New York, July 17, 2023 (GLOBE NEWSWIRE) -- The global hoist controller market size is expected to expand at ~5% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.
The growth of the hoist controller can be attributed to the growing metal processing industry as well as surging mining activities worldwide, along with the rising installation of elevators at construction sites, warehouses, and shipyards, besides the adoption of advanced technologies and automation in these end-use industries. The World Bank and World Integrated Trade Solutions revealed that the exports of ores and metals grew to 4.6 in 2021 from 3.7 in 2017 (as a percentage of merchandise exports).
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Hoist Controller Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Handheld segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Demand for Hoists to Boost Market Growth
The market growth over the forecast period can be attributed to the world's rapid industrialization, as well as increased construction and a thriving marine industry. The World Bank & Organization for Economic Co-operation and Development stated that the overall industry across the world, in addition to the construction industry, added a value of ~USD 27.18 trillion in 2021, which was up from USD 21.74 trillion in 2017. Manual hoists and powered hoists, also known as hydraulic, air/pneumatic, and electric hoists, have widespread applications and are not solely restricted to industrial applications. Some of the common applications of hoists include lifting cargo, construction materials, engines, and warehouse stock. This, as a result, is expected to boost the demand for hoist controllers in various end-use industries, augmenting the global hoist controller market in the upcoming years.
Elevating Construction to Drive Growth in the Asia Pacific Region
The hoist controller market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The growth of the market can be attributed to the radically growing population in the region as well as the rising income of the middle-class population, in addition to the escalating investments by the construction company in developing countries such as China and Japan and the increasing construction of buildings. It was found that in the Eastern China region, the real estate investment value rose by 4% accounting for approximately USD 1200 billion in 2021, whereas in the Central China region, the investment reached ~USD 460 billion, a rise of 8% in the same year.
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Rising Automation to Drive Growth in the North America Region
The hoist controller market in the North American region is estimated to garner the highest CAGR by the end of 2035. The rapidly rising research & development investment as well as the rising employment of robotic process automation (RPA) and the growing automation engineering in the region are expected to escalate the market growth in the region over the projected period. Recent data from the National Center for Science and Engineering Statistics (NCSES) within the National Science Foundation revealed that the research and experimental development (R&D) performed in the United States amounted to USD 667 billion in 2019. Moreover, the growing urbanization and industrialization in the North American region are leading to rapid R&D spending in the manufacturing, hardware, and material handling sectors by the end-use industries, which in turn is expected to boost regional market growth.
Hoist Controller Segmentation by Application
- Handheld
- Mounted
- Others
The handheld segment is anticipated to hold the largest revenue by the end of 2035. Hoists are either mechanical or electro-mechanical uplifting devices that move objects vertically and support hanging loads, relying on mechanical advantage, while hoist controllers are used to control the movement of a hoist that is used to lift or lower a load by means of the drum. The growth of the market segment is anticipated on the back of increasing occupational fatalities together with the wider benefits provided by handheld hoists, including operational efficiency, lower cost, being easily portable, and a safer work environment. The U.S. Bureau of Labor Statistics stated in 2020 that for every 110 minutes, a worker died from an occupational injury.
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Hoist Controller Segmentation by End-User
- Construction
- Automotive
- Manufacturing
- Oil and Gas
- Chemicals
- Others
The construction segment is anticipated to hold the largest revenue by the end of 2035. The factors applicable to the growth of the segment include the rapidly rising residential and non-residential construction activities which are responsible for the elevation of the construction industry globally. It was found that the value of the global construction industry amounted to USD 7 trillion in 2021, and is anticipated to reach ~14 trillion in 2030. This surge in the construction industry can be attributed to the radically growing global population as well as the rapidly augmenting urbanization along with the amplifying demand for residential, commercial, and industrial spaces worldwide.
Hoist Controller Segmentation by Hoist Type
- Electric
- Hydraulic
- Others
A few of the well-known market leaders in the global hoist controller market that are profiled by Research Nester are Schneider Electric, Speed-O-Control Pvt. Ltd., Conductix-Wampfler, The Rowland Company, Uesco Industries, Inc., Hoosier Crane Service Company (HCSC), Demag Cranes & Components GmbH (DCC), Eastern Electrical Corp. (EEC), Magnetek Drivers, Publishers’ Licensing Society Limited (PLS), and other key market players.
Recent Development in the Global Hoist Controller Market
- Demag Cranes & Components GmbH, one of the world's leading suppliers of industrial cranes, crane components, and comprehensive service provides flexibility in crane control with its novel innovation of a safety control system. The system allows the monitoring of two universal cranes with a single radio control system, providing perfect synchronization of movements that can enable safe, efficient, and ergonomic control of up to four trolleys.
- Conductix-Wampfler, the Delachaux Group’s business that is dedicated to energy and data management systems, acquired the French company Jay Electronique, a producer of high-standard remote-control units with strong expertise in electronics. The acquisition will increase the former’s leadership in energy and data management systems.
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