raise heavy loads in constrained spaces, tower cranes now hold the majority of the LMI market share and are anticipated to maintain their dominance during the projection period. On the other hand, vehicle cranes offer benefits including enhanced mobility and cost effectiveness and are anticipated to develop significantly during the projected period.
The Most Popular Application Segment is Construction
Based on application, the worldwide LMI market is divided into construction, industrial, and other segments. In 2020, the construction sector held the largest share, and it is anticipated that it will continue to hold this position throughout the projected period. The demand for LMI systems in this industry is anticipated to be driven by the expansion of construction activities globally and an increase in the use of cranes. On the other hand, industrial applications are expanding steadily as a result of their employment in several industrial operations like material handling and welding.
North American region to render Adequate Financing Avenues
Due to the presence of several top manufacturers there, North America is anticipated to account for a sizable portion of the LMI market. Additionally, it is projected that rising development activity in the area will increase demand for LMI systems. Due to rising investments in infrastructure projects in nations like China, India, and Japan, the Asia Pacific region is anticipated to have the quickest rate of growth. During the projection period, regional demand is projected to be driven by the LMI market's large number of participants. Due to rising investments in the region's construction industry, the LMI market in Europe is anticipated to rise moderately. Over the projected period, the Middle East and Africa are anticipated to remain the least alluring markets.
COVID-19 Impact and Market Status
The Covid-19 epidemic has had a huge influence on the market for load moment indicators. Lockdowns and other limitations put on enterprises during the pandemic negatively impacted the construction industry, one of the primary consumers of load moment indicators. As a result, industrial activity has significantly decreased, which has decreased demand for and sales of load moment indicators. Additionally, there has been a decline in the use of tower and truck cranes as a result of the inability to assemble securely on job sites and inside of workplaces, which further decreased the demand for load moment indicators. Nevertheless, despite these obstacles, a market recovery is anticipated in 2021 because to a rise in projects and activity. Additionally, the adoption of load moment indicators is anticipated to increase as safety standards get stricter, which will soon fuel market expansion.
Latest Innovations in the Global Load Moment Indicator Market: A Snapshot
• Konecranes Plc purchased the Material Handling & Port Solutions (MHPS) business unit from Terex Corporation in 2020. The company's position in the market for load moment indicators was further cemented by this acquisition.
• The Liebherr Group has been making significant investments in research and development efforts to create novel load moment indicators that are accurate, effective, and economical.
Load Moment Indicator Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1.47 billion|
|Growth Rate||CAGR of 4.5% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Terex Corporation, Manitowoc Cranes LLC, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Zoomlion Heavy Industry Science, and Technology Co. Ltd., Liebherr Group, XCMG Group, Sany Heavy Industry Co. Ltd., Konecranes Oyj, Zoomlion International Trade Co. Ltd., and UNIC Cranes Corp.|
Key Segments of the Load Moment Indicator
• Tower Crane
• Vehicle Crane
By Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa