January 10, 2024 09:38 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global electric hoist market is estimated to flourish at a CAGR of 5.8% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for electric hoist is estimated to reach US$ 1.9 billion by the end of 2031. Long Fork Pallet Jack
The circular economy is a potential driver in the market. Companies are increasingly adopting refurbishment and remanufacturing practices, reconditioning and modernizing existing electric hoists. This approach aligns with sustainability goals, reducing waste while meeting performance standards.
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Electric Hoist Market: Competitive Landscape The electric hoist market shows fierce competition led by prominent players such as Konecranes, Columbus McKinnon Corporation, and Street Crane Company Limited. These industry giants dominate with a diverse portfolio of electric hoists catering to industrial, construction, and commercial sectors.
Companies like Ingersoll Rand and Demag Cranes AG (now part of Konecranes) intensify competition with their innovative hoisting solutions. Regional players, including GIS AG and VERLINDE, further contribute, emphasizing niche market expertise.
This competitive landscape thrives on product innovation, technological advancements, and a focus on customized solutions, driving the electric hoist market forward amidst growing demand for efficient and reliable lifting equipment across various industries. Some prominent manufacturers are as follows:
The resurgence of local manufacturing initiatives presents a lucrative opportunity. Amid global supply chain disruptions, many industries prioritize localized production to reduce dependency and enhance agility. This trend encourages the establishment of smaller-scale manufacturing facilities, fostering a demand for electric hoists used in production and assembly lines.
The advent of predictive maintenance technologies subtly influences market growth. Implementation of predictive analytics and condition monitoring systems in electric hoists allows proactive maintenance, reducing downtime and repair costs. This emerging driver emphasizes the importance of minimizing operational disruptions, elevating the reliability and longevity of hoisting equipment.
Key Findings of the Market Report
Electric Hoist Market Growth Drivers & Trends
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Global Electric Hoist Market: Regional Profile
Electric Hoist Market: Key Segments By Hoist Rope Type
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