Markets & Reports
Global hoist market expected to reach $4.2 billion by 2031
July 7, 2023 By Don Horne
The global hoist market – currently valued at $2.7 billion in 2022 – is estimated to grow 5.4 per cent from 2023 to 2031 and reach $4.2 billion by the end of 2031 (all in US dollars).
Automation and smart hoist innovations assist end-use businesses in acquiring new expansion chances, and hoist users are looking for technologically improved material handling solutions with increased monitoring capability; and it is this increased use of load-hoisting devices that is fuelling the market’s growth.
According to the Transparency Market Research report, higher expenditures by governments to develop national economies and a surge in foreign direct investment (FDI) are driving growth in various end-use industries. End-user sectors “are ready to implement products and innovations that boost process efficiency and output and offer workers a safe working environment.”
Rising populations, globalization, and increased demand for commercial and industrial regions. Advancement in the corporate environment necessitates the establishment of facilities.
“Efficient, contemporary, and dependable infrastructure is critical for seamless corporate operations. For the finishing of high-rise structures and complex assignments, the construction industry requires particular machinery. This element increases the demand for hoists,” states the report.
Key Takeaways from the Market Report
- In 2022, North America held a 40% share.
- The market is gaining traction and is expected to grow at a CAGR of 5.7% in Asia Pacific over the forecast period.
- The market in China is expected to grow at a CAGR of roughly 6% throughout the projected period.
- In 2022, the planetary gear product type segment was estimated to account for more than 70% of the worldwide market.
- In 2022, Europe held a 22% share of the global market.
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