Press release
A Deep Dive into Hoist Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
Hoist
The expansion of the marine industry is expected to accelerate the growth of the hoist market. The marine industry includes all activities related to the transportation of goods and passengers by water. This sector's growth is driven by globalization, increased international trade, the rise of e-commerce, and technological advancements. Hoists are vital for improving operational efficiency, safety, and precision in marine settings, such as shipyards, ports, and offshore platforms. In June 2024, the Bureau of Economic Analysis reported that the U.S. marine economy contributed $476.2 billion to the GDP in 2022, up from $424.2 billion in 2021. The rising marine industry is thus contributing to the growth of the hoist market.
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What growth opportunities are expected to drive the hoist market's CAGR through 2034?
The hoist market has seen strong expansion, expected to grow from $2.42 billion in 2024 to $2.58 billion in 2025 at a CAGR of 6.7%. Growth factors include increased industrialization, infrastructure development, stricter safety regulations, manufacturing sector expansion, and urbanization.
The hoist market is forecasted to expand to $3.31 billion by 2029 with a CAGR of 6.4%. Growth is fueled by increased construction activities, rising demand for material handling equipment, industrial expansion, and growth in logistics and warehousing. Major trends include smart hoist system advancements, IoT integration, safety feature improvements, and innovations in material handling technology.
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What are the emerging trends shaping the future of the hoist market?
In the hoist market, companies are adopting advanced systems like digital monitoring to enhance performance, safety, and efficiency through predictive maintenance. For example, ABB Ltd., a Swiss automation company, launched the ABB Ability NGX Hoist Control in May 2022. This system uses digital monitoring to track hoist status in real-time, improving performance and productivity while enhancing safety and uptime in mining operations.
Which growth-oriented segments of the hoist market are leading the industry's development?
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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What regions are leading the charge in the hoist market?
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 companies are at the forefront of innovation in 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
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What Is Covered In The Hoist Global Market Report?
•Market Size Forecast: Examine the hoist market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hoist market for a structured understanding.
•Key Players Overview: Analyze major players in the hoist market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hoist market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hoist market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hoist market.
•Industry Challenges: Identify potential risks and obstacles affecting the hoist market.
•Competitive Landscape: Review strategic developments in the hoist market, including expansions, agreements, and new product launches.
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