Hoist Market Size to Hit US$ 4.2 billion in 2031, Expanding at a CAGR of 5.4%: Says, TMR

Wilmington, Delaware, United States, July 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hoist market was valued at US$ 2.7 Bn in 2022. It is estimated to grow at a CAGR of 5.4% from 2023 to 2031 and reach US$ 4.2 Bn by the end of 2031

Automation and smart hoist innovations assist end-use businesses in acquiring new expansion chances. Hoist users are looking for technologically improved material handling solutions with increased monitoring capability. The increased use of load-hoisting devices is fueling the market's growth.

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Market Snapshot:

Competitive Landscape

Transparency Market Research has profiled the following players in its global Hoist market report:

Columbus McKinnon Corporation, Demag Cranes & Components GmbH, Donati Sollevamenti S.r.l., TWG (Dover Corporation), Hitachi Industrial Equipment Systems Co., Ingersoll Rand, Kito Corporation, Konecranes, Liftket Hoffmann GmbH, Verlinde SAS., CHENG DAY MACHINERY WORKS CO., LTD., Henan Feima Lifting Machinery Co., Ltd., JASO Industrial Cranes, Electrolift, Inc., and Acco Material Handling Solutions.

The global environment is fragmented, with an extensive number of players controlling the majority of the hoist revenue. Manufacturers are investing in R&D to extend their product line, according to the current hoist industry research report analysis.

• Hitachi Industrial Equipment Systems Co. purchased Telesis Technologies on July 21, 2022. The acquisition would aid the company's efforts to broaden its line of product portfolio and boost its marking instrument division.
• Ingersoll Rand introduced its latest high-capacity underwater hydraulic hoist for ship refurbishment and ship husbandry, as well as salvage and recovery procedures, in October 2021. The subsea hoist is capable of working at depths of up to 30 meters.

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Higher expenditures by governments to develop national economies and a surge in foreign direct investment (FDI) are driving growth in various end-use industries. End-user sectors are ready to implement products and innovations that boost process efficiency and output and offer workers a safe working environment. Hoists are used in almost every end-use industry, including automobile and railway, logistics and shipping, building, aviation and defense, mining, and oil and gas. These hoists are suited for use in hazardous environments.

Rising populations, globalization, and increased demand for commercial and industrial regions. Advancement in the corporate environment necessitates the establishment of facilities. Efficient, contemporary, and dependable infrastructure is critical for seamless corporate operations. For the finishing of high-rise structures and complex assignments, the construction industry requires particular machinery. This element increases the demand for hoists.

Key Takeaways from the Market Report

• In 2022, North America held a 40% share.
• The market is gaining traction and is expected to grow at a CAGR of 5.7% in Asia Pacific over the forecast period.
• The market in China is expected to grow at a CAGR of roughly 6% throughout the projected period.
• In 2022, the planetary gear product type segment was estimated to account for more than 70% of the worldwide market.
• In 2022, Europe held a 22% share of the global market.
  

Hoist Market: Prominent Drivers and Trends

• According to the hoist market analysis, the planetary gear product type segment held the majority of the worldwide market in 2022. In the near future, this category is expected to lead the worldwide market. Hoists are utilized in nearly every industry. Hoists are an important piece of lifting equipment that gives various advantages to laborers while enhancing performance. Planetary gear hoists are far more efficient and compact than worm gear hoists.
• To meet the increased demand from diverse industries, companies in the hoist business are improving product quality. Firms are developing new products that are more robust and function better. Furthermore, manufacturers are creating things that are lighter and more adaptable and are able to be used in high-value activities. The growing range of customized hoist systems is also offering value-added prospects to makers.

Hoist Market: Regional Analysis

• The latest hoist market estimate predicts that Asia Pacific will take over the global industry over the forecast period. The globe's two biggest manufacturing hubs are China and India. The increase in demand for hoists in these nations is being driven by considerable growth in end-use sectors such as building, transportation and marine, and mining.
• The presence of various hoist companies in the region is expected to raise the size of the hoist market in North America in the coming years.
• The European hoist manufacturers are working on enhancing product quality through the use of modern technologies. This propels market growth in the region.
  

Hoist Market: Key Segments

• Product Type
  • Planetary Gear
  • Worm Gear
  • Others (Spur Gear, Bevel Gear, etc.)
• Hoist Rope
  • Chain Hoist
  • Wire or Rope Hoist
• Operation
  • Hydraulic
  • Electric
  • Pneumatic
  • Manual
• Capacity
  • Up to 1000 lbs
  • 1000 lbs to 2000 lbs
  • 2000 lbs to 4000 lbs
  • 4000 lbs to 6000 lbs
  • 6000 lbs to 8000 lbs
  • 8000 lbs to 10000 lbs
  • 10000 lbs to 12000 lbs
  • 12000 lbs to 16000 lbs
  • Above 16000 lbs
• End-use Industry
  • Automotive & Railway
  • Aerospace & Defense
  • Transportation & Logistics
  • Construction
  • Shipping & Marine
  • Material Handling
  • Agriculture & Forestry
  • Mining
  • Oil & Gas
  • Others (Entertainment, Waste Management, etc.)
• Application
  • Commercial Recovery
  • Crane
    • Fixed Crane
    • Mobile Crane
  • Workboat
  • Utility
  • Others
• Distribution Channel
  • Direct
  • Indirect
• Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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