Industrial Hoists: Introduction
- A hoist is a load handling equipment used for lifting or lowering loads in various end-use industries. Hoists are available in various types such as manual hoists, electric hoists, and hydraulic hoists. It is used along with a rope, chain, cable, or wire.
- Hoist is an important device used in different industries as it provides quick and safe material handling of heavy loads and cargo. Growing urbanization and its impact has resulted in growth of various industries, which is expected to create demand for hoists during the forecast period.
Key Drivers and Opportunities of the Global Industrial Hoists Market
- Industrial hoists are expected to see increasing demand in various industries due to their reliability, performance, and low failure rates. Growing safety, quality, and service concerns related to lifting equipment are expected to drive the industrial hoists market during the forecast period.
- The growing number of manufacturing industries in various economies are likely to generate demand for high level material handling processes, which is anticipated to boost the industrial hoists market during the forecast period.
- A thriving construction industry, trend of shifting of production facilities to developing nations, and need for warehouses due to growing popularity of e-commerce has led to global manufacturers entering local markets and selling their products.
- The change in cost of raw materials hampers the production cycle and cost of industrial hoists. Besides, socio-political and economic instability may also act as a restraint to the market. The maintenance of industrial hoists is an important factor that consumers need to consider. Periodic maintenance of industrial hoists is important for its proper functioning.
- Reducing operating cost while increasing productivity and overall performance are key factors anticipated to influence the demand for industrial hoists. Manufacturers are expanding their product portfolio by introducing new series of products which are manufactured for particular usage. The development of end-use industries is anticipated to drive the industrial hoists market during the forecast period.
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Asia Pacific to Hold Major Share of the Global Industrial Hoists Market
- In terms of geography, the global industrial hoists market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is the dominant region in the global industrial hoists market due to a growing industrial segment in developing economies. China is expected to be the leading market followed by India due to booming construction and manufacturing industries.
- The Asia Pacific industrial hoists market is likely to be followed by markets in North America and Europe. Rapid urbanization coupled with various construction projects is expected to increase the demand for industrial hoists during the forecast period. Markets in Middle East & Africa and South America are expected to witness moderate growth during the forecast period.
Key Players Operating in the Global Market
Major players operating in the global industrial hoists market include:
- Beijing Lieying
- Columbus McKinnon
- Hitachi, Konecranes
- Imer International
- Ingersoll Rand
- J.D. Neuhaus
- Kito, PLANETA
- Shanghai Yiying
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Global Industrial Hoists Market: Research Scope
Global Industrial Hoists Market, by Type
- Manual Hoists
- Powered Hoists
Global Industrial Hoists Market, by Capacity
Global Industrial Hoists Market, by Applications
- Others (Medical, etc.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.