How Is The Global Hoist Market Defined?
A hoist is a mechanical device used to lift, lower, or move heavy objects, typically using a drum or lift wheel around which a rope or chain wraps. Hoists can be manually operated, electrically powered, or pneumatically driven and are commonly used in construction, manufacturing, and warehousing to handle heavy loads.
Hoist Global Market Report 2024 provides data on the global hoist market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hoist market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Hoist Market Size Expected To Expand, And At What Annual Growth Rate?
The hoist market has grown from $2.27 billion in 2023 to $2.42 billion in 2024, at a CAGR of 6.4%. This growth is linked to industrialization, infrastructure development, stricter safety regulations, manufacturing sector expansion, and urbanization. By 2028, the market is expected to reach $3.11 billion, growing at a CAGR of 6.5%. Factors driving this growth include increasing construction activities, rising demand for material handling equipment in warehouses, growing industrialization in emerging economies, and the expansion of logistics and warehousing sectors. Major trends include technological advancements in hoist systems, the adoption of smart technologies, IoT integration, safety feature improvements, and advancements in material handling systems.
What Are The Key Drivers Fueling Growth In The Hoist Market?
The rise of the marine industry is expected to boost the hoist market in the future. The marine industry includes the transportation of goods and passengers via waterways, driven by factors like globalization, international trade, and technological advancements in maritime operations. Hoists play a critical role in the marine industry, improving efficiency, safety, and precision in operations at shipyards, ports, and offshore platforms. For instance, in June 2024, the Bureau of Economic Analysis reported that the marine economy contributed $476.2 billion to the U.S. GDP in 2022, an increase from the previous year. This expansion of the marine industry is fueling the hoist market's growth.
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What Are The Principal Market Segments In The Global Hoist Industry?
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
Which Emerging Market Trends Are Altering The Hoist Sector?
Prominent players in the hoist industry are adopting advanced digital monitoring systems to improve operational efficiency, safety, and predictive maintenance. These systems provide real-time data analytics to optimize performance. In May 2022, Switzerland-based ABB Ltd. launched the ABB Ability NGX Hoist Control, a global system for enhancing mine hoist performance. Equipped with advanced monitoring services, the system tracks hoist status in real time, improving productivity, uptime, and reliability by offering actionable insights and key performance indicators.
What Is The Leading Region 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.
