According to a new research report by Global Market Insights, Inc, the hydraulic hoist market is set to exceed US$417 million by 2025. The hydraulic hoist market is expected to grow significantly over the coming years, due to the increasing product demand from various end-users within sectors such as metal processing, chemicals and construction.
Increasing industrial activities globally, along with rising urbanisation in the developing countries of Asia Pacific and the Middle East are creating a significant demand for hydraulic hoists over the past years, and this is expected to rise moderately till the end of the forecast period.
Major restraints include the competition from the electric hoists, coupled with the lack of technical expertise to operate the hydraulic hoists. Additionally, the requirement to service the hoists regularly will also show a negative impact on the growth of the global hydraulic hoist market over the forecast period.
Manual chain hoists will cross $370.0 million by the end of 2025, growing at a CAGR over 5.6% over the projected period. They provide very high load capacities, compared to lever hoists. Moreover, the hydraulic chain hoists are east to operate than lever hoists. These factors are responsible for the growth of manual chain hoists over the forecast period.
0.5 – 20.0 tons load bearing capacity range of manual chain hoists will hold the highest share of the total manual chain hoist market and will cross $240.0 million by the end of 2025. 5.1 – 10.0 tons load bearing capacity range of hydraulic lever hoists will have the major chunk of global manual lever hoist market in 2017, and this will cross USD 35.0 million by 2025, at CAGR more than 5.3%.
The manual hoist market for metal processing will have the major part of the global hydraulic hoist market. It will cross $83.0 million by 2025, at a CAGR over 5.9% till the end of 2025. Robust growth indicators of the construction & automotive sectors have substantially propelled metal demand in the recent years, which shall subsequently boost industry growth by 2024
Asia Pacific manual hoist market is expected to cross $140.0 million by the end of 2025, growing at a CAGR of over 5.9%. North America regional market has the second largest share of the global market, and it will cross $100.0 million by the end of 2025, at a CAGR over 5.4%.
Key companies active within the global hydraulic hoist market include: Ingersoll-Rand plc, Columbus McKinnon, KITO Group, Harrington Hoists, Inc., JDN Group, Vital Chain Block, OZ Lifting Products, Venus Engineers, Tractel, and Vulcan Compagnie de Palans Ltée.