Hoist Controller Market Trends

Growth Drivers

• Increasing Sales of New Technology – Since the beginning of mankind, people always tried to explore and develop new technologies to reduce risk, and improve efficacy, safety, and burden of work. This resulted in the broad availability of tools that are useful and equally harmful. High technology exports globally increased from 2 trillion in 2016 to 3 trillion in 2019.
• Growing Concern on Safety of Workers - As per the U.S. Bureau of Labor Statistics report, the fatal work injuries of full-time equivalent (FTE) workers in the U.S. decreased by 10.7% from 5,333 in 2019 to 4764 in 2020.Moreover, in 2020, there were 3.4 fatalities per 100,000 full-time equivalent (FTE) workers, down from 3.5 per 100,000 FTE in 2019.

• Increase in Demand for Minerals and Metals – It is estimated that more than 2 billion tons of minerals and metals are needed to deploy wind, solar and geothermal power to meet growing demand. In 2020, the top 40 global mining businesses which are responsible for most of the industry income created a sale of about USD 650 billion.

• Increase in Manufacturing and Construction Sector Industries – Global construction industry value USD 7 trillion and consumes 50% of all steel and aluminum, and 10-20% of cement.
• High Demand for Cranes – The exported value of cranes around the world in 2021 was USD 2,298,509, as per the data by the International Trade Center.

Challenges

• Lack of Skilled Operators – According to the United Nations International Children’s Emergency Fund (UNICEF), 1.8 billion young people need skills to acquire employment.
• High Cost of Raw Materials – Iron, lead, and copper materials are used in the manufacturing of hoists. As per the World Bank data, in 2022, the price of copper raised from USD 5510 in 2015 to 8800, while the price of iron raised from USD 55.9 to USD 130, and the price of lead increased from USD 1788 to USD 2100 in the same duration. Hence this factor is estimated to hinder the growth of the market.
• Costly Replacement
• Rise of Planetary Gear Hoists