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Hoist Controller Market Size
Hoist Controller Market size is anticipated to register a CAGR of 3% from 2023 to 2032. Driven by the rising deployment of advanced technologies and automation for the installation of elevators at construction sites, warehouses, and shipyards will influence the industry growth. The rapidly growing R&D investments have made way for the increasing adoption of robotic process automation (RPA), adding positive edge to the market growth. Moreover, the surging popularity of wireless and remote-control solutions is another factor forecasted to boost market development.
Hoist Controller Market Growth Drivers & Restraints
Significant advances in the construction and marine industries to facilitate loading and unloading of operations will stimulate adoption of hoist controllers. According to UNCTAD, global maritime trade is likely to rise at 2.1% annually from 2023 to 2027. Additionally, the rising concerns over the abundant availability of sub-standard handheld controllers may hamper the product demand to a great extent.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 3% |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 206 |
| Tables, Charts & Figures: | 303 |
| Segments covered: | Type, Hoist, End-User and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID-19 Impact
The COVID-19 pandemic imposed some challenges on the expansion of the hoist controller industry growth due to the problems faced from sourcing raw materials and components, leading to hampered production capabilities. While the healthcare and logistics sectors witnessed high product demand to support essential operations, the construction and manufacturing industries experienced declined acceptance on account of economic uncertainties. However, the surging integration of advanced features, such as remote control and monitoring capabilities for improving safety & efficiency and reducing the need for physical presence contributed to the market growth. The growing investments in infrastructure projects and industrial revitalization in the post-pandemic era may also stimulate the demand for hoist controllers.
Hoist Controller Market Trends
The growing importance of sustainability and environmental considerations by manufacturers pertaining to product design and manufacturing processes will prove favorable for the industry expansion. This can be attributed to their surging focus on reducing waste and minimizing the carbon footprint of hoist controllers owing to the rising demand for material handling in construction, manufacturing, and logistics. The rising efforts undertaken for deploying eco-friendly materials and lean manufacturing techniques for minimizing the waste in production process is expected to drive the demand for hoist controllers.
Hoist Controller Market Analysis
Electric hoist controller market is projected to observe gains at nearly 3% up to 2032. The growth can be attributed to their rising popularity in healthcare settings for lifting and transferring patients with limited mobility. On account of its ability to lift as well as move heavy ship components, containers, and cargos, electric hoists are widely adopted with controllers in shipbuilding yards and ports, contributing to the industry growth.
Demand for handheld hoist controllers is set to garner significant traction between 2023 and 2032, owing to growing adoption in oil & gas, automotive production and mining activities. The rising prominence of ports and shipyards has instigated the higher need for managing cargo loading as well as unloading operations on ships, further driving the product uptake. The booming agricultural industries worldwide will also prove favorable for the usage of handheld hoist controllers to operate grain elevators and winches to lift and position heavy agricultural machinery. The OECD-FAO Agricultural Outlook 2023-2032 suggests that the main use of agricultural commodities will rise by 1.3% per year over the next decade.
The metal processing segment of hoist controller market may attain commendable growth through 2032. The surging rate of industrialization in developing and developed economies has accelerated the preference for processed metals, including stainless steel, and iron, adding to the acceptance of hoist controllers. According to Worlds teel Association, the global demand for steel is predicted to reach 1 881.4 Mt, close to 2.2% growth in 2023. Rising adoption for welding operations, maintenance & repair, quality control, and material handling equipment will also positively contribute to the segment growth.
North America hoist controller market is estimated to record more than 2.5% CAGR from 2023-2032, due to the rising rate of industrial manufacturing along with the surging need for safety and efficiency in the region. The growing number of infrastructure development projects, including the construction of bridges, buildings, and roads has steered the high demand for hoists for lifting heavy materials and equipment to the elevated areas. The surge in renewable energy projects, such as wind and solar as well as the consequent requirement for the installation and maintenance of wind turbine components will anchor the market growth.
Hoist Controller Market Share
Some of the prominent participants in the hoist controller market are:
- Demag Cranes & Components Corp
- Speed-O-Controls
- Schneider Electric
- Conductix-Wampfler USA
- Uesco Cranes
- The Rowland Company
- Hoosier Crane Service Company
- Eastern Electric Corporation
- Siemens AG
- Magnetek Inc.
Hoist Controller Industry News
- In May 2022, ABB launched ABB Ability™ NGX Hoist Control, a global control system for assisting mining companies in achieving maximum performance and safety during hoist operations.
This hoist controller market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2018 to 2032, for the following segments:
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By Type
- Handheld
- Automatic
By Hoist
- Electric
- Hydraulic
By End-User
- Automotive
- Cement
- Chemical
- Construction
- Marine
- Metal Processing
The above information has been provided for the following regions & countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Russia
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Oman
- Qatar
- Kuwait
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
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