Construction Hoist Market to grow at 3.5% CAGR till 2026

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.

Key Findings:

• The less than 2 ton segment expected to hold nearly 55% in the global construction hoist market
• Based on the operations, the electric segment is expected to hold the highest CAGR of 4.5% in the market during the forecast period
• Based on the application, the commercial segment is expected to lead during the forecast period
• Based on the region, Asia-Pacific accounted for more than 50% share of the global construction hoist market in 2018

Recent News:

• In June 2018, Alimak gets construction hoist order for Karlatornet. The order includes five hoists, of which one is a Mammoth TM with a payload of up to 5,500 kg.
• In December 2018, Brand Industrial Services, Inc. Acquired Cabrillo Hoist, a Construction Hoist manufacturer. This acquisition helps the company to enhance its product portfolio and market development. 
• In January 2017, Columbus McKinnon acquired STAHL Crane Systems, a leading manufacturer of hoist and crane parts and component. This acquisition helped the company to enhance its customer base in Europe and North America.
• In January 2017, Columbus McKinnon acquired Magnetek, a manufacture and designer of digital motion and power control solutions for elevator, mining, and handling applications.
• In February 2015, Alimak developed new hoist ALIMAK SCANDO 65/32 in the European market. This new model comes in one size and a certain fixed set of features. This new product helped customer who demand a more functional operation without the need for special solutions, which applies to large portions of the rental market and construction industry.