Hoist Market Growth Accelerates: Strategic Forecast Predicts $3.17 Billion by 2029

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What Will the Hoist Industry Market Size Be by 2025?
The size of the hoist market has been observing a consistent growth in the recent times. This progressing market is predicted to rise from a figure of $2.42 billion in 2024 to an increased value of $2.54 billion in 2025, indicating a compound annual growth rate (CAGR) of surging 4.9%. The significant growth during the historical timeline can be credited to several factors such as enhanced industrialization, infrastructural development, improved safety regulations, and expansion in manufacturing sectors along with a spike in urbanization.

What's the Long-Term Growth Forecast for the Hoist Market Size Through 2029?
The hoist market is predicted to demonstrate robust expansion in the approaching years, surging to $3.17 billion by 2029 with a compound annual growth rate (CAGR) of 5.7%. This growth during the forecast period is credited to intensified construction activities, heightened requirements for material handling equipment in warehouses, accelerating industrialization in nascent economies, burgeoning manufacturing sectors, and broadening logistics and warehousing sectors. Key trends observed in the forecast period are technological progress in hoist systems, the uptake of smart technologies, the incorporation of IoT and smart technologies, enhancements in safety features, and improvements in material handling systems.

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What Are the Key Growth Drivers Fueling the Hoist Market Expansion?
The growth of the hoist market is anticipated to be fueled by the expanding marine industry. The marine sector includes all services related to transporting goods and passengers through waterways such as oceans, rivers, seas, and canals. The sector's expansion is fueled by various factors, including globalization, a surge in international commerce, growing goods demand, the widening of e-commerce, and advancements in marine technology. Hoists are crucial in increasing the efficiency, safety, and precision of several marine industry operations and are thus vital tools at shipyards, ports, offshore rigs, and other maritime locations. For example, the Bureau of Economic Analysis, a US governmental agency that publishes official macroeconomic and industry statistics, stated in June 2024 that the marine economy contributed $476.2 billion in 2022, equating to 1.8% of the total existing-dollar U.S. GDP. This was a rise from $424.2 billion in 2021. Consequently, the expanding marine industry is propelling the hoist market's growth.

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What Are the Key Trends Driving Hoist Market Growth?
Leading companies involved in the hoist sector are turning their focus towards the creation of technologically superior systems, such as digital supervision systems in hoists. They aim to boost work productivity, elevate safety measures, and enable real-time data analytics for anticipatory servicing and improved efficiency. A digital monitoring system, incorporated in a hoist, consistently observes and assesses the functionality of the hoist. It bolsters both safety and productivity by providing real-time data for analysis and forecasted maintenance. As an illustration, ABB Ltd., an automation company based out of Switzerland, introduced the ABB Ability NGX Hoist Control in May 2022. This international system is designed to improve both safety and performance of mining hoists. Its standout feature is its sophisticated digital tracking services, which unfailingly monitor the status of mine hoists. By providing actionable KPI insights, it bolsters the hoist's availability, performance, productivity, and uptime.

How Is the Hoist Market Segmented?
The hoistmarket 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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Which Companies Are Leading the Charge in Hoist Market Innovation?
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 Regions Are Leading the Global Hoist Market in Revenue?
North America was the largest region in the hoist market in 2024. 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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