Hoist Controller Market Size & Share, by Application (Handheld, Mounted); Hoist Type (Electric, Hydraulic); End-user (Construction, Automotive, Manufacturing, Oil & Gas, Chemicals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4229
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

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.


Global-Hoist-Controller-Market
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Hoist Controller Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Sales of New 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 Safety of 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.
  • Increase in Demand for Minerals and Metals – It is estimated that more than 2 billion tons of minerals and metals are needed to deploy wind, solar and geothermal power to meet growing demand. In 2020, the top 40 global mining businesses which are responsible for most of the industry income created a sale of about USD 650 billion.
  • Increase in Manufacturing and Construction Sector Industries – Global construction industry value USD 7 trillion and consumes 50% of all steel and aluminum, and 10-20% of cement.
  • High Demand for Cranes – The exported value of cranes around the world in 2021 was USD 2,298,509, as per the data by the International Trade Center.

Challenges

  • Lack of Skilled Operators – According to the United Nations International Children’s Emergency Fund (UNICEF), 1.8 billion young people need skills to acquire employment.
  • High Cost of Raw Materials – Iron, lead, and copper materials are used in the manufacturing of hoists. As per the World Bank data, in 2022, the price of copper raised from USD 5510 in 2015 to 8800, while the price of iron raised from USD 55.9 to USD 130, and the price of lead increased from USD 1788 to USD 2100 in the same duration. Hence this factor is estimated to hinder the growth of the market.
  • Costly Replacement
  • Rise of Planetary Gear Hoists

Hoist Controller Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

5%

Base Year Market Size (2022)

USD 3 Billion

Forecast Year Market Size (2035)

USD 5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hoist Controller Segmentation

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:

             By Application

  • Handheld
  • Mounted
  • Others

             By Hoist Type

  • Electric
  • Hydraulic
  • Others

            By End-User

  • Construction
  • Automotive
  • Manufacturing
  • Oil & Gas
  • Chemicals
  • Others

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Hoist Controller Industry - Regional Synopsis

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. 

Research Nester
Global-Hoist-Controller-Market-size
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Companies Dominating the Hoist Controller Landscape

top-features-companies
    • Schneider Electric
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Conductix-Wampfler
    • The Rowland Company
    • Hoosier Crane Service Company
    • Demag Cranes & Components GmbH
    • Eastern Electric Co., Ltd.
    • Magnetek, Inc.
    • Uesco Cranes
    • Speed-O-Controls
    • PLS Electronics

In the News

  • 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


  • Report ID: 4229
  • Published Date: Feb 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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 5% over the forecast period, i.e., 2023-2035.

Lack of skilled operators and lucrative opportunities in the market are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Schneider Electric, Conductix-Wampfler, The Rowland Company, Hoosier Crane Service Company, and more.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines 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 construction segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Hoist Controller Market Report Scope
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