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Hoist Controller Market Analysis by Application (Handheld, Mounted, and Others); by Hoist Type (Electric, Hydraulic, and Others); and by End-user (Construction, Automotive, Manufacturing, Oil and Gas, Chemicals, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • ·        Jan 12, 2020 – Demag Cranes & Components GmbH with novel innovationof 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 can enable safe, efficient, and ergonomic control of up to four trolleys.
  • ·        Jul 4, 2019 – Conductix-Wampfleracquired 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 will help Jay to access more international markets.

Global Hoist Controller Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Hoist-Controller-Market-CAGR

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.

Hoist-Controller-Market-Overview

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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.

Hoist-Controller-Market-Analysis-Segmentation

Global Hoist Controller Market: Growth Drivers and Challenges

Growth Drivers

  • 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.

Hoist-Controller-Market-Analysis-Size

  • Increase in Demand for Minerals and MetalsIt 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 ofthe industry income,created a sale of about USD 650 billion.
  • Increase in Manufacturing and Construction Sector IndustriesGlobal 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 are in need of skills to acquire employment.
  • Costly Replacement
  • Rise of Planetary Gear Hoists
  • High Cost of Raw MaterialsIron, 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.

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.

Global Hoist Controller Market Regional Synopsis

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%.

Hoist-Controller-Market-Size-Share

 

The global hoist controller market is further classified on the basis of region as follows:

  • 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

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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 and Gas
  • Chemicals
  • Others

 

Top Featured Companies Dominating the Global Hoist ControllerMarket

  • Schneider Electric
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Speed-O-Control Pvt. Ltd.
  • Conductix-Wampfler
  • The Rowland Company
  • Uesco Industries, Inc.
  • Hoosier Crane Service Company (HCSC)
  • Demag Cranes & Components GmbH (DCC)
  • Eastern Electrical Corp. (EEC)
  • MagnetekDrivers
  • Publishers’ Licensing Society Limited (PLS)

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