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

Hoist Controller Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	5.5%
Base Year Market Size (2023)	USD 3.17 Billion
Forecast Year Market Size (2036)	USD 6.35 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of hoist controller is estimated at USD 3.33 Billion.

The hoist controller market size was valued at USD 3.17 Billion in 2023 and is anticipated to cross USD 6.35 Billion by the end of 2036, expanding at more than 5.5% CAGR during the forecast period i.e., between 2024-2036. Increased advancements in technology and increased focus on safety are the major factors driving the market growth.

Asia Pacific is poised to account for majority industry share by 2036, driven by growing urbanization and rise in construction activities in this region, along with surge in deployment of hoist among various industries.

Schneider Electric, Conductix-Wampfler, The Rowland Company, Hoosier Crane Service Company, Demag Cranes & Components GmbH, Eastern Electric Co., Ltd., Magnetek, Inc., Uesco Cranes, Speed-O-Controls, PLS Electronics

Hoist Controller Market Trends