Global Hoist Market Expected to Reach $9.2 Billion by 2030, Reports MarkWide Research
MarkWide Research, in its latest report titled, “Hoist Market,” foresees significant growth in the global market for hoists. The market is projected to achieve a valuation of $9.2 billion by 2030, with an estimated compounded annual growth rate (CAGR) of 4.6% during the forecast period from 2023 to 2030. Hoists play an integral role in various industries, facilitating the lifting and movement of heavy loads with efficiency and safety.
Hoists are essential equipment in sectors such as construction, manufacturing, and logistics, where the need to handle heavy materials is a daily requirement. The demand for hoists is driven by the growing construction and infrastructure development projects worldwide, as well as the need for efficient material handling solutions.
Key Findings from the Report:
- Infrastructure Development: Ongoing infrastructure projects, including the construction of buildings, bridges, and transportation networks, are propelling the demand for hoists.
- Manufacturing Growth: The expansion of manufacturing facilities, particularly in emerging economies, is increasing the need for hoists to streamline production processes.
- Safety and Efficiency: Hoists are preferred for their ability to enhance workplace safety and productivity by reducing manual labor.
- Technological Advancements: Innovations in hoist design, including automation and remote control, are improving operational efficiency.
Segmentation of the Hoist Market:
The hoist market is segmented based on product type, lifting capacity, end-user, and region.
By Product Type:
- Wire Rope Hoists
- Chain Hoists
- Electric Hoists
- Manual Hoists
- Air Hoists
By Lifting Capacity:
- Up to 5 Tons
- 5 to 10 Tons
- Above 10 Tons
By End-User:
- Construction
- Manufacturing
- Mining
- Oil & Gas
- Warehousing & Logistics
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Regional Insights:
- North America: North America is expected to lead the global hoist market, driven by robust construction and manufacturing sectors and stringent safety regulations.
- Europe: Europe is witnessing significant growth in the market, with a focus on automation and sustainability in material handling.
- Asia Pacific: The Asia Pacific region is poised for rapid expansion, attributed to massive infrastructure projects and industrialization.
- Latin America and Middle East & Africa: These regions are experiencing growth as they modernize their infrastructure and industries.
Competitive Landscape:
The hoist market features several key players competing for market share. Leading companies are investing in research and development to introduce advanced hoist solutions tailored to various industry needs.
Some of the prominent players in the hoist market include:
- Konecranes
- Terex Corporation
- Columbus McKinnon Corporation
- Ingersoll Rand Inc.
- Harrington Hoists, Inc.
- ABUS Kransysteme GmbH
- GIS AG
- STAHL CraneSystems
- Street Crane Company Ltd.
- Liftket Hoffmann GmbH
Future Outlook:
The global hoist market is poised for substantial growth, with an expected market size of $9.2 billion by 2030. As industries increasingly prioritize safety, efficiency, and automation in material handling, hoists will continue to be essential tools for meeting these requirements. MarkWide Research’s comprehensive report offers valuable insights into market trends, competitive dynamics, and regional developments, making it an indispensable resource for businesses, investors, and stakeholders interested in capitalizing on the opportunities presented by the growing hoist market.