Air Hoist Market to Grow by USD 0.17Million (2024-2028) as Construction Activity Rises; Report on AI's Impact on Market Trends - Technavio

NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global air hoist market  size is estimated to grow by USD 0.17 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.3%  during the forecast period. Rise in building and construction activities is driving market growth, with a trend towards technological advancements in air hoist designs. However, high initial cost and maintenance of air hoists  poses a challenge.Key market players include Alimak Group AB, Columbus McKinnon Corp., Elephant Lifting Products, Endo Kogyo Co. Ltd, Gardner Denver Hoists, HENAN DONGQI MACHINERY CO LTD, Hoisting Equipment Specialists Pty Ltd., Ingersoll Rand Inc., J.D.Neuhaus Gmbh and Co. KG, Kito Corp, MME Manufacturing Co Pty Ltd, Red Rooster Lifting, Redfern Flinn Cranes and Hoisting Equipment Pty Ltd, Sky Climber LLC, Stratalign Ltd., The David Round Co Inc, Tiger Lifting, Toku Pneumatic Co Ltd, Tri-State Wire Rope Supply, Inc., and Vestil Manufacturing Corp.

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Key Market Trends Fueling Growth

The air hoist market is experiencing a period of transformation, fueled by technological innovations that boost functionality and efficiency. Modern air hoists come with advanced safety mechanisms, such as sensors, warning alarms, and emergency stop buttons, ensuring a safer work environment and reducing the risk of accidents. The increased load capacity of air hoists, made possible by recent advancements, enables the handling of larger loads with ease, streamlining operations and minimizing downtime. Remote-control capabilities offer enhanced safety and operational flexibility, allowing for more precise movements from a safe distance. Energy efficiency is a key focus in air hoist design, leading to lower energy consumption and reduced operating costs, while contributing to global sustainability goals. These factors are driving the demand for air hoists and are expected to positively impact market growth during the forecast period. 

The Air Hoist market is witnessing significant growth in various industries including construction, logistics, warehousing, shipyards, and infrastructure development. Mechanical devices that use compressed air as a power source for lifting are in high demand due to their versatility and efficiency. Trends in the market include high lifting capacity, hazardous environment applications, e-commerce, product customization, and rental services. Safety features such as overload protection, emergency stop functions, and remote-control operation are crucial. Compliance with safety standards is essential in industries like oil and gas, mining and excavating, and elevator production. Advanced lifting solutions offer digital load displays, portability, and worker safety. Air Hoists are used in assembly lines, loading, staging, material handling, and crane production. The market includes light, medium, and heavy-duty hoists for diverse applications. 

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Market Challenges

• The air hoist market presents businesses with substantial financial challenges. Air hoists have high initial costs, ranging from USD2,000 to USD5,000, depending on size, quality, and load capacity. This can deter small and medium-sized enterprises (SMEs) from investing due to the significant capital outlay required. Moreover, ongoing maintenance expenses, which can range from USD240 to USD360, add to the financial burden. Regular maintenance is essential to ensure optimal performance and longevity, but these costs can add up, potentially hindering market growth during the forecast period.
• The Air Hoist market faces several challenges in various industries such as Oil and Gas, Mining and Excavating, Elevator manufacturing, and Construction. Rental services require cost-effective and reliable solutions for heavy lifting equipment. Worker safety is paramount, leading to a demand for overload protection, emergency stop functions, and remote-control operation. Compliance with safety standards is essential, driving the need for digital load displays and advanced lifting solutions. Portability and ease of assembly are crucial for light and medium duty applications. In heavy-duty industries, safety features like hoisting instrumentation, lifting hooks, and ceiling lifts are essential. The oil industry and urbanization require crane production and material handling solutions, while the mining sector focuses on crane manufacture and engineering. Oil industry and metal forming industries need heavy-duty air hoists. These challenges call for continuous innovation in air hoist technology to meet diverse industry needs.

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Segment Overview 

This air hoist market report extensively covers market segmentation by

1. Type 
• 1.1 Pneumatic chain hoists
• 1.2 Pneumatic wire rope hoists
2. Application 
• 2.1 Manufacturing
• 2.2 Construction
• 2.3 Aerospace and aviation
• 2.4 Oil and gas
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Pneumatic chain hoists-  The Air Hoist market is growing due to increased demand in various industries such as construction, oil and gas, and transportation. These hoists offer benefits like ease of use, versatility, and safety. Key players in the market include Hydro-Mobile, JLG, and Terex. Innovations like remote control and electric air hoists are driving market growth. The market size is projected to reach USDXX million by 2026, with a CAGR of XX%.

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Research Analysis

The Air Hoist Market encompasses a range of mechanical devices used for lifting and moving heavy loads through the power of compressed air. These hoists serve various industries, including Construction, Logistics, Warehousing, Assembly Lines, Storage Facilities, Shipyards, and more. Air hoists come in different duty classes, such as Light Duty, Medium Duty, and Heavy Duty, catering to diverse lifting requirements. They are also used in high lifting capacity applications, hazardous environments, and industries like Oil and Gas, General Industry, Mining and Excavating, and the Automobile Industry. The Hoist Mechanism, Lifting Hooks, Ceiling Lift, Hoisting Instrumentation, Assembly, Loading, Staging, and Material Handling are essential components of air hoists. Additionally, air hoists play a crucial role in Crane Production.

Market Research Overview

The Air Hoist Market encompasses a range of Mechanical Devices designed for Lifting applications utilizing Compressed Air as a Power Source. These devices are essential in various industries, including Construction, Logistics, Warehousing, Assembly Lines, Storage Facilities, Shipyards, and more. Air Hoists cater to diverse needs, from Light Duty to Heavy Duty, and are employed in High Lifting Capacity applications, Hazardous Environments, Infrastructure Development, E-commerce, and Product Customization. Rental Services offer flexibility, while Safety Features such as Overload Protection, Emergency Stop Functions, and Remote-Control Operation ensure secure operation. Advanced Lifting Solutions include Digital Load Displays, Compliance Standards, and Portability. Air Hoists are integral to industries like Oil and Gas, Mining and Excavating, Elevator production, Hoist Mechanism manufacturing, and Crane Production. They are also used in the Oil Industry, Urbanization, Construction Instrumentation, Crane Manufacture, Engineering, and Metal Forming.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Pneumatic Chain Hoists
• Pneumatic Wire Rope Hoists
• Application
• Manufacturing
• Construction
• Aerospace And Aviation
• Oil And Gas
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio