Air Wire Hoist Market REPORT OVERVIEW
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The global air wire hoist market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.
A hoist is a device that uses a drum or lifts wheel that a rope or chain is wrapped around to elevate or lower a load. Chain, fiber, or wire rope may be used as the lifting medium and may be physically, electrically, or pneumatically powered. The most common type is an elevator, whose hoist mechanism raises and lowers the elevator's vehicle. The majority of hoists use lifting hooks to attach to their cargo. Electric hoists are load-handling devices that use chain, fiber, or wire rope as their lifting medium and are electrically controlled to lower or raise loads. Increased demand from the shipbuilding and logistics sectors and increased airport facilities and manufacturing facilities in emerging areas.
The air wire hoist is an example of a material handling tool used to lift, lower, move, and transport goods. They typically have an electric motor and a controller to alter the lifting settings. Heavy things that cannot be moved or raised by conveyors or cranes can be successfully lifted by air wire hoists. Depending on the driving mechanism, different hoists include pneumatic hoists (sometimes called air hoists), hydraulic hoists, and manual hoists.
COVID-19 Impact: Restriction on the Construction Industry Impeded Market Growth
The air wire hoist market dynamics and demand in the machinery and equipment industry were affected by the lockdown. The COVID-19 pandemic and its resulting restrictions damaged the manufacturing industry and its supply chains. Businesses felt the global economic downturn and political upheaval brought about by the COVID-19 epidemic. The stability of the credit and financial markets was negatively impacted by declining consumer confidence and consumer expenditure. The construction industry was kept on hold as the virus spread due to human contact.
LATEST TRENDS
"Rising Need for Effective Lifting Loads Machines to Prosper Market Growth"
The key element driving the air wire hoist market growth is the shipping industry's increasing need for lifting loads. Along with other factors, the cranes and hoists market is driven by growing demand for ore extraction and handling equipment, rapid urbanization, the expansion of the construction industry, and the rising population. Additionally, the aerospace and defense industries' growing need for material-handling equipment will lead to numerous growth prospects for the crane and hoist market.
Air Wire Hoist Market Segmentation
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- By Type Analysis
By type, the market is segmented into hydraulic, electric, and hybrid.
- By Application Analysis
Based on application, the market is classified into aerospace and defense, automotive & railway, mining, marine, construction, shipping & material handling, energy & power, and others.
DRIVING FACTORS
"Product Use in Various End-Use Sectors to Propel Market Growth"
Electric hoists are used in various end-use sectors, including construction, automotive, railroad, aerospace, and defense. As a result, the development of these end-use industries across the world is promoting the rise of the electric hoist market. Another element anticipated to drive the global electric hoist industry is increased government investment in these sectors to strengthen their respective economies and draw foreign direct investment (FDI).
"Effectiveness of the Product to Augment Product Demand in the Market"
Electric hoists increase operational effectiveness by removing labor-intensive manual lifting and positioning duties. In comparison to manual hoists, electric hoists also support maintaining bodily ergonomics in the workplace. Hoists also operate more quickly and efficiently than other kinds of hoists. In addition to being more affordable and compact than conveying systems, electric hoists are anticipated to drive air wire hoist market development. Electric hoist technological advancements and material handling industry innovations will soon present lucrative possibilities.
RESTRAINING FACTORS
"Lack of Professional Technicians May Hamper Market Growth"
The lack of professional technicians in the region may become a challenge in air wire host market growth. The technicians operate hoists and overhead cranes, which require proper training and may become challenging for air wire hoist market growth.
Air Wire Hoist Market REGIONAL INSIGHTS
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"Asia Pacific to Lead the Market Owing to the Growing Demand for the Product"
Asia Pacific is expected to lead the air wire hoist market share due to the constantly rising demand for the product. Additionally, rising disposable income and upgrading the standard of living of the population is anticipated to propel the region's growth.
Middle East & Africa, and Latin America are forecasted to hold a significant part of the air wire moist market share by the rising focus on the tourism sector.
KEY INDUSTRY PLAYERS
"Key Companies to Emphasis on the Development of Advanced Technology"
Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market.
List of Market Players Profiled
- Kito (Japan)
- Terex (U.S.)
- Hitachi Industrial (Japan)
- Columbus McKinnon (U.S.)
- Konecranes (Finland)
- Street Crane (U.K.)
- Ingersoll Rand (U.S.)
- ABUS (Germany)
- Imer International (U.S.)
REPORT COVERAGE
The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2028, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.
Frequently Asked Questions
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Which region is expected to dominate the global air wire hoist market?
Asia Pacific is forecasted to lead the air wire hoist market.
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What are the segments of the air wire hoist market?
By type, the air wire hoist market is segmented into hydraulic, electric, and hybrid. Based on application, the market is classified into aerospace and defense, automotive & railway, mining, marine, construction, shipping & material handling, energy & power, and others.
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Which are the driving factors of the air wire hoist market?
Product use in various end-use sectors to propel market growth and the effectiveness of the product to augment product demand in the market are the factors driving the air wire hoist market.
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Which are the top companies operating in the air wire hoist market?
Kito, Terex, Hitachi Industrial, Columbus McKinnon, Konecranes, Street Crane, Ingersoll Rand, ABUS, and Imer International are the top companies operating in the air wire hoist market.
