The global hoist controller market is estimated to garner a revenue of USD 4000 Million by the end of 2031 by growing at a CAGR of ~3% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 2000 Million in the year 2021. The growth of the market can be attributed to the increasing industrialization, widespread applications in different verticals, and increasing demand for hydraulic and electric hoists during the forecast period.Also, increased use of hoists in the construction industry to lift or lower personnel, and heavy loads between floors of buildings. As per the World Bank&Organization for Economic Co-operation and Development data, overall industry together with the construction industry across the world added a value of USD 27.18 trillion in 2021, up from 21.74 trillion in 2017with more than USD 5 trillion.
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A hoist controller is equipment used to control the movement of a hoist which is used to lift or lower a load by means of the drum. The hoist control system is incorporated with interlocks to close the throttle valve at the end of the trip and to prevent opening until the winding engine is reversed. A common example is an elevator. The market growth is attributed to the increased installation of elevators in construction buildings, warehouses, and shipmates. As per the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the statistical data regarding new residential constructions includes 1,674,000 building permits, 1,446,000 housing starts, and 1,424,000in 2022.Advancements in technology and automation in industries, mining, and construction sectors enhanced the growth of the global hoist controller market trends.As per data fromthe World Bank and World Integrated Trade Solutions, the exports of ores and metals (% of merchandise exports) boosted from 3.7 in 2017 to 4.6 in 2021.
IncreasingSales ofNew Technology– Since the beginning of mankind, people always tried to explore and develop new technologies to reduce risk, and improve efficacy, safety, and burden of work. This resulted in the broad availability of tools that are useful and equally harmful. High technology exports globally increased from 2 trillion in 2016 to 3 trillion in 2019.
Growing Concern on Safetyof Workers-As per the U.S. Bureau of Labor Statistics report, the fatal work injuries of full-time equivalent (FTE) workers in the U.S decreased by 10.7% from 5,333 in 2019 to 4764 in 2020.Moreover, in 2020, there were 3.4 fatalities per 100,000 full-time equivalent (FTE) workers, down from 3.5 per 100,000 FTE in 2019.
The global hoist controller market is segmented and analyzed for demand and supply by application into handheld and mounted, out of which, the handheld segment is anticipated to hold the largest market size by the end of 2031. The growth of the market segment is estimated to upsurge on account of increasing benefits of operational efficiency and a safer work environment. As per the U.S Bureau of Labour Statistics,in 2020 for every 110 minutes, a worker died from an occupational injury. Nearly half of the fatal occupational injuries (nearly 50%) - about 1,300 material moving and construction deaths and 980 extraction occupation deaths have occurred in the U.S.
Regionally, the global hoist controller market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market inthe Asia Pacific is estimated to witness the largest growth during the forecast period. The growth of the market can be attributed to the increase in focus of companies on organic growth strategies like product launches, product approval, patents, and other events. Also, the inorganic growth strategies like acquisitions, partnerships, and collaboration activities have paved the way for the development of business and customer base in the market region during the forecast period. The rising awareness of automation and the increasing interest inconstruction and material handling industries by developing countries such as China and Japan.The real estateinvestment value in the Eastern China region in 2021 increased by 4 % i.e., a value of USD 1200 billion, and investment in the Central China region was USD 460 billion with an increase of 8%.
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global hoist controller market includes the following segments:
By Hoist Type
Top Featured Companies Dominating the Global Hoist ControllerMarket
FREQUENTLY ASKED QUESTIONS
Increased advancements in technology and increased focus on safety are the major factors driving the growth of the hoist controller market
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2031.
Lack of skilled operators and lucrative opportunities in the market are the challenges affecting the market growth.
The market in the Asia Pacificregion is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market Schneider Electric, Conductix-Wampfler, The Rowland Company, Hoosier Crane Service Company, Demag Cranes & Components GmbH, EEC, MagnetekDrivers, PLS.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, hoist type, end-user, and by region.
The handheld segmentis anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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