Research Nester published a report titled “Hoist Controller Market: GlobalDemand Analysis & Opportunity Outlook 2035” which delivers a detailed overview of the global hoist controller market in terms of market segmentation by application, hoist type, and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global hoist controller market is anticipated to grow with a CAGR of ~3% over the forecast period, i.e., 2023-2035. The market is segmented by application into handheld and mounted, out of which, the handheld segment is estimated to hold significant revenue by the end of the forecast period on account of the rise in benefits of operational efficacy and a safe work atmosphere. In 2010 as per the U.S Bureau of Labor Statistics, for every 110 minutes, a worker died through occupational injury.
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The growth of the global hoist controller market is estimated to be propelled by increasing industrialization, widespread applications in different verticals, and increasing demand for hydraulic and electric hoists during the forecast period. With the increasing demand for material handling in the verticals of construction and manufacturing sectors, there is high demand for cranes and hoists. The statistical data by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reveals details of new residential construction including 1,674,000 building permits, 1,446,000 housing starts, and 1,424,000 as of 2022. Increased advancement in the technology and safety concerns of the workers in the mining, construction, and manufacturing sectors is the significant growth driver of the market during the coming years. In the U.S the fatal work injuries of full-time equivalent (FTE) workers decreased by 10.7% from 5,333 to 4764 in 2020, as per the U.S. Bureau of Labor Statistics report.
Based on the regional analysis, the global hoist controller market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Asia Pacific region is anticipated to witness the highest market share over the forecast period on the back of high investment of companies in the Asia Pacific region in construction and material handling industries rise in the demand for hoist controllers in the global market. The investment in real estate in the Eastern China region raised by 4% to USD 1200 billion in 2021 and by 8% to a value of USD 460 billion in the Central China region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. has also been covered and displayed in the research report.
Increased Industrialization in Manufacturing, Construction and Mining Sectors to Drive the Market Growth
The increased focus of companies on organic growth strategies like a product launches, product approval, patents, and other events will increase the growth of the market during the forecast period. Also, the inorganic growth strategies like acquisitions, partnerships, and collaboration activities have paved the way for the development of business and customer base in the global market during the forecast period. Besides, the increase in the adoption of automation in industries, mining, and construction sectors is estimated to boost the market growth. In 2020, the top 40 global mining businesses which are responsible for a vast industry, generated a revenue of about USD 650 billion in sales.
However, the lack of skilled operators, the high price of raw materials, and lucrative opportunities in the market are expected to operate as key restraints to the growth of the global hoist controller market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global hoist controller market which includes company profiling of Schneider Electric, Speed-O-Control Pvt Ltd., Conductix-Wampfler, The Rowland Company, Uesco Industry Inc., Hoosier Crane Service Company, Demag Cranes & Components GmbH, Eastern Electric Corporation, Magnetek Drivers, and Publishers’ Licensing Society Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts a detailed overview of the global hoist controller market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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