Electric Hoist Market is Projected to Reach USD 1.9 billion by 2031, Expanding at a CAGR of 5.8%: Transparency Market Research Inc.
Transparency Market Research
6 min read
Transparency Market Research
Oil & gas and mining industries rely on electric hoists for lifting and transporting heavy equipment efficiently.
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global electric hoist market is estimated to flourish at a CAGR of 5.8% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for electric hoist is estimated to reach US$ 1.9 billion by the end of 2031.
The circular economy is a potential driver in the market. Companies are increasingly adopting refurbishment and remanufacturing practices, reconditioning and modernizing existing electric hoists. This approach aligns with sustainability goals, reducing waste while meeting performance standards.
Electric Hoist Market: Competitive Landscape The electric hoist market shows fierce competition led by prominent players such as Konecranes, Columbus McKinnon Corporation, and Street Crane Company Limited. These industry giants dominate with a diverse portfolio of electric hoists catering to industrial, construction, and commercial sectors.
Companies like Ingersoll Rand and Demag Cranes AG (now part of Konecranes) intensify competition with their innovative hoisting solutions. Regional players, including GIS AG and VERLINDE, further contribute, emphasizing niche market expertise.
This competitive landscape thrives on product innovation, technological advancements, and a focus on customized solutions, driving the electric hoist market forward amidst growing demand for efficient and reliable lifting equipment across various industries. Some prominent manufacturers are as follows:
Tianjing Kunda Hoisting Equipment Co. Ltd
IMER International SpA
ABUS Kransysteme GmbH
Street Crane Company Limited
Ingersoll Rand
Konecranes
Columbus McKinnon Corporation
Hitachi Industrial Equipment Systems Co. Ltd
Kran Direkt GmbH & Co. KG
Columbus McKinnon Corporation
The resurgence of local manufacturing initiatives presents a lucrative opportunity. Amid global supply chain disruptions, many industries prioritize localized production to reduce dependency and enhance agility. This trend encourages the establishment of smaller-scale manufacturing facilities, fostering a demand for electric hoists used in production and assembly lines.
The advent of predictive maintenance technologies subtly influences market growth. Implementation of predictive analytics and condition monitoring systems in electric hoists allows proactive maintenance, reducing downtime and repair costs. This emerging driver emphasizes the importance of minimizing operational disruptions, elevating the reliability and longevity of hoisting equipment.
Key Findings of the Market Report
Wire or rope hoist dominates the electric hoist market due to its versatility, ability to handle heavier loads, and diverse applications.
The capacity segment of “above 16000 lbs” leads the electric hoist market due to demand for heavy lifting applications.
Construction leads the electric hoist market, demanding reliable lifting solutions for material handling and heavy load operations on job sites.
Electric Hoist Market Growth Drivers & Trends
Increasing automation in manufacturing and logistics drives demand for electric hoists, enhancing operational efficiency and streamlining material handling processes.
Rising construction activities globally fuel the need for electric hoists for lifting heavy loads and materials at construction sites.
Emphasis on workplace safety and ergonomic design in electric hoists drives product innovation, ensuring operator comfort and accident prevention.
Integration of smart features such as IoT connectivity and remote monitoring elevates electric hoist capabilities, optimizing performance and maintenance.
Expansion of renewable energy projects necessitates electric hoists for lifting and transporting heavy components in wind farms and solar installations.
North America leads the market due to extensive industrialization and infrastructure development. Key players like Columbus McKinnon Corporation and Harrington Hoists, Inc. dominate, offering advanced electric hoists catering to manufacturing, construction, and automotive sectors. Stringent safety regulations further drive market growth, ensuring the adoption of high-quality hoisting solutions.
In Europe, a robust manufacturing sector and emphasis on automation fuel the demand for electric hoists. Street Crane Company Limited and Konecranes hold prominence, delivering innovative lifting solutions, focusing on efficiency and safety in various industries.
The Asia Pacific emerges as a rapidly expanding market, driven by flourishing manufacturing hubs in countries like China and India. Players such as GIS AG and VERLINDE capitalize on this growth, providing cost-effective electric hoists tailored to diverse applications. As industrial activities surge, the region remains pivotal in shaping the global Electric Hoist Market through innovation and market expansion.
Product Portfolio
SStreet Crane Company Limited offers a comprehensive product portfolio specializing in crane systems and lifting solutions. Their range includes overhead cranes, hoists, and components, catering to diverse industrial sectors, emphasizing quality, innovation, and tailored lifting solutions for varying applications and industries.
Ingersoll Rand showcases a diverse product line comprising air compressors, power tools, and material handling equipment. Their offerings cater to industrial, commercial, and residential sectors, focusing on efficiency, reliability, and sustainability in providing innovative solutions for diverse applications.
Konecranes presents an extensive portfolio of lifting equipment and services, encompassing overhead cranes, port solutions, and automated material handling systems. Their offerings cater to various industries, prioritizing safety, efficiency, and advanced technology in delivering comprehensive lifting solutions and maintenance services.
Electric Hoist Market: Key Segments By Hoist Rope Type
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
