Press release
Strong Growth Ahead: Hoist Market Size To Grow At Arecord 6.4% Cagr By 2029
Hoist
How Big Is the Hoist Market Size Expected to Be by 2034?
The hoist market has seen strong growth in recent years. It will grow from $2.42 billion in 2024 to $2.58 billion in 2025, with a CAGR of 6.7%. This growth is attributed to increased industrialization, the development of infrastructure, stricter safety regulations, the expansion of manufacturing sectors, and rapid urbanization.
The hoist market is projected to see strong growth, reaching $3.31 billion by 2029 at a CAGR of 6.4%. This growth is driven by increased construction activities, a rising demand for material handling equipment in warehouses, growing industrialization in emerging economies, and expanding logistics and manufacturing sectors. Major trends include advancements in hoist systems, the adoption of smart technologies, integration with IoT, improved safety features, and the evolution of material handling systems.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Hoist Market Trends?
Additionally, the rise of the marine industry is expected to propel the hoist market. The global marine industry, driven by international trade and demand for goods, is increasingly relying on hoists for efficient and safe operations in shipyards, ports, and offshore platforms. According to the Bureau of Economic Analysis, the U.S. marine economy contributed $476.2 billion to the GDP in 2022, reflecting a strong growth trend. As the marine industry continues to expand, hoists will remain essential for handling heavy loads in maritime operations.
Who Are the Top Competitors in Key Hoist Market Segments?
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
What Hoist Market Trends Are Gaining Traction Across Different Segments?
Primary players in the hoist sector are gravitating towards the creation of technologically superior systems, like digital monitoring interfaces for hoists, aiming at elevating operational efficiency, bolstering safety, and offering immediate data analytics for predictive maintenance and performance fine-tuning. Such a digital system consistently supervises the workings of the hoist, and its real-time data significantly aids in safety enhancement and efficient performance through real-time data-driven analysis and predictive servicing. For instance, in May 2022, ABB Ltd., an automation corporation based in Switzerland, introduced the ABB Ability NGX Hoist Control. This comprehensive system significantly improves the performance and safety of mining hoists. It comes equipped with sophisticated digital monitoring capabilities that persistently assess mine hoist condition, thereby amplifying uptime, availability, performance, and productivity by giving key performance indicator insights that can be acted upon.
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Which Regions Are Becoming Hubs for Hoist Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hoist Market?
2. What is the CAGR expected in the Hoist Market?
3. What Are the Key Innovations Transforming the Hoist Industry?
4. Which Region Is Leading the Hoist Market?
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