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Electric hoist market expected to reach $1.8 billion by 2028
August 21, 2023 By Don Horne
The global electric hoist market is expected to reach $1.8 billion by 2028, growing at a CAGR of 6.1 per cent from 2023 to 2028.
According to the Electric Hoist Market: Trends, Opportunities and Competitive Analysis 2023-2028 report from ResearchAndMarkets.com, the market presents promising opportunities in construction, energy, aerospace, and transportation applications.
Key drivers for market growth include the increasing demand for technologically advanced material handling solutions in various industries and the need for automation-based equipment to enhance output with minimal human labor.
Some of the companies profiled in the report include Tianjing Kunda Hoisting Equipment, IMER International, ABUS Kransysteme, Street Crane Company, Ingersoll Rand, and Konecranes.
The report forecasts that the electric chain hoist segment will witness higher growth due to its capacity to handle large machinery and stainless steel construction. The construction application segment is expected to remain the largest due to increasing construction activities and government investments in infrastructure development. Asia Pacific is projected to be the largest region, driven by rapid urbanization and government investments in infrastructure.
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