What is Global Industrial Hoists Market?
The Global Industrial Hoists Market is a vast and dynamic sector that encompasses a wide range of equipment used in various industries worldwide. These hoists are mechanical devices used for lifting or lowering a load using a drum or lift-wheel around which a chain or rope wraps. The market is diverse, with products ranging from manual hoists, electric hoists, to air hoists. The global market for these devices is continually evolving, driven by technological advancements, changing industrial needs, and economic factors. The market's value was estimated at US$ 11920 million in 2023, and it is projected to grow significantly in the coming years.
Manual Hoists, Electric Hoists, Air Hoists in the Global Industrial Hoists Market:
Manual Hoists, Electric Hoists, and Air Hoists are the three primary types of hoists available in the Global Industrial Hoists Market. Manual hoists are operated by hand and are typically used for smaller loads. They are cost-effective and require minimal maintenance. Electric hoists, on the other hand, are powered by electricity and are used for lifting heavier loads. They offer high efficiency and speed, making them ideal for industrial applications. Air hoists, also known as pneumatic hoists, use compressed air for operation. They are known for their durability, high lifting capacity, and suitability for hazardous environments. Each type of hoist has its unique features and applications, contributing to the diversity and growth of the global industrial hoists market.
Automotive, Warehouse, Mining & Excavation, Others in the Global Industrial Hoists Market:
The Global Industrial Hoists Market finds extensive usage in various sectors such as automotive, warehouse, mining & excavation, among others. In the automotive industry, hoists are used for lifting vehicles for maintenance and assembly. Warehouses use hoists for lifting and moving heavy goods, contributing to efficient space utilization and inventory management. In the mining and excavation industry, hoists play a crucial role in lifting ores and minerals from underground mines. The versatility and utility of industrial hoists make them indispensable in these sectors, driving the growth of the global market.
Global Industrial Hoists Market Outlook:
Looking at the market outlook, the Global Industrial Hoists Market was valued at a significant US$ 11920 million in 2023. The market is expected to witness a steady growth, reaching an estimated value of US$ 15330 million by 2030. This growth trajectory represents a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing industrialization, technological advancements, and the growing demand for efficient and safe lifting equipment in various industries.
| Report Metric | Details |
| Report Name | Industrial Hoists Market |
| Accounted market size in 2023 | US$ 11920 million |
| Forecasted market size in 2030 | US$ 15330 million |
| CAGR | 3.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Columbus McKinnon, Kito, Terex, Konecranes, Ingersoll Rand, TRACTEL, PLANETA, Hitachi, KAWASAKI, J.D. Neuhaus, TOYO, ABUS, Imer International, VERLINDE, DAESAN, ABLE FORGE, Endo Kogyo, Beijing Lieying, Shanghai Yiying |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
