Hoist controller market predicted to grow by 5% during 2023-2035, says market research firm5 September 2023
Market research and consulting firm Research Nester has published a report titled Hoist Controller Market: Global Demand Analysis & Opportunity Outlook 2035 that provides an overview of the global hoist controller market.
“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,” said Research Nester.
According to the company, the global hoist controller market is anticipated to grow with a CAGR of ~5% over the forecast period 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”.
The growth of the global hoist controller market is predicted to be propelled by increasing industrialisation, widespread applications in different verticals, and rising demand for hydraulic and electric hoists during the forecast period. According to Research Nester: “With the increasing demand for material handling in the verticals of construction and manufacturing sectors, there is high demand for cranes and hoists,” with the company citing, for instance, statistical data from the US Census Bureau and the US Department of Housing and Urban Development that reveals new residential construction including 1,674,000 building permits, 1,446,000 housing starts, and 1,424,000 as of 2022.
Advances in technology alongside safety concerns for workers in the mining, construction and manufacturing sectors is predicted to be the significant growth driver of the market during the coming years. Again, Research Nester turns to the US for evidence, citing a US Bureau of Labor Statistics report that shows that fatal work injuries of full-time equivalent (FTE) workers decreased by 10.7% from 5,333 to 4,764 in 2020.
The global hoist controller market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Research Nester anticipates Asia-Pacific to witness the highest market share over the forecast period on the back of high investment in construction and material handling industries. “Investment in real estate in eastern China rose by 4% to $1,200bn in 2021 and by 8% to a value of $460bn in Central China,” the company reported.
The increased focus of companies on organic growth strategies such as product launches, product approval and patents will increase the growth of the market during the forecast period, while inorganic growth strategies such as acquisitions, partnerships and collaborations will pave the way for the development of the business and customer base. Meanwhile, an increase in the adoption of automation is estimated to boost market growth too.
However, Research Nesters aid that factors such as the lack of skilled operators and the high price of raw materials are expected to operate as key restraints to the growth of the global hoist controller market over the forecast period.
The company added that the report depicted “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”.