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Electric Hoist Market 2020 | Industry Developments, Outlook, Current Trends by 2026

Author : Rahul Varpe | Published Date : 2020-08-21 

Electric hoist is an integral part of material handling operations as they efficiently lift heavy-weight materials with ease. The product is poised to witness major deployment in the coming years owing to extensive transportation and material handling applications in manufacturing and construction sector. Chain and wire hoists are the two types of products comprising the industry offerings.

Electric wire hoists are gaining major attention from owing to range of benefits including several load capacities, as well as the ability to customize the hoists as per the load capacities. Advantageous product attributes are the key factors contributing towards increased global demand for the products. Electric wire hoist market is estimated to register growth rate of 7.3%, and account for annual revenue generation of over USD 2.5 billion through 2025.

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In both developed and developing countries, construction sector is the key end-user of electric hoists. Growing government investments towards infrastructural development and refurbishment of existing infrastructure is likely to positively impact electric hoist industry growth. Estimates suggests that electric hoist market may surpass USD 3.2 billion in terms of annual valuation by 2025.

However, lack of resources as well as proficiency in handling overhead cranes & its attachment hoists can hamper product adoption across various under-developed countries.

The demand for electric wire hoists with a load range capacity of 0.5 - 10 tons is poised to grow at 7.3%, boasting revenue of over USD 1 billion in terms of annual valuation till 2025. Electric chain hoists having a load capacity range between 5.1 - 10 ton are expected to experience major deployment, accounting for revenue generation of more than USD 200 million by the end of 2025.

In 2017, aerospace application contributed as a major growth avenue for global electric hoist industry share and is likely to account for over USD 860 million in terms of revenue, exhibiting a growth rate of more than 7.7% over the analysis period.

North America electric hoist industry size is estimated to be the second-highest in terms of revenue collection. Asia Pacific electric hoist market would is forecast to exceed USD 950 million in terms of annual valuation by the end of 2025, with a 7.5% CAGR over the projected timeframe.

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Prominent players contributing towards the global electric hoist market share are Columbus McKinnon, Konecranes, Hitachi Industrial, Ace Industries, RAM, Jiangsu Jiali Hoisting Machinery Manufacturing, Harrington Hoist, Tiger Lifting, ABUS Kransysteme, Milwaukee, Coffing Hoist, Budgit Hoist, Toronto Electric, JET, Granada and Demag, among others

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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