In addition, Timetric forecasts a further increase to 3.8% this year, and then an average annual increase of 3.9% in 2016-2020. This can only be positive news for companies in our industry.

Looking at CIC’s Global 50, a grouping of the 50 largest and most infl uential markets in the world, Timetric projects that the global industry will grow from US$7.4 trillion in 2010 to US$8.5 trillion in 2015 and to US$10.3 trillion in 2020, when measured at constant 2010 prices and exchange rates.

"This expansion provides huge opportunities to those investing and operating in the industry as well as those supplying goods and services to it. However, the expansion is neither uniform across the world nor within regions, and risks and challenges abound," explains Danny Richards, lead economist at CIC.

The CIC forecasts the construction industries in emerging markets to continue to grow at a much faster rate than the advanced economies and, when referencing the CIC Global 50, emerging markets accounted for more than half of the world’s construction output for the fi rst time ever in 2012 (at 2010 US$) and by 2020 it will have a 56% share.

"From 2016-2020, the construction industries in advanced economies combined are forecast to expand by 2.2% a year on average, while emerging markets will record a 5.3% annual expansion during the same period. However, the advanced economies are at least improving, with growth accelerating from just 0.6% a year on average in 2011-2015," the report added.

Elsewhere, the construction industries in the Middle East and Africa region are predicted to be the fastest growing in 2016- 2020, overtaking the Asia-Pacifi c region, which held the top spot in 2011-2015 as a result. Meanwhile, Asia-Pacifi c’s share of the global construction industry will continue to rise, reaching close to 49% in 2020, up from 40% in 2010.

In this issue of Hoist, we also speak to family-owned crane specialists Erikkila, which has proved it is in a strong position to pitch for projects with international businesses after it was chosen as one of ten ‘nominated suppliers’ at a recent tender with Volkswagen Corporation. In addition to our features on the entertainment and electric chain hoist sectors, we look at the innovative IndustryHack event run by Konecranes. Until next time, enjoy the issue.