FOCUS | CANADA
Conservative leader Pierre Poilievre has become known for slogans such as ‘axe the tax’, referring to carbon taxes, which he believes could lower the price of fossil fuels for consumers, though not everyone agrees with his analysis. More specifics of his economic policy may emerge in the run-up to the election, but for now, no one can definitively say how Canada’s economy will be steered in the years ahead, by whom, or to what goal.
Charting a course through chaos For the many companies in Canada’s crane and hoist industry, this uncertainty can be unnerving, as it has an impact on many of the key industries to which they supply equipment. Givens Engineering, based in London, Ontario, is a good example. Around two-thirds of its cranes go to the automotive sector, with the rest used in defence, construction, aerospace and agriculture, among others.
Whether it is aviation, railways, manufacturing, mining, shipbuilding, forestry or any other industry sector that requires cranes and hoists, there is no clear picture of what demand patterns will look like going forward. In manufacturing, for example, the volatile
macroeconomic and geopolitical climate is bringing significant challenges. Dampened economic activity and manufacturing demand in 2024 may reverse in 2025, but any external shock – such as tariffs on exports or a change of
government policy – might expose the fragility of that recovery. The automotive sector, too, could face some bumps in the road. The drive towards electrification has been the overriding theme for some time, but global demand for electric vehicles growing at a slower rate, has raised some eyebrows. The global market still grew by around 25% in 2024, but something is pumping the brakes on the rate of growth. For now, Canada remains the world’s
13th-largest car producer, and seventh-largest auto exporter by value. But then there are the sanctions, which are widely expected to dent the Canadian automotive sector, which sells more than 90% of its exports to the US. Over 2023 and 2024, project development in Canada was healthy across many sectors, and the potential capital investment across all of those new projects topped $176bn. Some 340 new energy projects were slated, and 138 new mining projects with a combined value of $117bn are ongoing, as companies try to exploit the country’s vast mineral reserves. So, amid the confusion about the future, there
are opportunities. And while they wait for the broader economic landscape to reshape itself, crane and hoist companies can continue to address issues closer to home. Innovation is always a huge trend, and
wireless upgrades are enabling the deployment of smart, connected cranes, such as the new
Konecranes X-series launched last August. Industry consolidation continues to reshape the market, with larger manufacturers of cranes and hoists buying smaller competitors, or private equity firms investing in manufacturers supplying industrial sectors. What remains one of the biggest challenges, however, is finding skilled employees, or training staff to the required standard. This is one reason why companies are looking to develop new training facilities and run courses.
One of the companies that has made such a move is Unirope, which recently opened a new training centre at its headquarters in Mississauga, Ontario. Work began on the new facility back in April 2024, seeing an area previously used for manufacturing used to create a new 1800ft2
,
state-of-the-art facility for the training of large groups. “The demand for training has grown, as
customers increasingly seek to upskill their teams,” said Justin Brown, president of Unirope. “This aligns with our commitment to promote safe lifting practices and ensure workers return home safely at the end of their day. The new centre allows us to better serve our industry and customers.” Throughout the changing political and economic scenarios that Canada faces, the industry is sticking to its core principles – upskill, innovate and focus on service. Only time will tell whether the industry will thrive in the years ahead, but Canada has always been a land of opportunity, and that is unlikely to change overnight.
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18 Spring 2025 |
ochmagazine.com
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