Markets & Reports
Electric hoist market expected to grow 8.5% from 2023-33
September 21, 2023 By Don Horne
According to the latest report from Fact.MR, the global Electric Hoist Market was valued at (US) $707.9 million in 2022 and is projected to expand at a CAGR of 8.5 per cent from 2023 to 2033.
Escalating demand for automation in material handling equipment has emerged as a pivotal factor driving the widespread adoption of electric hoists. As industries seek to optimize operational efficiency, reduce human intervention, and enhance overall productivity, electric hoists have positioned themselves as a crucial component of automated workflows.
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Incorporation of Industry 4.0 technologies has intensified the need for intelligent and interconnected material handling solutions. Electric hoists equipped with advanced sensors, data monitoring capabilities, and remote-control options provide real-time insights into operational parameters. As industries continue adopting automation to remain competitive and streamline their operations, electric hoists stand as enablers of this transformation.
Market opportunities for customization in the form of explosion-proof electric hoists are gaining traction as industries with hazardous environments seek specialized lifting solutions. Explosive or potentially combustible atmospheres are common in industries like oil and gas, chemical manufacturing, mining, and certain manufacturing processes. In such settings, standard electric hoists may pose safety risks due to the potential for sparks or ignition sources.
Demand for explosion-proof electric hoists is driven by stringent safety regulations that these industries must adhere to, often set by agencies like the ATEX (European Union) or NEC (National Electrical Code) in the United States. As these industries prioritize worker safety and regulatory compliance, the market opportunity for explosion-proof electric hoists is substantial. The trend toward energy efficiency and sustainability is playing a pivotal role in driving the electric hoist market’s growth and evolution.
Businesses across industries are increasingly recognizing the importance of minimizing their environmental impact and optimizing energy consumption. This trend is influencing both the design and adoption of electric hoists in several significant ways. The sustainability trend is also influencing how electric hoists are used in industries. Businesses are integrating electric hoists into sustainable operational practices. For instance, in warehouses and distribution centers, energy-efficient hoists are being employed to optimize material handling workflows, reduce energy costs, and decrease overall carbon emissions.
Manufacturers are designing hoists that minimize energy consumption and environmental impact while end-users seek solutions that align with their sustainability objectives. As industries continue to prioritize eco-friendly practices, electric hoists that offer energy-efficient performance are poised to remain at the forefront of modern material handling solutions.
Some of the recent developments in the electric hoist market are:
- In June 2023, Terex Corporation announced the launch of the Terex Z-60 Substation Utility Boom (SUB). The 60-foot class insulated mobile elevated work platform (MEWP) is based on a Genie Z-60 FE and serves as an addition to the company’s SUB product line, complementing the Z-45 SUB initially presented in 2021.
- In August 2022, Acculon Energy, an engineering and connectivity firm based in Ohio, received a Series A investment from Terex Corporation. Acculon Energy plans to use the funds to create electrification solutions for non-automotive equipment applications.
- In October 2021, a new high-capacity subsea hydraulic hoist from Ingersoll Rand was introduced for use in ship maintenance, repair, and salvage and recovery operations. Work can be done at depths of up to 30 meters underwater using the subsea hoist.
- In July 2021, J.D. Neuhaus announced the launch of an updated mini food-grade hoist with improved performance. The new updated version has a stainless-steel trolley, a conversion kit for the twist lock hook with a safety pin, availability of a stainless-steel air intake, and stickers that are laser etched into the machinery itself.
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