Growth In The Marine Industry Fuels Expansion Of The Hoist Market Driving Market Acceleration in the Hoist Industry, 2025

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How Large Will the Hoist Market Size By 2025?
In the last few years, the hoist industry has experienced strong growth. Its market size, from being valued at $2.42 billion in 2024, is predicted to rise to $2.58 billion in 2025, marking a compound annual growth rate (CAGR) of 6.7%. The market's expansion during the historic period can be accredited to factors such as intensified industrialization, substantial infrastructural development, stricter safety regulations, the growth of manufacturing sectors, and an uptick in urbanization.

How Big Is the Hoist Market Size Expected to Grow by 2029?
The hoist industry is projected to witness substantial growth in the coming years, elevating to $3.31 billion in 2029 with a CAGR of 6.4%. Factors contributing to this projected growth during the forecast period include an upsurge in construction activities, increased need for material handling equipment in warehouses, accelerated industrialization in developing economies, expansion of manufacturing sectors and logistics and warehousing sectors. Noteworthy trends expected during the forecast period are advancements in hoist system technology, adoption of smart technologies, integration of IoT and smart technologies, enhanced safety features, and improvements in material handling systems.

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Which Key Market Drivers Powering Hoist Market Expansion and Growth?
The surge in marine industry activities is anticipated to bolster the hoist market's expansion. The marine industry includes all procedures involved in transporting goods and passengers across bodies of water like oceans, seas, rivers, and canals. Aspects including globalization, heightened international trade, increasing goods demand, e-commerce growth, and improvements in marine technology, fuel the marine industry's growth. Hoists, essential in improving efficiency, safety, and precision in various marine operations, are irreplaceable in shipyards, ports, offshore platforms, and other marine environments. For example, data from the Bureau of Economic Analysis, a US-based government body tasked with providing official macroeconomic and industry statistics, show that the marine economy in 2022 attributed to $476.2 billion, or 1.8% of the total current-dollar U.S. gross domestic product (GDP)-an upturn from $424.2 billion in 2021. Consequently, the burgeoning marine industry underpins the hoist market's growth.

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Which Fast-Growing Trends Are Poised to Disrupt the Hoist Market?
Leading businesses in the hoist market are putting their efforts into creating cutting-edge systems, such as digital monitoring tools for hoists to elevate operational effectiveness, bolster safety and offer real-time data analytics for predictive maintenance and efficient performance. A digital monitoring tool for a hoist consistently monitors and reviews the functioning of the hoist, increasing safety and effectiveness by offering immediate data for analysis and foresighted maintenance. For example, In May 2022, A automation company based in Switzerland, ABB Ltd., introduced the ABB Ability NGX Hoist Control. This is a globally operational system that boosts the performance and safety of mining hoists. It incorporates advanced digital monitoring services that consistently monitor the status of mine hoists, which aids in enhancing uptime, availability, performance, and productivity by offering crucial insights into KPIs.

What Are the Emerging Segments in 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Hoist Industry?
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.

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