The market for air chain hoists is driven by a number of factors. Some of them include the growing need for automation in various processes, the increased demand for air chain hoists from various industries, and the benefits that air chain hoists provide over other forms of hoists. One of the key factors driving the market is the rising demand from various sectors for air chain hoists. Many different industries, including oil and gas, building, mining, and digging, employ air chain hoists extensively. As a result of the increase in demand from these industries, the market for air chain hoists is growing. Another factor propelling the market for air chain hoists is the expanding demand for automation in numerous procedures.
Due to the rising demand for lifting and moving big objects in numerous industries, the market for air chain hoists is expanding. An air compressor is used to power the air chain hoists, which facilitates the simple lifting and moving of big things. Air chain hoists are used in a wide range of industries, including manufacturing, mining, and construction. They are also used to lift and move large items in industries and warehouses. The rising demand from different industries is expected to cause the market for air chain hoists to grow quickly during the anticipated timeframe.
Air chain hoists are superior to manual or electric-powered hoists in a variety of ways, making them perfect for use in automated procedures. Higher speed, more precision, and less expensive maintenance are all advantages of air chain hoists. Air chain hoists are becoming more and more popular in a range of industrial applications as a result of these features. Another factor driving the market is the benefits air chain hoists have over other types of hoists.
When compared to other types of hoists, air chain hoists provide a number of benefits including better speed, greater precision, and fewer maintenance costs.
Compressed air is used to power air chain hoists, which employ a pneumatic motor to drive a chain that elevates the weight. They are frequently employed in locations without access to electric power or where the risk of sparks from an electric hoist would be too great. In general, air chain hoists are more expensive and have a lesser lifting capability than electric chain hoists.They do not require an external power source, though, and can be used in hazardous environments.
By 2031, the market for air chain hoists is expected to generate USD 1413.04 million in sales, expanding at a CAGR of 8.83%. In 2021, the market for Air chain hoists was estimated to be worth USD 668.42 million.
Several factors, such as strict environmental restrictions regulating the usage of air-powered equipment and a shortage of experienced staff needed to operate these goods, are now restricting the market for air chain hoists. Additionally, manufacturers are continuously working to create air chain hoists that are lighter and more portable so that they can be used in a number of fields and applications. However, it is projected that the growing demand for air chain hoists from a range of end-use sectors will be able to overcome these challenges.
Columbus McKinnon Corporation, Kito Corporation, Ingersoll Rand plc, Konecranes Plc, Hitachi Industrial Equipment Systems Co., Ltd., Street Crane Company Limited, Nitchi Co. Ltd., and Yale Hoist are a few of the key companies active in the air chain hoists market.
The Light Duty Type to Emerge as the Most Lucrative Segment
The market for air chain hoists is divided into three categories based on type: light-duty, medium-duty, and heavy-duty. The market for light duty air chain hoists is predicted to grow at a comparably high CAGR during the forecast period. This is explained by the rise in the employment of these items in fields like aircraft and automotive, where they are employed to handle low loads. Throughout the projected period, it is anticipated that the medium-duty segment would dominate the air chain hoists market. This is explained by the fact that these items are frequently utilised for managing medium loads in sectors like mining and construction.
The Most Popular Application Segment is Construction
The Global Air chain hoists Market is divided into Oil & Gas, General Industry, Construction, Mining & Excavating Operations, and Others based on application. Over the projection period, the construction segment is anticipated to expand at a comparatively high CAGR. This is due to an increase in the lifting and moving of large goods during construction using air chain hoists. Through the forecast period, the air chain hoists market is expected to be dominated by the automotive sector. This is explained by the fact that these devices are frequently used to lift and move heavy components in automotive assembly and manufacturing operations.
The Asia Pacific region (APAC) will provide Appropriate Financing Options
In comparison to other regional markets, the Asia Pacific is anticipated to expand with a reasonably high CAGR and hold a sizable proportion of the air chain hoists market over the forecast period. This is related to the accelerated industrialization and economic growth taking place in nations like China, India, Japan, South Korea, and others. Additionally, it is projected that these regions' expanding infrastructure projects would raise demand for air chain hoists in the years to come.
COVID-19 Impact and Market Status
The COVID-19 outbreak and the worldwide economic downturn have both had a significant negative impact on demand for air chain hoists. The pandemic has significantly affected the global market for Air chain hoists, causing a number of manufacturers to suspend production as a result of lockdowns and supply chain delays. The demand for Air chain hoists, which are used in the oil and gas industry, has also been hit by the drop in oil prices. In 2021, the effects of COVID-19 on the global Air Chain Hoists market are expected to diminish, and the market is expected to grow significantly.
Latest Innovations in the Global Air Chain Hoists Market: A Snapshot
• To diversify its product offering and gain a foothold in the North American market, Ingersoll Rand plc purchased PrecisionFLOW Systems Inc., a developer of cutting-edge fluid management solutions.
• Magnetek Inc., a top supplier of digital power and motion control systems, was purchased by Columbus McKinnon Corporation in order to broaden its product line and geographic reach.
Air Chain Hoists Market Scope
|Revenue forecast in 2031
|USD 1413.04 million
|CAGR of 8.83% during 2021-2031
|by Type, By Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Columbus McKinnon Corporation, Kito Corporation, Ingersoll Rand plc, Konecranes Plc, Hitachi Industrial Equipment Systems Co., Ltd., Street Crane Company Limited, Nitchi Co. Ltd., and Yale Hoist
Key Segment of Air Chain Hoists Market
By Type Overview (USD Million)
- Light Duty
- Heavy Duty
- Medium Duty
By Application Overview (USD Million)
- Oil and Gas
- General Industry
- Mining and Excavating Operation
By Region Overview (USD Million)
- Rest of Asia Pacific
- Rest of North America
- Rest of Europe
Middle East and Africa