The global hoist market is expected to grow at a rapid pace due to the rise in demand for hoists in end-use industries across the globe. Hoist is a key component that is used in various industries, as it improves the productivity and efficiency of material handling and also creates a safe working environment for employees. Companies in the global hoist market should focus on investments in R&D and product innovation to cater to the needs of end-use industries. Manufacturers should concentrate on developing technologically advanced products with improved efficiency. Greater emphasis on expansion of manufacturing plants through increased production capacity of overhead crane hoists is projected to boost the demand for hoists in the near future.
Overview of Global Hoist Market
Hoist is a device that uses a drum or lift-wheel around which a rope or chain is looped to lift or lower a load. Different hoists can be used for lifting applications. Manual hoist or mechanical hoist, electrical hoist, hydraulic hoist, and pneumatic hoist are some of the types of hoists, based on their operation. Rapid economic and industrial growth has created significant opportunities for manufacturers operating in the global hoist market.
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Increase in Application of Hoists in Various End-use Industries to Drive Market
Growth of end-use industries around the world is a key factor driving the hoist market. Expansion of the global construction sector due to rapid population growth and globalization; and rise in infrastructure development activities have augmented the demand for construction hoists. Rise in application of hoisting equipment in the construction industry is also driving the global market. According to the National Association of Counties (NACO), the U.S. Department of Transportation (DOT) contributed around US$ 906 Mn in 2020 toward the country's infrastructure through the Infrastructure for Rebuilding America (INFRA) discretionary grant program.
The market for hoists is likely to be driven by global growth in the automotive sector, particularly in Asia Pacific. Demand for car hoists is increasing due to the growth of the automotive industry. According to the Korea Automotive Manufacturers Association (KAMA), the Korean automobile manufacturing industry's global market share climbed to 8% in 2021 from 7.4% in 2020. According to the Japan Automobile Manufacturers Association (JAMA), vehicle exports in November 2021 increased by 39.1% over that in the previous month.
Manufacturers in the global hoist market are developing advanced products such as electric wire rope hoists with increased durability and improved performance. They are introducing innovative products that are lighter and more flexible. Product innovation is an important factor that fuels the hoist market. Manufacturers are also focusing on customizing hoists to meet the needs of customers in various industries. For instance, Columbus McKinnon Corporation's STAHL CraneSystems delivered a tailored rope hoist with a customized rope drum for maintenance cranes on Shenzhen LNG tanks. The rope drum is a blend of drums from the SH and AS series, and the hoist is an explosion-proof LNG wire rope hoist from the company's SHex series.
Advancement in Technology Offers Lucrative Opportunity to Manufacturers
Technological advancements in hoists such as motor temperature control, adjustable geared limit switch, and overload protection are likely to create lucrative opportunities for manufacturers of hoists. Manufacturers are engaged in R&D to improve the technical and economic aspects of hoists. The usage of automation and robotics in the manufacture of hoists along with innovations in material handling is also projected to offer lucrative opportunities to manufacturers.
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High Manufacturing Cost to Hamper Global Hoist Market
Technologically advanced hoists are expensive. It is difficult for small enterprises to manufacture these advanced products. This is likely to hamper the global hoist market during the forecast period. Raw materials used in the manufacture of hoists are cast iron, aluminum, steel, and copper. Volatility in the price of these raw materials is expected to hamper the global hoist market.
Planetary Gear Hoists to Dominate Global Hoist Market due to Improved Efficiency
The global hoist market is categorized into three product types: planetary gear, worm gear, and others (spur gear, bevel gear, etc.). The planetary gear segment held 72% market share of the hoist market in 2021. Planetary gear hoists are substantially more efficient and smaller in size than worm gear hoists. Planetary gear is regularly used in end-use industries due to its good performance, efficiency, and small shape and size.
Rise in Demand for Electric Hoists in End-use Industries to Spur Global Hoist Market
Based on operation, the market has been divided into electric, hydraulic, pneumatic, and manual hoists. Electric hoists dominate the market due to the convenience of using them in several end-use applications. The mode of operation chosen is determined by the industry, installation, and application. When compared to pneumatic or air hoists, hydraulic hoists, and manual hoists, an electric hoist can raise a greater weight and is quieter to operate. Advanced electric hoists have sensors and monitoring systems built into track and monitor material handling. Product innovation with sophisticated technology is expected to boost the demand for hoists.
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Regional Outlook of Global Hoist Market
Asia Pacific dominated the global hoist market in 2021 due to the presence of growing economies in the region, which is strengthening the demand for hoists. China and India are the world's two major industrial centers. The need for hoists is being fueled by significant growth in end-use industries such as building, shipping & marine, and mining in the region. Extensive presence of industries such as automobiles and metals is driving the hoist market in Asia Pacific.
North America and Europe are also the rapidly growing regions of the global hoist market. Lucrative presence of product manufacturers focusing on improving product quality with the help of advanced technology is likely to drive the hoist market in these regions throughout the forecast period.
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