1 Global Chain Hoists Market Insight Analysi
The global chain hoists market is valued at USD 2,385.33 million in 2024, with a CAGR of 5.78% from 2024 to 2033.
Chain hoist is a small lifting equipment. The chain hoist has the characteristics of small size, light weight, simple operation, and convenient use, and is suitable for lifting light weight items in various.
Figure Global Chain Hoists Market Size (M USD) and CAGR (2024-2033)
2 Chain Hoists Market Growth Drivers and Restraints
From the perspective of driving factors, the continuous growth of downstream demand is the core driving force of market development. In the field of industrial production, chain hoists, as important light lifting equipment, can effectively improve the efficiency of light material handling and ensure the safety of operators with their advantages of being small, light, simple to operate, and strong in stability. They are widely used in automobile manufacturing, mechanical processing and other industries. With the expansion of the global manufacturing industry, the demand for chain hoists has steadily increased.
In the construction industry, all kinds of construction scenes cannot do without chain hoists for material lifting. The continuous advancement of infrastructure construction projects, such as a large number of infrastructure construction in emerging countries, has brought sufficient downstream demand to the market. Technological innovation is also an important force to promote market growth. With the development of industry technology, chain hoists are constantly being innovated, and new products have been significantly improved in terms of safety and convenience.
For example, the new electric chain hoist adopts advanced control technology and materials, has more precise operating performance and higher safety factor, can meet the needs of downstream enterprises for product upgrading, further expand the application field of products, attract more customers to buy, and thus promote market growth. However, market growth also faces some limiting factors. Product quality risk is an issue that cannot be ignored. Chain hoists are special equipment used for the transportation of industrial materials and equipment.
Once quality problems occur, they are very likely to cause safety accidents, causing personal and property losses to customers, and thus seriously affecting the company’s reputation and product sales. For example, after accidents caused by product quality defects in some companies, their market share has dropped significantly. The risk of raw material price fluctuations also has a great impact on the market. The raw material cost of chain hoist products accounts for a large proportion of the total cost.
Among them, steel prices are affected by various factors such as national policies, macroeconomic conditions, iron ore prices and supply and demand relationships, and fluctuate frequently. When steel prices rise sharply, the production costs of enterprises increase. If the cost pressure cannot be transferred to product prices in time, the profit margins of enterprises will be compressed. Some enterprises may even reduce production due to excessively high costs, which restricts the development scale of the market.
3 Technological Innovations in the Chain Hoists Market
In terms of technological innovation, various enterprises have actively invested in research and development to promote the continuous upgrading of chain hoist products. In terms of drive technology, it has developed from traditional manual operation to electric and pneumatic directions. Electric chain hoists have gradually occupied a larger market share due to their high efficiency and labor-saving characteristics, and have continuously improved in control technology, such as the use of variable frequency speed regulation technology to achieve more precise lifting control and improve work efficiency and safety.
In terms of material application, high-strength and corrosion-resistant alloy materials are widely used in the manufacture of chains and key components to improve the durability and reliability of products and meet the use requirements in harsh environments. In the fields of chemical industry and marine engineering, chain hoists made of these high-performance materials perform well.
Safety technology innovation is also a key development direction. Many products are equipped with advanced safety protection devices, such as overload protection and limit switches, which effectively reduce the risk of accidents. Some high-end products also introduce intelligent monitoring systems that can monitor the operating status of equipment in real time, warn of potential faults in advance, and facilitate timely maintenance and repairs.
4 Global Chain Hoists Market Size by Type
Light duty chain hoists are designed for lighter loads and are commonly used in applications where precision and control are crucial. In 2024, the projected revenue for light duty chain hoists is USD 1,394.67 million. This type of hoist is expected to see a steady increase in demand due to its versatility and ease of use in various industries such as electronics, pharmaceuticals, and food processing.
Medium duty chain hoists are suitable for moderate lifting tasks and are widely used in construction, manufacturing, and warehousing. The projected revenue for medium duty hoists in 2024 is USD 605.44 million. This type of hoist offers a balance between capacity and maneuverability, making it a popular choice for many industrial applications.
Heavy duty chain hoists are designed to handle the most demanding lifting tasks and are typically used in heavy industries such as mining, shipbuilding, and heavy machinery maintenance. The projected revenue for heavy duty hoists in 2024 is USD 385.23 million. Despite being the smallest segment in terms of revenue, heavy duty hoists are critical for industries that require high lifting capacities and robust equipment.
Table Global Chain Hoists Market Size by Type in 2024
Type | Market Size (M USD) 2024 |
|---|---|
Light Duty | 1394.67 |
Medium Duty | 605.44 |
Heavy Duty | 385.23 |
5 Global Chain Hoists Market Size by Application
The Oil & Gas sector is expected to contribute significantly to the market revenue. In 2024, this sector is forecasted to generate revenue of approximately USD 364.13 million. This substantial revenue is attributed to the critical role chain hoists play in lifting and moving heavy equipment and materials in oil rigs and gas plants. The industry’s reliance on reliable and robust lifting solutions drives the demand for high-capacity and durable chain hoists.
The General Industry segment, encompassing sectors like automotive, machinery, and manufacturing, is another major contributor. This sector is projected to generate revenue of around USD 915.20 million in 2024. The widespread use of chain hoists in these industries for material handling, assembly lines, and maintenance activities underscores their importance. The versatility and efficiency of chain hoists make them indispensable in general industrial applications.
The Construction industry is also a significant market for chain hoists. In 2024, the construction sector is expected to contribute approximately USD 513.78 million in revenue. Chain hoists are essential tools in construction sites for lifting heavy construction materials, steel beams, and other equipment. Their ability to operate in various environments and handle heavy loads makes them a preferred choice in the construction industry.
The Mining & Excavating Operation sector is another key market. In 2024, this sector is forecasted to generate revenue of around USD 414.98 million. Chain hoists are crucial in mining operations for lifting heavy rocks, minerals, and equipment. Their durability and reliability are vital in harsh mining conditions, driving the demand for high-quality chain hoists.
Table Global Chain Hoists Market Size by Application in 2024
Application | Market Size (M USD) 2024 |
|---|---|
Oil & Gas | 364.13 |
General Industry | 915.20 |
Construction | 513.78 |
Mining & Excavating Operation | 414.98 |
Others | 177.24 |
6 Global Chain Hoists Market Size by Region
North America is projected to generate revenue of around USD 440.48 million in 2024. The region’s market is driven by the presence of established industries and the demand for advanced and reliable lifting solutions. The United States, in particular, is a significant market due to its extensive industrial base and infrastructure projects.
Europe is another major market, with an estimated revenue of USD 545.24 million in 2024. The region’s market is characterized by a strong industrial sector, particularly in countries like Germany, the UK, and France. The demand for high-quality and efficient chain hoists is driven by the need for modernization and automation in various industries.
The Asia-Pacific region is expected to be the largest market, generating revenue of around USD 1220.32 million in 2024. This region’s market growth is driven by rapid industrialization and infrastructure development in countries like China, Japan, and South Korea. The increasing demand for chain hoists in construction, manufacturing, and logistics sectors is a key factor in the region’s market expansion.
South America is projected to generate revenue of around USD 99.47 million in 2024. The region’s market is influenced by the growth in the mining and construction industries in countries like Brazil and Argentina. The demand for durable and efficient chain hoists is expected to drive market growth in the region.
The Middle East and Africa region is also a significant market, with an estimated revenue of USD 79.82 million in 2024. The region’s market is driven by the demand for chain hoists in the oil and gas industry, particularly in countries like Saudi Arabia and the UAE. The need for reliable lifting solutions in these industries is a key factor in the region’s market development.
Figure Global Chain Hoists Market Size (M USD) by Region in 2024
7 Global Chain Hoists Market Analysis by Major Players
Columbus McKinnon Corporation
Company Profile
Columbus McKinnon Corporation, established in 1875, is a global leader in the design, manufacture, and distribution of material handling, lifting, and positioning products. Headquartered in New York, the company has a strong presence in North America, Europe, and Asia, with manufacturing facilities strategically located to serve a global customer base. Columbus McKinnon is renowned for its commitment to innovation and quality, offering a wide range of products that meet the diverse needs of various industries.
Business Overview
Columbus McKinnon’s business spans multiple sectors, including general manufacturing, crane building, mining, construction, transportation, entertainment, power generation, agriculture, marine, and medical markets. The company’s products are sold to distributors and end-users worldwide, ensuring a broad market reach. Their business strategy focuses on continuous improvement and customer satisfaction, leveraging advanced technologies and manufacturing processes to deliver high-quality products.
Products Offered
Columbus McKinnon offers a comprehensive range of chain hoists, including the Lodestar VS Electric Chain Hoist and the Series 2200 Air Chain Hoist. The Lodestar VS Electric Chain Hoist is designed for customization, allowing users to set speed, acceleration/deceleration rates, and other parameters through intuitive programming software. The Series 2200 Air Chain Hoist is known for its lightweight design and heavy-duty performance, featuring a heavy-duty shoe-type brake and alloy steel gearing. These products are designed to meet the stringent demands of industrial applications, ensuring reliability and efficiency.
KITO Corporation
Company Profile
Founded in 1932, KITO Corporation is a leading manufacturer of load handling machinery and equipment, with a strong focus on chain hoists and cranes. KITO is headquartered in Japan and has manufacturing facilities primarily in the Asia-Pacific region. The company is known for its innovative products and commitment to safety and reliability, making it a trusted name in the lifting equipment industry.
Business Overview
KITO’s business encompasses the design, manufacture, and sale of a wide range of lifting equipment. The company also provides maintenance services and designs custom facilities to meet specific customer needs. KITO’s products are used in various industries, including manufacturing, construction, and logistics, where reliable and efficient lifting solutions are essential. The company’s global market presence is supported by a network of distributors and service centers, ensuring timely delivery and customer support.
Products Offered
KITO offers a variety of chain hoists, including the CDER2 and ER2 Limit Lock models. The CDER2 features cylinder control with an integrated potentiometer for variable speed control, making it ideal for applications requiring automation of repetitive transport tasks. The ER2 Limit Lock model includes dual lifting speeds, special limit lock features, and emergency upper and lower travel protection. These products are designed to enhance safety and positioning accuracy, making them suitable for a wide range of industrial applications.
Hitachi, Ltd.
Company Profile
Hitachi, Ltd., established in 1910, is a global conglomerate with a diverse product portfolio ranging from heavy electrical and industrial machinery to consumer electronics. Headquartered in Japan, Hitachi operates manufacturing facilities primarily in the Asia-Pacific region. The company is known for its innovative technologies and commitment to sustainability, making it a leader in the global market.
Business Overview
Hitachi’s business spans multiple sectors, including power systems, industrial machinery, and consumer electronics. The company’s lifting equipment division focuses on the design and manufacture of chain hoists and other lifting solutions. Hitachi’s products are sold worldwide, catering to industries such as manufacturing, construction, and logistics. The company’s business strategy emphasizes innovation, quality, and customer satisfaction, leveraging advanced technologies to deliver reliable and efficient products.
Products Offered
Hitachi offers a range of chain hoists, including the L series and the Super F2 Hoist. The L series features a 40% ED load rating, an improvement over previous models, and includes a new hook design for easier slinging work. The Super F2 Hoist is designed for general machinery, automobiles, warehouses, and other applications. It features improved speed, safety, durability, and maintenance capabilities, making it a versatile and efficient lifting solution. These products are designed to meet the stringent demands of industrial applications, ensuring reliability and efficiency.