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Industry revenue of »manufacture of lifting and handling equipment« in Finland 2011-2023

Revenues of the Finnish lifting and handling equipment manufacturing industry have grown from 3.9 billion U.S. dollars in 2011 to 4.9 billion U.S. dollars in 2019. Key reasons include a rise in civil engineering activities such as rail & road and utility projects, as well as construction projects that require the use of lifting and handling machinery. Moreover, emergence of indigenous firms manufacturing innovative and state of the art equipment have also augured well for the industry. Konecranes, headquartered in Hyvinkaa, is one of the leading equipment manufactures in the country, having achieved sales in excess of three billion euros in 2017. The enterprise employed over 15,000 individuals in 2017.

Covid-19 outbreak halts industry operations

The outbreak of the Covid-19 virus is expected to hamper the industry growth in the short to medium term, owing to a low demand as a result of reduced construction activities. Additionally, manufacturing of equipment will also be affected as majority of the industries in the country have either been shut for an indefinite period or are working with minimal staff. In fact, Konecranes has already reduced operations and laid off nearly 2000 employees.

Industry revenue of »manufacture of lifting and handling equipment« in Finland from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Finland. The industry “manufacture of lifting and handling equipment“ has the code “C2822“.

Details on the methodology can be found here.

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