Hoist Controller Market 2025: Growth Strategies, Rising Trends and Revenue Analysis
Global Hoist Controller Market is anticipated to depict a CAGR of 3% through 2025, having recorded a valuation of USD 82.9 million in 2017. By 2025, the market is expected to hit a remuneration of USD 104 million.
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Traditionally, material handling equipment that were available a while back were not very user-friendly. However, a gradual change in technology trends have considerably changed the scenario, leading to the growing adoption of material handling equipment and consequently, a change of focus in the product development approach of players in hoist controller market. Recently, the German hoist and crane manufacturer, J D Neuhaus launched an innovative remote-controlled hoisting device, which can be used in places that are hard to access. Apparently, it can be effectively used for offshore and explosive environment applications, pertaining to the long-range operating capability remote control models. With the development of this electronic-based radio remote control, the German behemoth has thus set a benchmark for other hydraulic and pneumatic crane & hoist manufacturers.
The hoist controller market from cement applications is projected to surpass USD 19 million by 2025. As per reliable estimates, China construction industry size in 2017 stood at more than 25 trillion yuan, which indeed resulted in an extensive demand for hoist controllers from the cement sector. In fact, the cement sector procured a massive chunk of the overall end-use landscape of this fraternity in 2017.
With the development of smart products, companies are trying to change the business scenario in hoist controller market. The continuous engineering innovations and upcoming technology trends in hoisting devices have been setting a new benchmark for the end-users of this market. The increasing automation in crane technologies is also likely to emerge as another possible trend across the construction, automotive, and metal processing industries, owing to the continuously surging labor costs. In this regard, the growing demand for crane services has encouraged leading participants in hoist controller industry to capture more business space with a widespread product portfolio.
It is prudent to mention that the emerging economies are gaining commendable traction in context of the demand contribution of these controllers. The chief attributing factor is the rapid industrialization in these belts. Endorsed by the rising economic portfolio, APAC stands as one of the strongest avenues for hoist controller market expansion, with an anticipated market share of USD 32 million by 2025. China, India, and Japan are touted to be the chief revenue pockets for the APAC belt, with the expanding construction sector bagging the growth credit.
Validating the aforementioned fact, recently, Konecranes has added new single phase heavy-duty industrial hoist in its portfolio. This product has been forecast to be accepted by the end-users established in the area where 3-phase service is unavailable. This customer-centric product development approach of players in hoist controller industry will thus expedite the market growth over the years ahead.
It has been observed that regional governments have mandated the use of cranes and elevators in order to maintain occupational safety of workers. In this regard, in order to comply with regulatory norms related to occupational safety, many of the companies in commercial as well as industrial sectors are extensively installing modern lifting systems, propelling hoist controller market trends.
The growing emergence of smart technologies and automation across various industrial sectors has brought about considerable modernization at the workplace. The incorporation of different types of sensors, positioning systems, and software in the currently manufactured devices has been helping giants achieve a dominant position in hoist controller market. A few years before, crane maintenance and monitoring was highly dependent on manual labor, resulting in downtime risks and high maintenance cost. However, the implementation of smart and next-generation features in hoisting and crane devices has proved to be beneficial for the customers, enabling them to perform online monitoring task to check the status of a crane.
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Data Tables:
TABLE 1 Global hoist controller industry 360° synopsis, 2014 – 2025
TABLE 2 Global hoist controller market, (Units) (USD Million), 2014 – 2025
TABLE 3 Global hoist controller industry volume, by hoist type, (Units), 2014 – 2025
TABLE 4 Global hoist controller industry revenue, by hoist type, (USD Million), 2014 – 2025
TABLE 5 Global handheld hoist controller industry volume, by end-user, (Units), 2014 – 2025
TABLE 6 Global handheld hoist controller market revenue, by end-user, (USD Million), 2014 – 2025
TABLE 7 Global automatic hoist controller industry volume, by end-user, (Units), 2014 – 2025
TABLE 8 Global automatic hoist controller industry revenue, by end-user, (USD Million), 2014 – 2025
TABLE 9 Global hoist controller industry volume, by end-user, (Units), 2014 – 2025
TABLE 10 Global hoist controller industry revenue, by end-user, (USD Million), 2014 – 2025
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