- A hoist is a load handling equipment used for lifting or lowering loads in various end-use industries. Hoists are available in various types such as manual hoists, electric hoists, and hydraulic hoists. It is used along with a rope, chain, cable, or wire.
- Hoist is an important device used in different industries as it provides quick and safe material handling of heavy loads and cargo. Growing urbanization and its impact has resulted in growth of various industries, which is expected to create demand for hoists during the forecast period.
Key Drivers and Opportunities of the Global Industrial Hoists Market
- Industrial hoists are expected to see increasing demand in various industries due to their reliability, performance, and low failure rates. Growing safety, quality, and service concerns related to lifting equipment are expected to drive the industrial hoists market during the forecast period.
- The growing number of manufacturing industries in various economies are likely to generate demand for high level material handling processes, which is anticipated to boost the industrial hoists market during the forecast period.
- A thriving construction industry, trend of shifting of production facilities to developing nations, and need for warehouses due to growing popularity of e-commerce has led to global manufacturers entering local markets and selling their products.
- The change in cost of raw materials hampers the production cycle and cost of industrial hoists. Besides, socio-political and economic instability may also act as a restraint to the market. The maintenance of industrial hoists is an important factor that consumers need to consider. Periodic maintenance of industrial hoists is important for its proper functioning.
- Reducing operating cost while increasing productivity and overall performance are key factors anticipated to influence the demand for industrial hoists. Manufacturers are expanding their product portfolio by introducing new series of products which are manufactured for particular usage. The development of end-use industries is anticipated to drive the industrial hoists market during the forecast period.
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Asia Pacific to Hold Major Share of the Global Industrial Hoists Market
- In terms of geography, the global industrial hoists market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is the dominant region in the global industrial hoists market due to a growing industrial segment in developing economies. China is expected to be the leading market followed by India due to booming construction and manufacturing industries.
- The Asia Pacific industrial hoists market is likely to be followed by markets in North America and Europe. Rapid urbanization coupled with various construction projects is expected to increase the demand for industrial hoists during the forecast period. Markets in Middle East & Africa and South America are expected to witness moderate growth during the forecast period.
Key Players Operating in the Global Market
Major players operating in the global industrial hoists market include:
- Beijing Lieying
- Columbus McKinnon
- Hitachi, Konecranes
- Imer International
- Ingersoll Rand
- J.D. Neuhaus
- Kito, PLANETA
- Shanghai Yiying
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Global Industrial Hoists Market: Research Scope
Global Industrial Hoists Market, by Type
- Manual Hoists
- Powered Hoists<ul”></ul”>
Global Industrial Hoists Market, by Capacity
Global Industrial Hoists Market, by Applications
- Others (Medical, etc.)
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