Growing demand for lifting loads in construction industry, growing industrialization and urbanization, and increase in infrastructure development in developing countries are expected to drive the growth of the construction hoist market.The global construction hoist market was valued at USD 855.1 million in 2018 and is expected to reach USD 1,125.4 million in 2026, growing at a CAGR of 3.5% during the forecast period.
Construction hoist is engineering equipment used in the construction industry for lifting and lowering the construction materials and goods. These construction hoists can be operated through pneumatic, electric, and hydraulic way. It is used in a variety of applications including transporting building goods and materials to the construction site, transport platforms, service elevators, and work platforms.
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Rising demand for construction hoist in end-use industries like building & construction and agriculture, and growing population, and an increase in urbanization in emerging countries are the key factors attributed to the market growth. Furthermore, the government investment for public transport, dam, road, and bridge construction are also expected to fuel market growth during the forecast period. On the other hand, volatility in raw material cost, shortage of qualified engineers and maintenance staff, and lack of skilled manpower to operate hoist are acting as a restraint to this market. However, continuous development in infrastructure development and growing construction of skyscrapers is expected to create major growth opportunities during the forecast period.