The “Electric Wire Rope Hoist Market – Global Outlook & Forecast 2024-2029” report has been added to ResearchAndMarkets.com’s portfolio. Valued at USD 814 million in 2023, the electric wire rope hoist market is projected to grow to USD 1.30 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.21%.
The market is highly competitive with numerous vendors. Rapid technological advancements have placed pressure on market players, who must continually innovate to meet growing expectations for technology integration and upgrades. This environment compels vendors to continually refine their value propositions to secure a competitive market position.
Key players in the market include ABUS Kransysteme GmbH, Columbus McKinnon Corporation, Demag Cranes & Components GmbH, Hitachi, Ltd., IMER International S.p.A., JASO Industrial Cranes, KITO Corporation, Konecranes, Street Crane Company Limited, and Verlinde. The market features a mix of global and regional vendors, many of whom are enhancing product features such as efficiency, safety standards, load capacity, and height. These advancements help vendors maintain a competitive edge.
Technological Advances
Technological advancements have significantly improved electric wire rope hoists, boosting their efficiency, safety, and versatility across various industries. Key innovations include:
- Smart and Connected Hoists: Modern electric wire rope hoists now incorporate sensors and IoT connectivity for real-time monitoring and data analytics. This allows for remote operation and diagnostics, predicting potential issues and reducing downtime. For example, Konecranes offers smart hoists with enhanced operational insights and predictive maintenance capabilities.
- Enhanced Safety Features: Recent advancements have introduced features such as overload protection systems, anti-collision devices, and automatic brakes, which are now standard in many hoists. These innovations help prevent accidents and ensure safer operations.
- Advanced Control Systems: Variable frequency drives (VFDs) and advanced control interfaces, like joysticks and touchscreens, have improved the precision and ease of hoist operations. These systems also support programmable lifting patterns and automatic positioning.
- Lightweight and High-Strength Materials: New materials have made hoists lighter yet stronger, improving ease of installation and energy efficiency.
- Energy Efficiency: High-efficiency motors and regenerative braking systems have enhanced the energy efficiency of electric wire rope hoists, reducing operational costs and environmental impact.
Market Trends & Drivers
- Growing Construction Industry: The expanding construction industry is a major driver for the electric wire rope hoist market. As construction projects become more complex, the demand for reliable and efficient hoists increases. According to Global Construction Perspectives and Oxford Economics, the global construction market is expected to grow by 85% to $15.5 trillion by 2030, boosting demand for material handling equipment.
- Stringent Government Regulations: Regulations like OSHA standards in the U.S. and the EU’s Machinery Directive 2006/42/EC ensure safety and quality in lifting equipment. Compliance with these regulations drives demand for high-quality, compliant hoists.
Industry Restraints
Lack of Professional Technicians: The shortage of skilled technicians for operating hoists poses a challenge. Many regions, particularly in Africa and South Asia, face difficulties due to insufficient training programs and rapid industrialization outpacing the supply of skilled labor.
Geographical Analysis
The electric wire rope hoist market is well-established in Europe, North America, and the Asia-Pacific (APAC) region. In 2023, APAC held the largest market share, driven by industrialization, infrastructure development, and technological advancements. China, India, Japan, Australia, South Korea, Indonesia, and Singapore are leading this growth. China, in particular, drives market expansion through its extensive industrial base and infrastructure investments.
Key Company Profiles
- ABUS Kransysteme GmbH
- Columbus McKinnon Corporation
- Demag Cranes & Components GmbH
- Hitachi, Ltd.
- IMER International S.p.A.
- JASO Industrial Cranes
- KITO Corporation
- Konecranes
- Street Crane Company Limited
- Verlinde
Other Prominent Vendors
- BEFANBY
- Donati Sollevamenti S.r.l.
- GEDA GmbH
- GH CRANES & COMPONENTS
- Hindustan Hoist & Cranes Industries
- Hoist UK
- Pegasus Technocrats
- REVA INDUSTRIES LTD.
- Safex Industries Limited
- TBM Hoist International Pvt. Ltd.
- Tianjin Kunda Hoisting Equipment Co., Ltd.
- Henan Weihua Heavy Machinery Co., LTD.
- Henan Feima Lifting Machinery Co., Ltd.
Report Details:
- Number of Pages: 382
- Forecast Period: 2023 – 2029
- Estimated Market Value (2023): $814 Million
- Forecasted Market Value (2029): $1,307.12 Million
- CAGR: 8.2%
- Regions Covered: Global
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