Hoist Controller Market size is poised to cross USD 5 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of hoist controller was over USD 3 Billion. 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 is estimated to boost the market. 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.
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 from the 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
5% |
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Base Year Market Size (2022) |
USD 3 Billion |
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Forecast Year Market Size (2035) |
USD 5 Billion |
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Regional Scope |
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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 2035. 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 Labor 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.
The global hoist controller market is also segmented and analyzed for demand and supply by end-user into construction, automotive, manufacturing, oil & gas, chemicals, and others. Out of which, the construction segment is anticipated to grow at the highest rate over the forecast period. The growth of the segment can be attributed to growing demand for more residential and non-residential building further boosting growth in construction activities. To ensure the swift and secure delivery of crucial logistical duties, various construction equipment is required for construction operations. Hence the demand for hoist is expected to increase in this industry. A construction hoist is thought of as a typical requirement in the construction site of high-rise structures that not only speeds up the movement of items between the lower and upper floors but also ensures the safety of transportation. Further, in order to insure safe transportation efficient hoist controller is essential since it has to lift heavy material. Hoists deploy a pulley system that could be controlled manually or electrically using wire ropes or chains looped around a barrel or drum.
Our in-depth analysis of the global hoist controller market includes the following segments:
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By Application |
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By Hoist Type |
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By End-User |
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Asia Pacific Market Forecast
The Asia Pacific hoist controller market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. backed by growing urbanization and rise in construction activities in this region, along with surge in deployment of hoist among various industries. By 2030, there would be 1.2 million km2 of additional urban built-up area worldwide as a result of the development of urban land consumption outpacing population growth by as much as 50%. Further, growing investment in construction industries is also estimated to boost the growth of the market in this region.
North America Market Forecast
Moreover, the market in North America region is also estimated to rise owing to the rising utilization of advanced technologies in hoist controller. Also, there is been growing industrialization in this region which is further estimated to boost the adoption of hoist controller is various industry including automobile, construction, marine and others. These industries deploy hoist in order to lift heavy materials or equipment. Hence the demand for hoist controller is ratably high in this region.
Demag Cranes & Components GmbH with novel innovation of safe control system provides flexibility in crane control. This allows the monitoring of two universal cranes with a single radio control system. The perfect synchronization of movements could enable safe, efficient, and ergonomic control of up to four trolleys.
Conductix-Wampfler acquired Jay Electronique, a producer of high-standard remote-control units with strong expertise in electronics. The market penetration and global sales network of Conductix-Wampfler would help Jay to access more international markets.
Author Credits: Abhishek Verma, Hetal Singh
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