The global electric hoist market is experiencing significant growth, driven by increasing demand for efficient material handling equipment across various industries, according to Transparency Market Research.
Electric hoists are essential for lifting and transporting heavy loads, improving operational efficiency and safety in workplaces.
According to its latest report: ‘Electric Hoist Market’ it claims: “The global electric hoist market was valued at approximately USD 1.5 billion in 2022 and is projected to grow at a CAGR of 5.8% from 2023 to 2031. The growth is attributed to the rising industrialization, infrastructure development, and the increasing adoption of advanced material handling solutions in emerging economies.
“Additionally, the emphasis on workplace safety and the reduction of labor-intensive processes are further propelling the market growth.”
It reports challenges include high initial costs: which can be a barrier to market growth, particularly for small and medium-sized enterprises. Also regular maintenance and servicing costs can hinder the adoption of electric hoists.
But the integration of IoT and smart technologies in electric hoists for real-time monitoring and predictive maintenance is a growing trend and manufacturers are focusing on developing lightweight and compact hoists to enhance portability and ease of use.
There is also increasing demand for customized hoists to meet specific industry requirements.
“The electric hoist market is highly competitive with several key players striving to gain a significant share. Major companies are focusing on strategic partnerships, mergers and acquisitions, and new product launches to strengthen their market position. Some of the prominent players include Konecranes, Columbus McKinnon Corporation, Hitachi Industrial Equipment Systems Co., Ingersoll Rand, and ABUS Kransysteme,” the reports states.
“The future of the electric hoist market looks promising, with continuous advancements in technology and increasing demand for efficient material handling solutions. The market is expected to witness sustained growth, driven by the ongoing industrialization and the need for enhanced operational efficiency across various sectors.”
