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Hoist Market Size, Report, Share analysis, Overview And Future Forecast To 2033
Hoist Market Size
As per the report, the hoist market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The hoist market size is expected to see strong growth in the next few years. It will grow to $3.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
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Growth In The Marine Industry Fuels Expansion Of The Hoist Market
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.
Technological Advancements In Hoist Systems For Enhancing Efficiency, Safety, And Performance With Digital Monitoring
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.
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
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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
Contents of the report:
1. Executive Summary
2. Hoist Market Report Structure
3. Hoist Market Trends And Strategies
4. Hoist Market - Macro Economic Scenario
5. Hoist Market Size And Growth
…..
27. Hoist Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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