What is the present valuation and projected CAGR of the hoist market?
The hoist market size has grown strongly in recent years. It will grow from $2.42 billion in 2024 to $2.58 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased industrialization, increased infrastructure development, increased safety regulations, expansion of manufacturing sectors, and a surge in urbanization.
The hoist market size is expected to see strong growth in the next few years. It will grow to $3.31 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing construction activities, rising demand for material handling equipment in warehouses, growing industrialization in emerging economies, expanding manufacturing sectors and expanding logistics and warehousing sectors. Major trends in the forecast period include technological advancements in hoist systems, adoption of smart technologies, integration of IoT and smart technologies, advancements in safety features, and advancement in material handling systems.
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How has the hoist market evolved, and what factors have shaped its growth?
The rising marine industry is expected to propel the growth of the hoist market going forward. The marine industry encompasses all activities related to the transportation of goods and passengers via waterways, including oceans, seas, rivers, and canals. The rise in the marine industry is driven by various factors, including globalization, increased international trade, growing demand for goods, the expansion of e-commerce, and advancements in maritime technology. Hoists enhance efficiency, safety, and precision in various marine industry operations, making them indispensable tools in shipyards, ports, offshore platforms, and other maritime settings. For instance, in June 2024, according to the Bureau of Economic Analysis, a US-based government agency that provides official macroeconomic and industry statistics, in 2022, the marine economy contributed $476.2 billion, equivalent to 1.8% of the total current-dollar U.S. gross domestic product (GDP), an increase from $424.2 billion in 2021. Therefore, the rising marine industry is driving the growth of the hoist market.
What are the major segments of the hoist market?
The hoist market covered in this report is segmented –
1) By Product Type: Planetary Gear, Worm Gear, Other Product Types
2) By Hoist Rope: Chain Hoist, Wire Or Rope Hoist
3) By Operation: Hydraulic, Electric, Pneumatic, Manual
4) By 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.
5) By End-User Industry: Automotive And Railway, Aerospace And Defense, Transportation And Logistics, Construction, Shipping And Marine, Material Handling, Agriculture And Forestry, Mining, Oil And Gas, Other End-User Industries
Subsegments:
1) By Planetary Gear: Single-Stage Planetary Gear Hoists, Multi-Stage Planetary Gear Hoists
2) By Worm Gear: Single-Worm Gear Hoists, Double-Worm Gear Hoists
3) By Other Product Types: Manual Hoists, Electric Hoists, Chain Hoists, Hydraulic Hoists
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Which companies dominate the hoist market?
Major companies operating in the hoist market are ABB Ltd., Liebherr-International GmbH, Sany Group, Ingersoll Rand Inc., Konecranes Oyj, ABUS Ltd., Columbus McKinnon Corporation, Kito Corporation, Demag Cranes & Components GmbH, Spanco Inc., Dover Corporation, Jet Equipment & Tools Ltd., Hitachi Industrial Equipment Systems Co., Acco Material Handling Solutions, Liftket Hoffmann GmbH, J. D. Neuhaus, Zenar Corporation, Henan Oriental Machinery Co. Ltd., JASO Industrial Cranes, Verlinde SAV, Donati Sollevamenti S.r.l., CHENG DAY MACHINERY WORKS CO. LTD., Electrolift Inc., David Round Inc., Coffing Hoists
How will evolving trends contribute to the growth of the hoist market?
Major companies operating in the hoist market are focusing on developing technologically advanced systems, such as digital monitoring systems in hoists, to enhance operational efficiency, improve safety, and provide real-time data analytics for predictive maintenance and optimized performance. A digital monitoring system in a hoist continuously monitors and evaluates the hoist’s operation, improving safety and efficiency by providing real-time data for analysis and predictive maintenance. For instance, in May 2022, ABB Ltd., a Switzerland-based automation company, launched the ABB Ability NGX Hoist Control. The ABB Ability NGX Hoist Control is a global system that enhances mining hoist performance and safety. It features advanced digital monitoring services that continuously track mine hoist status, enhancing uptime, availability, performance, and productivity by providing actionable KPI insights.
What are the key regional dynamics of the hoist market, and which region leads in market share?
North America was the largest region in the hoist market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Hoist Market Report 2025 Offer?
The hoist market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A hoist is a mechanical device used to lift, lower, or move heavy objects, typically using a drum or lift wheel around which a rope or chain wraps. Hoists can be manually operated, electrically powered, or pneumatically driven and are commonly used in construction, manufacturing, and warehousing to handle heavy loads.
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