Kenneth Research
A study on the Hoist Controller Market has been conducted to understand the market landscape in 2022.
Survey period: November 15-23, 2022
Researcher: RNPL
Survey Subject: We conducted a survey of 541 market players of all sizes. Number of valid answers: 541
Survey method: 211 field surveys, 330 internet surveys
Survey Respondents: The survey was conducted among companies based on revenue. Survey results:
Q: How big is the hoist controller market and what are its growth prospects? The global hoist controller market was valued at approximately USD 1.8 billion in 2021. By the end of 2035, it has achieved a revenue of approximately US$5.2 billion and is projected to grow at a CAGR of approximately 3.5%. The market growth is attributed to increasing industrialization and construction activities across the globe. Hoists are increasingly being used in the construction industry to lift and lower workers and heavy loads. Statistics show a 13% increase in construction worldwide between 2020 and 2021.
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Q: What drives the demand for hoist controllers?
Modern hoist controllers replace traditional mechanical analog controllers with digital control systems. They are used to control hoists or elevators in mine shafts to carry workers, minerals or waste. Precise operation and control of these devices is critical to protecting the lives of miners.
As the world’s population grows, the demand for minerals to provide reliable power, transportation, housing, clean water, and sanitation will grow. According to a World Bank report, mineral extraction could increase by 500% by 2050 to enable clean energy technologies. This is expected to drive the growth of the market for hoist controllers. Increased concern for personnel safety in the workplace is expected to drive innovation in technologies such as hoist controllers. According to reports, more than 300 million workers worldwide face work-related injuries each year.
Over 198,000 cranes are in use worldwide. About 135,000 are used in the construction industry and the rest in the general and shipping industries. Increased use of cranes is calculated to drive demand for hoist controllers used to control crane functions.
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Q: What are the challenges that limit the growth of your hoist controller business?
High costs associated with hoist controllers and their rigging and replacement are some of the challenges limiting the growth of the hoist controller business. Apart from high costs, a shortage of skilled operators may restrain progress in this market. Those who run the rigging or operate the hoisting equipment must be highly trained to ensure the safety and success of the operation.
Question: How is the hoist controller market segmented?
The hoist controller market is segmented based on application, hoist type, and end user. This is as follows −
1. Applications – handheld controllers and mounted controllers The handheld controller is small and compact, easy to use and convenient to carry. The addition of a graphic display provides advanced two-way communication. They are rugged enough for outdoor and harsh industrial environments and have a fast response for precise control. Handheld hoist controller is expected to capture more than 85.6% share of market revenue during the forecast period.
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2. Hoist type – electric hoist and hydraulic hoist
Electric hoists can be controlled by both handheld and automatic controllers. Hydraulic hoists, on the other hand, can only be operated using a handheld controller. The demand for hoist controllers for electric hoists is projected to grow at a CAGR of over 3.5% during the forecast period.
3. End Users Construction, Mining, Automotive, Manufacturing, Oil & Gas, Chemical, etc. The use of hoist controllers in construction is expected to grow exponentially in the coming years. This is due to increased construction of housing, skyscrapers, and other
infrastructure development projects. The construction industry plans to develop more than 12,000 buildings every day through 2050 to accommodate the growing urban population.
Question: Which company leads the hoist controller business? Schneider Electric, Speed-O-Control Pvt. Ltd., Conductix-Wampfler, The Rowland Company, Uesco Industries, Inc., Hoosier Crane Service Company (HCSC), Demag Cranes & Components GmbH (DCC), Eastern Electrical Corp. (EEC) ), and MagnetekDrivers are major players in the hoist controller market.
Question: What are the recent developments in the field of hoist controllers? ABB has announced the launch of the ABB Ability NGX hoist control. It is expected to bring new levels of reliability, flexibility, improved performance, ease of use and safety to hoist control systems used in mines.
Delta introduces an overhead double hoist crane solution that uses a compact modular mid-range PLC AS300 series to control the hoist. It can lift up to 50 tons. Industrial Ethernet systems enable remote monitoring and control.
Q: Which regions are expected to offer lucrative growth opportunities for the hoist controller market?
Asia Pacific is expected to witness the highest growth in hoist controller business during the study period. This growth is estimated after careful study of different aspects of the market in different regions. Increasing construction and mining activity in Asia Pacific is projected to have a positive impact on the growth of the hoist controller market by the end of 2035. According to our research, about 72% of the world’s mining production is contributed and consumed by APAC countries. Apart from mining, construction plays an important role in its economy. More than 33% of construction firms in the region are calculated to be on a steady post-COVID recovery path. They are also investing more in technology such as hoist controllers. [Image 4
About the company:
Research Nester (RNPL) goal is to help clients achieve their goals by providing efficient business solutions. Through our diverse network of research analysts and consultants, we help our clients understand all the key aspects of business valuation, including budgeting, to deliver strategic business solutions around the world. RNPL has earned trust and a customer base in over 30 countries, with an even greater focus on expansion into other economies. We are committed to providing our clients with the best possible service and helping them expand their scope of business.
Details about this release:
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