Hydraulic Hoist Market trends
APAC Hydraulic Hoist Market to have a strong foothold in the global landscape, Robust growth of the construction sector to drive product demand over 2018-2025
Boasting a broad portfolio of innovative products and a rich application landscape, global hydraulic hoist market has established itself as one of the lucrative business spheres of HVAC & construction industry. Hydraulic hoist market, back in 2017, accumulated a significant remuneration of over USD 250 million, given the worldwide increase in crane activity. In fact, according to industry experts, the robust growth in the hoist market has heralded a period of strong economic growth after the global turmoil of 2008 in the wake of worldwide financial crisis that has in turn allowed these pieces of engineering reign supreme in the construction, automotive, shipping, metal processing, and mining industries.
U.S. Hydraulic Hoist Market Size, By Type, 2014 – 2025 (USD Million)
The most obvious industry to benefit from the advancements in hydraulic hoist equipment is the construction sector, thanks to their functions as components in forklifts and other transportation machinery. These lifting systems, for the most part, are fully capable of being integrated into devices and vehicles and this makes them one of the most valued tool in the construction space. The dominant presence of hydraulic lifts in the construction industry has stimulated the hydraulic hoist market share in the recent years. In fact, this trend is forecast to continue along a lucrative growth path over 2017-2024, given the commendable expansion of the construction sector. If reports are to be believed, the global construction industry is expected to attain a valuation of USD 10 trillion by 2020, accelerating with an annual average growth rate of 3.4% over 2016-2020. Given the anticipated expansion, the commercial graph of hydraulic hoist industry is expected to attain unprecedented growth in the following years.
Hydraulic hoists also have secured a top place in the material handling and metal processing sectors. The substantial surge observed in the logistics businesses due to positive growth in retail and e-commerce have guaranteed a profitable growth graph for the hydraulic hoist industry. Speaking of which, it is also important to take note that the manual chain hoists, though having a marginal share, are the most highly preferred types of hydraulic hoists by the consumers. Easiness in operation and less maintenance in comparison with the chain hoists have been the factors impelling manual hydraulic hoist market growth. Reports also claim that the manual hoist market is expected to secure attractive gains from the metal processing applications and is projected to surpass USD 83 million by 2025, with an estimated CAGR of 5.9% over 2018-2025. The chain hydraulic hoist market on other hand is expected to continue its strong growth trend in the ensuing years, having accounted for 90% of the revenue share in 2017.
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Considering the regional landscape, Asia Pacific is expected to emerge as a strong growth hub, with rapid industrialization and urbanization trends witnessed across the emerging economies. APAC hydraulic hoist market, in fact, held majority of the global share in the year 2017, and is forecast to lead the regional space over 2018-2025. Asia Pacific is also being touted to be the world’s largest construction market, with China reaching over 47% of the overall industry share in 2014. Besides construction, the significant ascend in mining and metal processing activities is also expected to act in favor of the industry growth in continent.
It is noteworthy to mention that the rapid expansion of the hydraulic hoist industry cannot be only credited to the fact that these products are used extensively in heavy weight lifting, but also because this industry is undergoing massive transformation in terms of technological advancements. The leading hydraulic hoist industry players in this regard are going the whole hog to suit the needs of the modern-day material handling requirements. JDN (J D Neuhaus) for instance, has lately launched a compact hoist control for use in hard-to-reach areas. According to industry experts, this innovation brought by JDN, a world leader in cranes, air hoists, monorail hoists, and trolleys, will bring exceptional convenience and ease-of-installation to myriad applications across all the industries.
With hydraulic hoist industry giants further betting big on technological upgradation, the trend of remote-control hoists and other such capabilities are poised to be commonplace in this industry. The shifting designing focus toward bringing intelligent systems will undeniably add new growth avenues to this business sphere. Thriving on the cusp of these innovative technological interventions and tremendous product demand, hydraulic hoist market, according to reliable reports, will surpass a valuation of USD 417 million by 2025.
Author Name : Ojaswita Kutepatil