July 07, 2023 08:30 ET | Source: Transparency Market Research Transparency Market Research
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Wilmington, Delaware, United States, July 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hoist market was valued at US$ 2.7 Bn in 2022. It is estimated to grow at a CAGR of 5.4% from 2023 to 2031 and reach US$ 4.2 Bn by the end of 2031
Automation and smart hoist innovations assist end-use businesses in acquiring new expansion chances. Hoist users are looking for technologically improved material handling solutions with increased monitoring capability. The increased use of load-hoisting devices is fueling the market's growth.
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Transparency Market Research has profiled the following players in its global Hoist market report:
Columbus McKinnon Corporation, Demag Cranes & Components GmbH, Donati Sollevamenti S.r.l., TWG (Dover Corporation), Hitachi Industrial Equipment Systems Co., Ingersoll Rand, Kito Corporation, Konecranes, Liftket Hoffmann GmbH, Verlinde SAS., CHENG DAY MACHINERY WORKS CO., LTD., Henan Feima Lifting Machinery Co., Ltd., JASO Industrial Cranes, Electrolift, Inc., and Acco Material Handling Solutions.
The global environment is fragmented, with an extensive number of players controlling the majority of the hoist revenue. Manufacturers are investing in R&D to extend their product line, according to the current hoist industry research report analysis.
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Higher expenditures by governments to develop national economies and a surge in foreign direct investment (FDI) are driving growth in various end-use industries. End-user sectors are ready to implement products and innovations that boost process efficiency and output and offer workers a safe working environment. Hoists are used in almost every end-use industry, including automobile and railway, logistics and shipping, building, aviation and defense, mining, and oil and gas. These hoists are suited for use in hazardous environments.
Rising populations, globalization, and increased demand for commercial and industrial regions. Advancement in the corporate environment necessitates the establishment of facilities. Efficient, contemporary, and dependable infrastructure is critical for seamless corporate operations. For the finishing of high-rise structures and complex assignments, the construction industry requires particular machinery. This element increases the demand for hoists.
Key Takeaways from the Market Report
Hoist Market: Prominent Drivers and Trends
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