Air Hoist Market Forecast and CAGR
According to a recent research study by Fact.MR, the air hoist market is anticipated to witness significant growth during 2021-2031. Demand will observe a steady boost in the medium run forecast, with an optimistic outlook over the long run. It is anticipated that the market is set to grow at a desirable CAGR of more than 5.6% over the assessment period.
What is Driving Demand for Air Hoist?
Air hoists are used for lifting objects in various industries. Without using electricity these are capable of lifting heavy objects and machinery with the help of air pressure.
Since these hoists don’t require electricity, they can be used in a remote environment as well. Compared with electrical hoist these hoists weigh 40 to 50% less hence they are easy to remove or install. They are more efficient and require minimum maintenance while in use. These hoists are also designed in such a way that they resist dirt, dust and humidity.
These hoists can be used in extreme temperature as well, they have an inbuilt cooling system which helps in maintaining the temperature of the hoist. They come with an emergency stop button that can directly turn off the hoist in case of any emergency. These hoists are very durable and have a long life. These hoists also have a speed controller with which consumer can set the hoist speed as needed.
Owing to these factors the uses of these hoist has seen an increase in various industries which is positively influencing the demand for air hoist.
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What Factors are Affecting Sales of Air Hoists?
Natural disasters and pandemics such as COVID-19 are unforeseen and have affected all economies across the globe. COVID-19 has also impacted the demand for the air hoist. The imposition of lockdowns and stoppage in production in various industries have affected the sales of air hoist. However, the ease in lockdown restrictions and resuming of most of the industries will impact sales of these hoists.
These hoists can lift objects and machines weight from 140 kilograms to 50 tons. Due to that, these hoists are used in the automotive industry to lift heavy parts of vehicles and transport them from one place to another. As the automotive industry is expected to dominate in upcoming years the sales of these hoists will witness an upsurge in the industry.
Since these hoists have high durability and strong protection they are being used in assembly lines of various industries especially in the food and beverage industry. Air hoist is also used in shipyards and offshore oil industry, sales of these hoists have been increasing in these industries as well.
The use of these hoists have seen exceptional growth in the construction and mining industry, since these hoists do not require electricity, they preferable in these industries because these hoists can be easily used in an area without electricity. The booming construction industry will drive the sales of air hoist in upcoming years.
China Air Hoist Market Outlook
Asia Pacific accounts for maximum share in air hoist market. China has the largest share in the world for air hoist. The automotive industry has been growing rapidly in the country and use of air hoist has increased in recent years as it is strong and well protected. The use of these hoist in the construction industry of the country has also increased.
These hoists are also heavily used in production lines of the chemical industry. China has one of the biggest chemical industry in the world, as the chemical industry in the country is projected to see a rise and this will drive sales of air hoist in the country. The food and beverage industry have also driven the sales of these hoists.
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United States of America Air Hoist Market Outlook
North America has the second-largest share of the air hoist market and the United States of America is the biggest reason for that. The country has the biggest army in the world, these hoists are heavily used in the aerospace & defence industry. They are used on ship and shipyard for loading and unloading containers. Advancement in infrastructure and an increase in number of industries in the country will motivate the sales of air hoist.
Who are the Key Manufacturers and Suppliers of Air Hoist?
Some of the leading manufacturers and suppliers of the air hoist include ABUS, Redfern Flinn Lifting Equipment, Konecranes, Street Crane, Hitachi Industrial, Imer International, Ingersoll Rand, Kito Corporation and other prominent players.
The market for air hoist is fair fragmented. Manufacturers are investing to make these hoist even more efficient. They are trying to reduce the weight of these hoists so they can be moved easily. In new air hoists which are being introduced in the market, manufacturers are giving more controls for an improved experience.
An Adaptive Approach to Modern-day Research Needs
Air Hoist Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Capacity Type
- 140 KG – 250 KG
- 250 KG – 500 KG
- 500 KG – 1Ton
- 1 Ton – 2 Ton
- 2 Ton – 10 Ton
- 10 Ton – 50 Ton
- Aerospace & Defence Industry
- Automotive industry
- Chemical Industry
- Construction & Mining industry
- Food Industry
By Distribution Channel
- Online Channel
- E-commerce website
- Company Owned Website
- Offline Channel
- Specialty Store
- Retail Store
- Online Channel
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Oceania
- New Zealand
- Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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