Hoist & chains are used to lift or lower heavy load. High-grade steel is used for the manufacturing of the hoist & chains considering durability, reliability, and safety. They are wrapped on a lift wheel or drum that allows them to move easily on the drum or the wheel. These machines can be operated electrically, pneumatically, or manually. The manual hoists can be classified into three parts that are hooks, lifting chains, and lifting mechanisms. These machines are widely used in assembly lines, warehoused, stamping, and punching workshops. Also, they are widely adopted in the automotive industry for handling and storing steel coils. Hoist & chains are available in different diameters and grades depending on the load requirement and application.
COVID-19 Scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the hoist & chains industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of hoist & chains market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Drivers, restraints, and opportunities
The growing demand for hoist & chains from the construction and building industry for lifting and material handling equipment is a key factor that is expected to drive the hoist & chains market in the upcoming years. Besides, the hoist and chains have widespread applications in cargo movement and warehouses that can steer the growth of the market in the next few years. Moreover, these machines are used in aerospace, defense, and automotive industry for material handling which can fuel the demand for hoist & chains in these industries. However, the scarcity of highly skilled operators is a restraining factor that is hampering market growth. On the contrary, notable growth in the end-use industries like construction, automotive, and aerospace industries in different countries is anticipated to create lucrative growth opportunities for the hoist & chains market during the forecast period.
Trends in the hoist & chains market
New acquisitions by market leaders for business expansion
Market leaders in the hoist & chains market are implementing new growth strategies to increase their global reach through new mergers and acquisitions. For instance, McKinnon, a U.S. based company acquired STAHL Crane Systems, a U.K. based company in 2017. The acquisition was aimed at expanding market growth in Europe. The company has also acquired other companies like Magnetek, a U.S. based manufacturer and designer of digital power and motion control solutions. New business growth strategies by market leaders in the hoist & chains market can create a positive impact on the growth of the hoist & chains market in the upcoming years.
Huge investments for construction activities in emerging countries
Due to factors like rapid urbanization, industrialization, population, and others in emerging countries like China and India, there has been a surge in construction activities in these countries. Huge investments for new construction projects in these countries can significantly result in the positive growth of the construction sector. Since, for any new construction, material handling equipment like hoist & chains are essential hence, the demand for these machines can increase with an increase in the number of new constructions. According to the Department of Promotion for Industry and internal trade (DPIIT), the construction development sector of India received $25.4 billion through Foreign Direct Investment (FDI) from 2000 to 2019. Huge investments for the construction development sector can boost the growth of the construction industry in these countries that will eventually result in the positive growth of the hoist and chains market during the forecast period.
Key benefits of the report:
- This study represents the analytical representation of the global hoist & chains market combined with the ongoing trends and future predictions to determine investment opportunities.
- The present market is thoroughly analyzed to enlighten the hoist & chains market growth.
- The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global hoist & chains market.
- Segmentation details of the global hoist & chains market.
- The report gives a comprehensive global hoist & chains market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years.
Hoist & Chains Market Report Highlights
| Aspects | Details |
 By Type |
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 By End-use application |
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 By Mode of operation |
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 By Region |
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 Key Market Players | Hangzhou Modern Lifting Machinery Works, FEC Corporation, Force Chain, Campbell, Peerless Industrial Group, Atli Industry Co., Ltd., Theile, Weissenfels, J.D, Juli Sling Co., Ltd., McKinnon Chain, Retezarna A.S., Gunnebo |
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