The global construction hoist market is expected to display higher growth rate in the upcoming years. Rapid surge in the market is credited to the growing investment by government authorities and private bodies for public & commercial infrastructure, particularly in the developing economies across the globe. Additionally, shift in trend towards rental services of heavy-duty machinery has led to high-end demand for construction hoist in the last few years. Globally, construction hoist market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of construction hoists.
Increasing demand from residential sector for construction machinery or equipment due to rapid urbanization, majorly in developing economies such as India and China is expected to trigger market growth over the forecast period. Additionally, rapid urbanization has led to requirement for residential buildings such as schools, colleges, clinics, roads, and commercial spaces. Massive funding from local government to cater these demands for these public infrastructures is predicted to drive market expansion in the upcoming years.
Growing profitability in the rental business segment is expected to offer lucrative growth opportunities for industry players over the forecast period. The recent technological advancement in building & construction sector coupled with development of novel products such as wire rope, roller load chain, and welded link load chain are propelling market demand for construction hoist over next five years. However, higher intimal cost of these machinery and lack financial capacity to own these heavy-duty equipment independent and small-scale builders or contractors are anticipated to negatively affect market performance.
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The construction hoist market is broadly categorized into three major segments based on the application type such as residential sector, commercial industry and industrial sector. Commercial industry segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of construction hoist in commercial industry segment is attributed to the increasing product penetration and rising number of rental services.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in building & construction industry, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the construction hoist market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising commercial infrastructural activities, increasing governmental funding for public infrastructure, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the construction hoist market are Zoomlion Heavy Industry Science and Technology Co., Ltd., GJJ Ltd., Alimak Group AB, XL Industries Services, Inc., Shandong Hongda Construction Machinery Group Co., Ltd., and Sichuan Construction Machinery Group Co., Ltd.
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