A hoist and chains are essential tools used in various industries and applications to lift and move heavy objects vertically. They are commonly found in construction, manufacturing, warehouses, and other settings where materials or equipment need to be raised or lowered.
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.
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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.
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Top Players:
Weissenfels, Theile, Atli Industry Co., Ltd., McKinnon Chain, Campbell, FEC Corporation, Hangzhou Modern Lifting Machinery Works, Peerless Industrial Group, Juli Sling Co., Ltd., Retezarna A.S., Force Chain, Gunnebo, J.D
Segments Based On:
By Type
Profile chain
Round chain
others
By End-use application
Automotive
Marinas & Shipyards
Construction Sites
Mining & Excavating Operation
Aerospace
Others
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