How Has the Hoist Market Size Evolved in Recent Years?
The hoist market has seen considerable growth due to a variety of factors.
• The hoist market has shown substantial growth in recent years. It will grow from $2.42 billion in 2024 to $2.58 billion in 2025, at a compound annual growth rate (CAGR) of 6.7%.
This growth is linked to increased industrialization, rising infrastructure development, tougher safety regulations, growth in manufacturing sectors, and rapid urbanization.
What are the Market Size and Expected Growth Rates for the Hoist Market?
The hoist market is expected to maintain its strong growth trajectory in upcoming years.
• The hoist market is expected to reach $3.31 billion by 2029, growing at a CAGR of 6.4%.
Factors driving growth include increased construction activity, demand for material handling equipment, industrial growth in emerging economies, expanding manufacturing sectors, and logistics and warehousing expansion. Trends include technological advancements in hoist systems, smart technology integration, IoT adoption, safety improvements, and material handling advancements.
Which Key Drivers Are Propelling The Hoist Market's Growth?
The expanding pharmaceutical industry is expected to propel the growth of the hollow fiber filtration market. The pharmaceutical industry focuses on the development, production, and marketing of medicines and healthcare products. Increased healthcare demand, technological advancements, and market expansion contribute to the growth of this industry. Hollow fiber filtration is used in drug manufacturing to separate and purify biomolecules such as proteins and antibodies. According to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical market value increased to $298.2 billion in 2022 from $256.5 billion in 2020, with research and development spending rising to $48.25 billion in 2022. Therefore, the growth of the pharmaceutical industry is boosting the hollow fiber filtration market.
What Are The Key Segments Within The Global 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 New Trends Are Influencing The Hoist Market?
Major players in the hoist market are prioritizing the development of technology-forward systems, such as digital monitoring systems, to increase operational efficacy, heighten safety and provide immediate data analytics for anticipative maintenance and optimized performance. Real-time data analytics allow for the constant monitoring and assessment of the hoist's functioning, thereby enhancing safety and efficiency. For instance, ABB Ltd., a Swiss automation firm, in May 2022 introduced the ABB Ability NGX Hoist Control. This comprehensive system bolsters mining hoist performance and safety by offering state-of-the-art digital monitoring services that consistently monitor the status of the mine hoist. It enhances overall uptime, availability, performance, and productivity by delivering practical KPI insights.
Who Are the Key Players 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
What Are The Regional Insights Into 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.
