Electric Hoist Market
Hoist Controller Market to witness phenomenal proceeds in APAC, with region anticipated to rule the global landscape over 2018-2025
Hoist controller market is claimed to be a considerably paramount business space, given the agonizing attempts by the researchers toward unlocking the potential of the technology across various off-beat spheres. By 2025, the global hoist market is projected to surpass a valuation of USD 3 billion with a CAGR of 5% over the coming seven years. Overtly, the expansion would leave a synonymous impact on the worldwide hoist controller industry outlook. Electric hoists, in this regard, are slated to contribute immensely to the overall commercialization potential of this vertical. In the year 2017, the electric hoists procured a mammoth 90% of the product landscape and are anticipated to witness an industry share of more than USD 100 million by 2025.
U.S. Hoist Controller Market Size, By Type, 2014 – 2025 (USD Million)
It is prudent to mention that the emerging economies are gaining commendable traction in context of the demand contribution of these controllers. The chief attributing factor is the rapid industrialization in these belts. Endorsed by the rising economic portfolio, APAC stands as one of the strongest avenues for hoist controller market expansion, with an anticipated market share of USD 32 million by 2025. China, India, and Japan are touted to be the chief revenue pockets for the APAC belt, with the expanding construction sector bagging the growth credit.
As per reliable estimates, China construction industry size in 2017 stood at more than 25 trillion yuan, which indeed resulted in an extensive demand for hoist controllers from the cement sector. In fact, the cement sector procured a massive chunk of the overall end-use landscape of this fraternity in 2017. By 2025, the overall handheld hoist controller market size from cement applications is projected to surpass USD 19 million by 2025.
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In addition to the cement sector, another major end-use vertical gaining significant momentum in the market is military. In a recent turn of events, Bluedrop, an acclaimed name in the hoist controller industry made it to the headlines with its launch of virtual reality hoist stimulator. The USD 1.1 million stimulator setting a groundbreaking example of technology interventions in hoist controller market, is deemed to enable training in an affordable, safer, and eco-friendly manner. Reported to be delivered to 12 Wing Shearwater next month, this environmentally viable rescue training simulator is likely to mark its footprint in the military applications of hoist controller industry.
It is prudent to mention that hoist controller market growth is highly ancillary to the increased demand for cranes and hoists across manufacturing domains for material handling purposes. An anticipated trend to watch for remains the rivalry between North America and Asia Pacific in terms of regional contendership. For the record, North America held the second largest share in the global landscape in 2017. The region is forecast to register a revenue of USD 24 million by 2025. A presence of large manufacturing base in tandem with the rising demand for automated hoist controllers will mainly characterize the North America hoist controller market trends.
All in all, persistently channelized by dynamic technological breakthroughs in lifting ecosystem, hoist controller market is set to trigger a consequential transformation over the coming timeframe. In terms of commercialization, the overall business space is slated to cross USD 104 million by 2025.
Author Name : Satarupa De
APAC electric hoist market to witness remarkable proceed over 2018-2025, expanding automotive sector to proliferate the industry trends
Riding on the hallmark of durability and reliability, CM’s latest Lodestar chain hoist is claimed to be a breakthrough in electric hoist market. Recently launched, this iconic product by Columbus McKinnon Corporation reportedly integrated Lodestar’s flagship industry acing design with Magnetek’s enhanced featured premier VFDs. Endorsed with Magnetek’s advanced IMPULSE® G+ Mini drive, Lodestar VS electric chain hoist apparently harnesses the power of intelligent lifting with an absolute state-of-the-art Hoist Interface Technology, CM HI-Tech™.
U.S. Electric Hoist Market Size, By Type, 2014 – 2025 (USD Million)
If reports are to be relied on, this is one of the easiest computer interfaces ever utilized in electric hoist market and is certainly the fundamental factor driving CM’s pronounced stance in the competitive landscape. Allegedly, CM HI-Tech™ allows operators to quickly adjust the hoist performance and speed, in a bid to ensure a sync between the precision load control and application required. The product has already become a subject of focus among the investors, despite the fact that the business space is ablaze with numerous other innovations by eminent companies. Driven by such an innovative product landscape, electric hoist industry garnered a revenue of USD 1.9 billion in 2017.
The competitive spectrum of global electric hoist industry boasts of a portfolio of renowned biggies including the likes of Ingersoll-Rand plc, Beta Max Hoist, KITO Group, SWF Krantechnik GmbH, ABUS Kransysteme GmbH, Hitachi Industrial Equipment Systems Co., Ltd, and Konecranes Oyj. Having already substantiated their stance in the lucrative business sphere, it is expected that in the years to come, they would further brainstorm innovative solutions that would bring appreciable monetary returns in the marketplace. In this regard, it is prudent to mention that electric hoist market players pertaining to the rising demand for technological integration, have been bending over backwards on strategic alliances and subsequent product differentiation.
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A recent precedent underlining the aforementioned declaration is KITO Corporation’s acquisition of all shares of Erikkila, the Finnish lifting equipment manufacturer, under its fully owned subsidiary, Kito Europe. Reportedly, the Japan based electric hoist industry firm has procured Erikkila’s crane production business in a bid to consolidate its position in Europe market, via Erikkila’s extensive European sales network. Experts’ believe, Erikilla’s lightweight modular cranes in its extensive product range in all likeliness, would enhance Kito’s already established portfolio in electric hoist market.
Regionally, the Asia Pacific belt reigned as a supreme power in global electric hoist market in yesteryear, primarily on account of the robust automotive expansion in this region. While the marketplace is characterized by an extensive application array, automotive applications have emerged to be a profitable investment spot for companies, given the fact that these hoists have made cargo handling more efficient and reliable. Not to mention, the profitability quotient of electric hoist industry undeniably relies on the changing trends of automotive sector.
Statistics indicate that the Asia Pacific turf houses numerous light weight vehicle producers with Japan, China, and Korea at the helm covering almost 42% (37 million units) of the global auto production market. Thriving on yesteryear statistics, China alone produced nearly 4.2 million commercial vehicles and 24.8 million passenger cars – estimates depicting China’s pronounced growth prospects in APAC electric hoist market. For the record, APAC electric hoist industry is slated to enter the billion dollar frontier by 2025, with a projected CAGR of 7.5% over 2018-2025.
All in all, it would be apt to mention that electric hoist market growth is highly ancillary to product advancements. Not to mention, skilled operators and qualified maintenance staffs would further have a substantially impact on the profitability quotient. With changing technologies and newer breakthroughs in lifting ecosystem, electric hoist is slated to exceed a valuation of USD 3.4 billion by 2025.
Author Name : Satarupa De