What is Hoist Rings - Global Market?
Hoist Rings are a critical component in various industries, serving as a secure and reliable lifting point for heavy loads. The global market for Hoist Rings is a dynamic and rapidly evolving space, with a diverse range of applications across multiple sectors. The Hoist Rings market is a global one, with its presence felt in every corner of the world. The market was valued at a substantial US$ 334 million in 2022, and it is projected to grow at a steady pace, reaching an estimated value of US$ 411.8 million by 2029. This represents a compound annual growth rate (CAGR) of 3.0% during the forecast period from 2023 to 2029.
Center-pull, Side-pull, Others in the Hoist Rings - Global Market:
The Hoist Rings market is segmented based on the type of hoist rings, which include Center-pull, Side-pull, and Others. Each type of hoist ring has its unique features and applications. Center-pull hoist rings are commonly used for lifting heavy loads in a vertical direction. Side-pull hoist rings, on the other hand, are designed for side loading applications. The 'Others' category includes a variety of specialized hoist rings designed for specific applications or industries. The market for these different types of hoist rings is influenced by various factors, including the specific needs of different industries, technological advancements, and regulatory standards.
Construction, Energy, Mold and Mechanical, Aerospace and Military, Others in the Hoist Rings - Global Market:
Hoist Rings find extensive usage in various sectors such as Construction, Energy, Mold and Mechanical, Aerospace and Military, among others. In the construction industry, hoist rings are used for lifting heavy construction materials and equipment. In the energy sector, they are used in the installation and maintenance of heavy machinery and equipment. The mold and mechanical industry uses hoist rings for handling heavy molds and mechanical parts. In the aerospace and military sector, hoist rings are used for lifting aircraft components and military equipment. The 'Others' category includes various other industries where hoist rings are used for lifting heavy loads.
Hoist Rings - Global Market Outlook:
The Hoist Rings market is dominated by a few key players, namely Crosby Group, RUD, CODIPRO (Alipa), Jergens, and YOKE. These companies collectively hold a market share of more than 50%, indicating their strong presence and influence in the market. North America is the largest consumer of hoist rings, accounting for nearly 45% of the global consumption. This can be attributed to the robust industrial sector in the region, which includes industries such as construction, energy, and aerospace, where hoist rings are extensively used.
| Report Metric | Details |
| Report Name | Hoist Rings - Market |
| Forecasted market size in 2029 | US$ 411.8 million |
| CAGR | 3.0% |
| Forecasted years | 2023 - 2029 |
| Global Hoist Rings market, by region: |
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| Global Hoist Rings market, Segment by Type: |
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| Global Hoist Rings market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
