The hoist market has seen strong growth, increasing from $2.27 billion in 2023 to $2.42 billion in 2024, with a CAGR of 6.4%. Industrialization, infrastructure development, and urbanization have driven market expansion. The market is expected to reach $3.11 billion by 2028, with increasing construction activities and material handling needs being key drivers. Emerging trends include the adoption of smart technologies, IoT integration, and advancements in hoist safety features and material handling systems.
Major Driver In The Hoist Market
The expanding marine industry is expected to fuel the hoist market. The marine sector, encompassing goods and passenger transport via waterways, is growing due to increased international trade. Hoists play a crucial role in shipyards, ports, and offshore platforms. The Bureau of Economic Analysis reported in June 2024 that the marine economy contributed $476.2 billion in 2022, up from $424.2 billion in 2021. This growth is driving the demand for hoists.
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Hoist Market Competitive Landscape
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
Key Hoist Market Trend
Companies in the hoist market are developing advanced systems like digital monitoring to improve efficiency and safety. Digital monitoring systems provide real-time data for predictive maintenance and operational insights. In May 2022, ABB Ltd. introduced the ABB Ability NGX Hoist Control, a global system designed to enhance mining hoist performance. This system features advanced digital monitoring services, tracking hoist status and providing actionable insights to improve uptime, performance, and productivity.
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Hoist Market Segmentation
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
By Geography:The regions covered in the hoist market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hoist market in 2023.
The Hoist Global Market Report 2024 furnishes information about the global hoist market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
