Press release
Electric Hoist Industry Is Projected To Reach US$ 1.9 Bn By 2031
Electric hoists are widely used in industries such as manufacturing, construction, automotive, and warehousing for lifting and moving heavy materials. They come in various capacities and configurations, including wire rope hoists and chain hoists, catering to different load requirements. The market is witnessing a surge in demand due to the increasing need for automation and efficiency in material handling processes.
Market Size and Growth
The global electric hoist market was valued at approximately USD 1.5 billion in 2022 and is projected to grow at a CAGR of 5.8% from 2023 to 2031. The growth is attributed to the rising industrialization, infrastructure development, and the increasing adoption of advanced material handling solutions in emerging economies. Additionally, the emphasis on workplace safety and the reduction of labor-intensive processes are further propelling the market growth.
Request For a Sample Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=55332
Market Segmentation
The electric hoist market can be segmented based on service type, sourcing type, application, industry vertical, and region.
By Service Type
Maintenance and Repair
Installation Services
Others
By Sourcing Type
OEMs (Original Equipment Manufacturers)
Aftermarket
By Application
Manufacturing
Construction
Automotive
Warehousing
Mining
Others
By Industry Vertical
Industrial
Commercial
Residential
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Regional Analysis
North America
North America holds a significant share in the electric hoist market due to the high demand in the automotive and construction sectors. The presence of major market players and the adoption of advanced technologies in material handling also contribute to the market growth in this region.
Europe
Europe is another prominent market for electric hoists, driven by the robust manufacturing sector and stringent safety regulations. Countries like Germany, France, and the UK are major contributors to the market growth.
Asia Pacific
The Asia Pacific region is expected to witness the highest growth rate during the forecast period. Rapid industrialization, infrastructure development, and increasing investments in the manufacturing sector, particularly in China and India, are fueling the market growth.
Latin America and Middle East & Africa
These regions are also expected to show considerable growth due to the rising construction activities and the increasing adoption of automation in material handling processes.
Market Drivers and Challenges
Drivers
Industrial Automation: The increasing adoption of automation in material handling processes is a major driver for the electric hoist market. Electric hoists enhance operational efficiency and reduce labor costs.
Safety Regulations: Stringent workplace safety regulations are pushing industries to adopt advanced lifting equipment, thereby driving market growth.
Infrastructure Development: Rapid infrastructure development, especially in emerging economies, is boosting the demand for electric hoists.
Challenges
High Initial Costs: The high initial investment required for electric hoists can be a barrier to market growth, particularly for small and medium-sized enterprises.
Maintenance Costs: Regular maintenance and servicing costs can also hinder the adoption of electric hoists.
Market Trends
Smart Hoists: The integration of IoT and smart technologies in electric hoists for real-time monitoring and predictive maintenance is a growing trend.
Lightweight and Compact Designs: Manufacturers are focusing on developing lightweight and compact hoists to enhance portability and ease of use.
Customization: Increasing demand for customized hoists to meet specific industry requirements is another notable trend.
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=55332<ype=S
Competitive Landscape
The electric hoist market is highly competitive with several key players striving to gain a significant share. Major companies are focusing on strategic partnerships, mergers and acquisitions, and new product launches to strengthen their market position. Some of the prominent players include Konecranes, Columbus McKinnon Corporation, Hitachi Industrial Equipment Systems Co., Ltd., Ingersoll Rand, and ABUS Kransysteme GmbH.
Future Outlook
The future of the electric hoist market looks promising, with continuous advancements in technology and increasing demand for efficient material handling solutions. The market is expected to witness sustained growth, driven by the ongoing industrialization and the need for enhanced operational efficiency across various sectors.
Key Market Study Points
Detailed analysis of market drivers, challenges, and opportunities.
Comprehensive segmentation and regional analysis.
In-depth competitive landscape and strategic insights.
Assessment of recent developments and technological advancements.
Forecast of market growth trends and future outlook.
About Us:
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact Us:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Electric Hoist Industry Is Projected To Reach US$ 1.9 Bn By 2031 here
News-ID: 3540676 • Views: …
More Releases from Transparency Market Research
Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 …
The global solar powered agricultural dryer market, valued at US$ 1.6 billion in 2022, is projected to grow at a CAGR of 5.8% from 2023 to 2031, reaching US$ 2.4 billion by the end of 2031. Rising investments in renewable energy, growing awareness of sustainable agricultural practices, and the rapid expansion of the agricultural sector driven by population growth are key factors fueling market growth.
Uncover essential discoveries and trends from…
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Ra …
The global Technetium‐99m Market was valued at US$ 6.0 Billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024 to 2034, surpassing US$ 8.6 Billion by the end of the forecast period. Advancements in nuclear imaging infrastructure, government-backed healthcare initiatives, and an increasing demand for precise diagnostic procedures are fueling this growth.
Discover essential conclusions and data from our Report in this sample -
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77100
Analysts' Viewpoint
The Technetium‐99m…
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to …
The global Equine Diagnostic Services Market, valued at approximately US$ 168 million in 2019, is projected to expand at a compound annual growth rate (CAGR) of ~5% from 2020 to 2030, reaching around US$ 280 million by 2030. Equine diagnostic services, encompassing tests like genetic, infectious disease, and imaging diagnostics, are critical for managing horse health in veterinary hospitals, clinics, and mobile settings. The market is driven by increasing equine…
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of …
The digital printing market is experiencing strong growth, driven by rapid technological advancements, rising demand for personalized and on-demand printing, and an increasing focus on sustainable solutions. Digital printing allows for the direct transfer of digital files onto a wide range of substrates, offering high-resolution output with greater speed and flexibility. Its adaptability has led to broad adoption across industries such as packaging, textiles, publishing, and advertising-sectors where customization, efficiency,…
More Releases for Electric
Electrical Isolators Market 2023: Mitsubishi Electric, Orient Electric, Schneide …
The Electrical Isolators Market size (volume and value) and industry chain structure published by The Insight Partners through its high quality database which is a valuable source of guidance and direction for companies and individual interested in the industry.
An electrical isolator is a material in which electric current does not flow freely. The atoms of the insulator have tightly bound electrons which cannot readily move. Other materials, semiconductors and conductors…
Electric Motors for Electric Vehicle Market by Manufacturers: Hitachi Automotive …
Electric Motors for Electric Vehicle Market research report analyzes and studies the Electric Motors for Electric Vehicle Market's production, value, financial status, and capacity. It also provides information about market share and development plans during the projected period. Moreover, the Electric Motors for Electric Vehicle Market research report provides data about key manufacturers and focuses on the market competition landscape by analyzing the market by application, product type, and region.
Click…
Thermal Overload Relay Market 2021 Precise Outlook - ABB, Schneider Electric, Ea …
Global Thermal Overload Relay Market Size, Status and Forecast 2021
The Global Thermal Overload Relay Market report offers in-depth information and comprehensive analysis of the market. It provides a complete overview of the market with detailed insights on key aspects including the current market situation, potential size, volume, and dynamics of the market. This research report makes a thorough assessment of the COVID-19 pandemic and its impact on the current market…
Global Electric Motors for Electric Vehicles Market 2025 | MAHLE GmbH, Protean E …
Researchmoz added Most up-to-date research on "Global Electric Motors for Electric Vehicles Market Insights, Forecast to 2025" to its huge collection of research reports.
This report presents the worldwide Electric Motors for Electric Vehicles market size (value, production and consumption), splits the breakdown (data status 2013-2018 and forecast to 2025), by manufacturers, region, type and application.
This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities…
Yokogawa Electric, General Electric Profiled in Smart Factory Solutions Market 2 …
Global Smart Factory Solutions Market which focuses on effective strategies of the business framework. It highlights the recent market trends stringent energy regulations and growing pressure to conform to energy efficiency. The research methods and tools used to analyze the studies are both primary and secondary research.
This market research report on analyzes the growth prospects for the key vendors operating in this market space including Siemens, ABB, Honeywell International, Yokogawa…
Global Quartz Heat Lamps Market 2017 : Indu Electric Gerber, Schneider Electric, …
The Market Research Store report offers majority of the latest and newest industry data that covers the overall market situation along with future prospects for Quartz Heat Lamps market around the globe. The research study includes significant data and also forecasts of the global market which makes the research report a helpful resource for marketing people, analysts, industry executives, consultants, sales and product managers, and other people who are in…
