Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Electric Wire Rope Hoist Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Electric Wire Rope Hoist Market was valued at USD 814 million in 2023, and is expected to reach USD 1.30 billion by 2029, rising at a CAGR of 8.21%.
The global electric wire rope hoist market is highly competitive, with the presence of many vendors. The rapid technological changes adversely impact market vendors as end users increasingly expect continuous technology-enabled innovations and upgrades to existing products. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence.
TECHNOLOGICAL ADVANCES
The improvement of electric wire rope hoists has significantly evolved due to rapid technological advancements, enhancing their efficiency, safety, and versatility in material handling across various industries. These innovations have transformed traditional lifting equipment into sophisticated machines capable of meeting the complex demands of modern industrial environments.
- Smart and Connected Hoists: The most notable advancement in the electric wire rope hoist market is the integration of smart technologies. Modern electric wire rope hoists now feature sensors and IoT connectivity that enable real-time monitoring and data analytics. This connectivity allows for remote operation and diagnostics, providing operators with critical information about load weight, hoist performance, and maintenance needs. By analyzing this data, companies can predict potential issues before they lead to equipment failure, reducing downtime and maintenance costs. Konecranes, for example, has developed smart hoists that offer enhanced operational insights and predictive maintenance capabilities, setting new standards for efficiency and reliability in lifting operations.
- Enhanced Safety Features: Safety is vital in lifting operations, and recent technological advancements have significantly improved the safety features of electric wire rope hoists. Innovations such as overload protection systems, anti-collision devices, and automatic brake systems are now standard in many hoists. These features prevent accidents by ensuring that the hoist operates within safe parameters and stops automatically in case of a malfunction or excessive load. Additionally, advanced safety monitoring systems can provide real-time alerts to operators about potential hazards, further enhancing the safe operation of hoists in dynamic industrial settings.
- Advanced Control Systems: The introduction of sophisticated control systems has revolutionized the precision and ease of operating in the electric wire rope hoist market. Variable frequency drives (VFDs) are commonly used to provide smooth and precise control over hoist speed and movement. This capability is crucial for delicate lifting tasks where precision is essential. Moreover, advanced joystick or touchscreen controls allow operators to manage hoist operations with greater accuracy and less physical strain. These control systems also enable programmable lifting patterns and automatic positioning, which are particularly useful in repetitive lifting tasks and increase overall productivity.
- Lightweight and High-Strength Materials: The development of new materials has also significantly enhanced the performance of electric wire rope hoists. Using lightweight yet high-strength materials in the construction of hoists has reduced their overall weight while maintaining or even increasing their load capacity. This improvement makes the hoists easier to install and maneuver and contributes to energy efficiency by requiring less power to lift loads.
- Energy Efficiency: Advances in motor technology and energy management systems have made modern electric wire rope hoists more energy efficient. High-efficiency motors consume less power, reducing operational costs and environmental impact. Additionally, regenerative braking systems can recover energy during hoisting, enhancing the hoist's performance.
- Therefore, the technological advancements in the electric wire rope hoist market have significantly improved their functionality, safety, and efficiency. These innovations continue to evolve, driven by the needs of various industries for reliable, efficient, and versatile lifting solutions. Thus, these several advancements in electric wire rope hoists are anticipated to drive the market globally during the forecast period.
MARKET TRENDS & DRIVERS
Growing Construction Industry
The global electric wire rope hoist market is experiencing significant growth, driven primarily by the expanding construction industry. Electric wire rope hoists, crucial for lifting and moving heavy loads, are indispensable in construction activities. Their efficiency, reliability, and safety features make them a preferred choice in various construction projects, from residential buildings to large-scale infrastructure developments. Also, the construction industry is a major driver of economic growth globally. It encompasses various activities, including residential, commercial, and infrastructure projects. The industry's growth is fueled by urbanization, population growth, and the need for modernization and expansion of infrastructure. According to the Global Construction Perspectives and Oxford Economics, the global construction market is expected to grow by 85% to $15.5 trillion worldwide by 2030, with China, the U.S., and India accounting for 57% of all global growth. This robust growth directly impacts the demand for material handling equipment, including electric wire rope hoists.
Stringent Government Regulations on the Material Handling Industry
Government regulations play a crucial role in shaping the practices and standards within the material handling industry. Government agencies enforce these regulations worldwide to minimize workplace accidents, enhance operational efficiency, and promote sustainable practices. The Occupational Safety and Health Administration (OSHA) enforces standards to ensure safe and healthful working conditions in the US. OSHA regulations cover various material handling aspects, including lifting equipment such as hoists. For instance, OSHA standard 29 CFR 1910.179 mandates specific overhead and gantry crane requirements, including electric wire rope hoists. Compliance with these standards is mandatory, driving companies to adopt high-quality hoists that meet regulatory criteria. Similarly, the European Union (EU) imposes strict regulations through directives such as the Machinery Directive 2006/42/EC. This directive sets essential health and safety requirements for machinery, including hoists and cranes. Manufacturers must ensure that their equipment complies with these directives to be marketed within the EU. The directive requires electric wire rope hoists to undergo rigorous testing and certification to meet safety standards, ensuring their reliability and safe operation in industrial environments. The adherence to these regulations drives demand for compliant hoisting equipment, fostering electric wire rope hoist market growth.
INDUSTRY RESTRAINTS
Lack of Professional Technicians to Operate Hoists
The global electric wire rope hoist market is a crucial material handling equipment industry segment. These hoists are extensively used in various sectors, such as construction, manufacturing, logistics, and mining, where heavy lifting and precise handling are essential. Operating hoists and cranes require a high level of technical skill and training. Professional technicians must understand not only the mechanics and electronics of the equipment but also the safety protocols and operational guidelines. The shortage of skilled professionals in this field has emerged as a critical issue, impacting the efficiency and safety of operations across industries. For instance, a report published by the International Labour Organization (ILO) highlighted that the lack of skilled labor in technical fields, including crane and hoist operation, is a significant challenge in the industrial sector of many African and South Asian countries. This shortage is attributed to insufficient training programs, lack of investment in technical education, and the rapid pace of industrialization that exceeds the supply of skilled labor, which are anticipated to impact the market growth during the forecast period.
GEOGRAPHICAL ANALYSIS
The global electric wire rope hoist market is significantly developed in Europe, North America, and APAC, owing to the increasing penetration of electric wire rope hoists. On the other hand, Latin America and the Middle East are highly potential markets with enough opportunity for growth. In 2023, APAC was the largest electric wire rope hoist market, with a revenue share of over 32%. The market in the APAC region is experiencing substantial growth, driven by rapid industrialization, infrastructure development, and advancements in manufacturing technology.
Countries such as China, India, Japan, Australia, South Korea, Indonesia, and Singapore are at the forefront of this expansion. Economic growth, technological innovations, and increased investment in industrial and infrastructure projects support the market's robust growth trajectory. Moreover, China leads the market in the region, thanks to its massive industrial base and aggressive infrastructure investments. The country's extensive manufacturing sector requires efficient and reliable material handling solutions, propelling the demand for electric wire rope hoists. China's Belt and Road Initiative also fosters large-scale domestic and international construction projects, further driving market growth.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 382 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $814 Million |
| Forecasted Market Value (USD) by 2029 | $1307.12 Million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Key Topics Covered:
Market Opportunities & Trends
- Expansion of Supply Chain Networks
- Rapid Technological Advances and Continuous Product Innovations
- Government Investments in Infrastructure Development
Market Growth Enablers
- Growing Construction Industry
- Growing Applications in Automotive and Transportation Industries
- Stringent Government Regulations in Material Handling Industry
Market Restraints
- Lack of Professional Technicians to Operate Hoists and Overhead Cranes
- Availability of Substitutes
- Growth in Rental Services for Material Handling Equipment
Segmentation by Capacity
- Up to 1 Ton
- 1 to 3 Ton
- 4 to 6 Ton
- 7 to 10 Ton
- More than 10 Ton
Segmentation by Height
- Up to 10m
- 11 to 20m
- 21 to 40m
- 41 to 80m
- More than 80m
Segmentation by Distribution Channel
- Offline
- Online
Segmentation by Application
- Industrial Manufacturing
- Construction
- Oil & Gas
- Mining
- Automotive
- Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/tgprwe
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