Hoist Chains Market: Business Opportunities, Leading Players & Regional Outlook Up to 2025
The hoist chains market demand to cross USD 9.5 Mn by 2025. Increased infrastructure development activities around the globe have generated considerable remuneration for the hoist chains industry, with the rising demand for material handling equipment across construction and energy sectors. The accelerated growth of the automobile and aerospace industries have further influenced the demand for specialized equipment like electric hoists in the manufacturing segment.
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The International Energy Agency (IEA) has informed that in 2016, renewables had contributed the maximum capacity addition, with around 165 GW of new production capacity. As evident, a spurt in energy infrastructure projects globally will fuel the hoist chains market expansion, since new undertakings imply the requirement for efficient material handling equipment.
The global construction industry, which had been estimated to have a value of nearly $10.9 trillion in 2017, is projected to surpass $13.9 trillion in 2024, a growth that will be positively reflected on the expansion of hoist chains market. It has been estimated that the world economy will expand by approximately 3% per year over 2017– 2021 depending on how Chinese authorities restrain in credit growth and manage the consequent economic slowdown and how investors in developed economies will respond to the shift towards monetary policy standardization. But setting all those factors aside, it has been observed that the general trend will be positive for the construction industry expansion and indirectly lucrative for the hoist chains industry
In an attempt to lower the overall cost of utilities, power companies and governments around the world has constructing giant solar PV farms, ensuring lucrative prospects for several material handling and support industries. Touted as being the world’s largest solar farm on completion in 2019, the USD 4 billion Benban solar park in southern Egypt will consist of over 5 million PV panels. With such massive facilities comes the need for grid infrastructure to support the supply of energy, which translates to more demand for the material handling equipment companies and, invariably, for the hoist chains market.
Experts have predicted that in North America alone, the energy consumption could reach up to 157 quadrillion BTU by 2025, indicating the prospects of new electricity generation plants and the involvement of the hoist chains industry. The communications segment is estimated to utilize nearly 20% of all the world’s electricity by 2025, additionally highlighting the need for more energy production units.
The aerospace industry will also be a significant contributor to the hoist chains industry over 2018-2025. Apparently, aerospace industry accounted for nearly 25% of the total hoist chains market share in 2017. Assembly of aircrafts involve the use of powerful hoists to lift immensely heavy aircraft parts in place. Considering that the growing demand for air travel will necessitate the manufacturing of more aircrafts, demand for hoists is also expected to increase, indirectly contributing to the growth of the hoist chains industry.
With more than 341,300 wind turbines spinning worldwide at the end of 2016 and the extensive wind farm projects in the making, the hoist chains market stands to gain tremendous proceeds over the forecast period from the inevitable need of electric chain hoists.
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Data Tables
TABLE 1 Hoist chains industry 360° synopsis, 2014 – 2025
TABLE 2 Global hoist chains market estimates and forecast, 2014 – 2025, (Meters) (Tons) (USD)
TABLE 3 Global hoist chains industry volume, by type, (Meters), 2014 – 2025
TABLE 4 Global hoist chains market volume, by type, (Tons), 2014 – 2025
TABLE 5 Global hoist chains industry revenue, by type, (USD), 2014 – 2025
TABLE 6 Global surface-hardened hoist chain market volume, by diameter (Meters), 2014 – 2025
TABLE 7 Global surface-hardened hoist chain market volume, by diameter (Tons), 2014 - 2025
TABLE 8 Global surface-hardened hoist chain market revenue, by diameter (USD), 2014 - 2025
TABLE 9 Global type T quenched & tempered hoist chain market volume, by diameter (Meters), 2014 - 2025
TABLE 10 Global type T quenched & tempered hoist chain market volume, by diameter (Tons), 2014 - 2025
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