Hydraulic Hoist is an equipment which is majorly used for shifting the materials or products from place to place. The hydraulic hoists are operated manually, and are offered in two types, namely chain, and lever types. Rising industrialization in all the developing economies is creating a noteworthy growth prospects for manual hoists, which will drive this market at a decent CAGR till the projected period.
Manual chain hoists are predicted to cross over USD 370.0 million till 2025, rising at CAGR near to 5.6% in the studied period. Due to their high capacities, and easiness in operation, they are preferred by the consumers over lever hoists.
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In terms of end-user, the hydraulic hoist market for metal processing is expected to exceed USD 83.0 million till 2025, rising at CAGR of 5.9%. Metal processing industries generally requires heavy load transportation from one place to another, thus the product is essentially required for swift day to day business operations, resulting in bright growth prospect for the business in near future.
Asia Pacific regional hydraulic hoist market is predicted to have the lion’s share, in the entire forecast period. This regional market might cross USD 140.0 million till 2025, at CAGR more than 5.9%. The North America manual hoist market will also have a decent share by the end of 2025 and will have a size of over USD 100.0 million at the end of 2025.
Some of the primary players of global hydraulic hoist market include:
- OZ Lifting Products
- Vulcan Compagnie de Palans Ltee
- Venus Engineers
- Columbus McKinnon
- Ingersoll-Rand plc
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The load bearing capacity range of 0.5 – 20.0 tons in manual chain hoists are predicted to reach USD 240.0 million till end of the forecast period. The load bearing capacity range of 5.1 – 10.0 tons in lever hoists are predicted to surpass USD 35.0 million till the end of 2025.
Rising competition from electric hoists is one of the key factors restricting the growth of this market from growth. Moreover, lack of technical professionals in the developing economies creates an added restriction to hydraulic hoist market growth.
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