Hoist Chains Market Size

Hoist Chains Market Size

Hoist Chains Market size was over USD 4.5 million in 2017 and is projected to expand at over 10.0% CAGR over the forecast timeframe.

Strong demand for material handling equipment in the aerospace & defense industry will boost hoist demand which in turn will have subsequent positive impact on the overall hoist chains market size in the coming years. Hoists are widely applicable for aircraft assembly/maintenance, to lift, turn and position large components on assembly line in warehouses & in cargo movements. Rising individual’s income & increased passenger air travel primarily in Asia Pacific is likely to boost the commercial aerospace industry in the region, which will trigger hoist demand and henceforth have positive influence on the lifting chains market size in the forecast timespan.

According to the International Air Transport Association (IATA), India's domestic demand - Revenue Passenger Kilometers (RPK) was the highest among major aviation markets including Australia, Brazil, China, Japan, Russia and the U.S. Furthermore, region wise passenger proportion was estimated to be largest in Asia-Pacific which accounted for 33.6% of the total share, followed by Europe (26.1%), North America (22.8%), Middle East (10.7%), Latin America (4.5 %) & Africa (2.2 %). The abovementioned trends are likely to make a substantial impact on the hoist chains market size in the forecast timespan.

Lack of skilled manpower to operate hoists is a major constraint, which is likely to hamper the overall hoists demand which in turn will have subsequent impact on the hoist chains market size in the coming years. However, rising product demand from several end-user industries such as mining, construction, automotive, aerospace, etc. will help generate significant growth potential for the overall lifting chains market size in the forecast timespan.