Hoist Controller Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2021 to 2026. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
Market Insights:
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. The present report mentions that the Hoist Controller Market is likely to witness a CAGR of 3.9% during the forecast period. Hoist controller refers to a device that is employed for lifting a load by means of a lift-wheel around which a chain is warped. It is mainly operated electrically and can be controlled by two main methods, i.e., wireless and wired. In addition, it is a machine that governs the movement of hoists. The hoist controller market is likely to be driven by rising demand for various types of hoists in non-residential and residential construction.
Hoist controller refers to a device that is employed for lifting a load by means of a lift-wheel around which a chain is warped. It is mainly operated electrically and can be controlled by two main methods, i.e., wireless and wired. In addition, it is a machine that governs the movement of hoists.
Market Segments' Analysis:
According to Stratview Research, the Hoist Controller Market is segmented by Type (Handheld and Automatic), by Hoist Type (Electric and Hydraulic), by End-User Type (Automotive, Cement, Chemical, Construction, Marine, Metal Processing, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
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Hoist Controller Market Share: By Type
Based on the type, the market is segmented as handheld and automatic. The handheld hoist controller market is expected to capture more than 90.9% share of the market revenue during the forecast period. The growth of handheld hoist controllers can be attributed to their operative easiness. On the other hand, finding very few applications in any type of industrial or manufacturing sector, automatic hoist controllers are preferred for recreational use.
Hoist Controller Market Share: By Hoist Type
Based on the hoist type, the market is segmented as electric and hydraulic. Electric hoists are expected to lead the market during the forecast period as they can be controlled by both handheld and automatic controllers, whereas hydraulic hoists can be operated only by handheld controllers. The demand for hoist controllers for use in electric hoists occupied a whopping share of over 97% in 2020, and this is likely to increase at a CAGR over 3.0% over the forecast period. Electric hoists are experiencing a significant growth in the developed economies, despite being expensive. This demand will further increase due to the growing manufacturing sector in the coming years.
Which region is expected to dominate the market?
In terms of regions, Asia-Pacific held a major share of the market for hoist controllers in 2020, and is expected to reflect its significant growth during the forecast period. The region’s growth is majorly due to the increasing industrialization in the economies such as China and Japan. On the other hand, North America was the second-largest market in 2020, and is also estimated to offer sizeable growth opportunities, over the forecast period, on account of the established material handling business in both The United States and Canada.
Top key vendors in the market:
The report mentions a list of key players in the Hoist Controller Market. Some of them are mentioned below –
- Schneider Electric
- Speed-O-Controls
- Conductix-Wampfler USA
- The Rowland Company
- Uesco Cranes
- Hoosier Crane Service Company
- Demag Cranes & Components Corp.
- Eastern Electric Corporation
- Magnetek Inc.
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Key Questions Answered in The Report:
- Which region will show the higher and rapid growth?
- Who are the top key players of the Hoist Controller Market?
- How will the market change in the upcoming five years?
- What was the impact of Covid19 on the market?
- Which application/ service/product will take a lion's share of the market?
- What are the market drivers and constraints?
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