Electric Chain Hoist Market Segmentation:
By Type (Single Phase Electric Chain Hoists, Three Phase Electric Chain Hoists); By Application (Machinery Manufacturing, Logistics, Shipbuilding, Bridge Construction, Oil & Gas, Power & Utilities, Mining & Excavating Operation, Others); By Region (North America, Europe, Asia- Pacific, Central & South America, Middle East & Africa); End-Use Landscape; Vendor Landscape and Market Share & Competitor Analysis
Electric Chain Hoist Market Insights
The electric chain hoist market is expected to grow at a significant CAGR over the forecast period. The market demand is expected to be influenced by a number of advantages offered by these hoists including higher durability, minimum noise generation, and versatility among others.
An electric chain hoist is capable of lifting and relocating heavy items easily, thereby enabling operators to transfer items comfortably and efficiently. The demand for product is likely to increase over the projected period as it reduces the operational cost by cutting on labor costs and time.
Electric Chain Hoist Market: Type Insights
The global electric chain hoist market is segmented into single phase electric chain hoists, three phase electric chain hoists, based on type.
Three phase electric chain hoists’ segment is likely to witness a substantial growth over the forecast period as it is used to lift heavy loads making it suitable for a vast range of applications across several industries.
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Electric Chain Hoist Market: Application Insights
The global electric chain hoist market, by application, is divided into machinery manufacturing, logistics, shipbuilding, bridge construction, power & utilities, oil & gas, power & utilities, and mining & excavating operation among others.
Electric Chain Hoist is extensively used in bride construction activities, manufacturing, and logistics followed by the other segments. Factors such as efficient performance, high reliability, and low failure rate are expected to boost growth of these segments over the coming years.
Electric Chain Hoist Market: Regional Insights
Asia Pacific accounted for a considerable market share in 2016, and is further expected to dominate the forecast period. The regional growth is attributed to rising government expenditure for infrastructure development particularly in developing countries such as China and India. Also, Mounting rise in construction activities, specifically in the region’s several rapidly urbanizing and developing economies, is likely to be one of key factors driving the demand for electric chain hoists in the next few years.
North America is also likely to grow at a flourishing rate over the forecast period due to increasing urbanization and industrialization. European market has seen a steady growth rate over the past few years. However, recent developments coupled with economic turnaround are anticipated to boost the regional growth over the near future.
Electric Chain Hoist Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global electric chain hoist market. The major consumers of the product are Skanska, Bechtel, Royal BAM Group, Hochtief, and Glencore among others.
Electric Chain Hoist Market Share & Competitor Analysis
The global electric chain hoist market is highly competitive due to the presence of many existing vendors. Some of the major players profiled in the market include Columbus McKinnon, Harrington Hoist, Coffing Hoist, Yale Hoist, Demag, Hitachi Industrial, RAM, ABUS Kransysteme, ARC, Toronto Electric, Ace Industries, Milwaukee, JET, Jiangsu Jiali Hoisting Machinery Manufacturing, Granada, Kone, Budgit Hoist, Lift King, Tiger Lifting, Steerman, and Raptor Lifting among others.
In November 2016, Liftking Manufacturing Corp announced to acquire all of the intellectual property and product assets of Omega Lift.
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