Passenger Hoist Market to be Valued USD 952.61 Million through 2025
Increasing industrialization, growing
real estate sector, increase in new plans for the construction of various
structures, rising urbanization, regulatory policies in developed &
developing economies, upcoming projects for the construction of skyscrapers,
among others to drive the Global Passenger Hoist Market through 2025
According
to TechSci Research report, “Global Passenger Hoist Market,
By Type (Below 2 Ton, 2-3 Ton, Above 3 Ton), By Application (Commercial,
Residential & Industrial (Cement Plants, Refineries, Steel Plants, Mines,
Power Plants)), By Region, Forecast & Opportunities, 2025” the global
passenger hoist market is expected to reach 952.61 million by 2025 from 807.67
million in 2019 growing at a rate of 4.01% from 2020 to 2025. This growth is
attributed to booming industrial sector and rising urbanization in countries.
Upcoming plans for the construction of skyscrapers and others structures in
addition to the supporting policies are driving the growth of the global
passenger hoist market through 2025.
Global
passenger hoist market can be segmented based on type, application, and region.
Based on application, the market can be segmented into commercial, industrial
and residential. Commercial segment is expected to grow at the fastest rate of
4.22% during the forecast period. In 2019, the segment also dominated the
overall market with a share of around 78% owing to increasing urbanization and developing
construction industry. Industrial segment within application is further
sub-segmented into power plants, cement plants, mines, refineries and steel
plants. Among the industrial segment, power plants held the largest share of
42.37 % in 2019.
Browse 84 market data
Figures spread through 110 Pages and an in-depth TOC on"
Global Passenger Hoist
Market"
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In
terms of type the market can bifurcate into below 2 ton, 2-3 ton, and above 3
ton. Below 2 Ton dominated the market, accounting for 60.76% share in 2019. Below
2 Ton passenger hoists segment accounts for highest share of the market owing
to its high efficiency in comparison to others.
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Zoomlion, GJJ, Alimak, XL Industries, Hongda
Construction, Xuzhou Construction Machinery Group, Fangyuan, SYS, Guangxi
Construction, Sichuan Construction, GEDA, Jaypee, STROS, Zhejiang Construction
Machinery Group, and BetaMax, are among the leading players operating in Global
passenger hoist Market. Companies operating in the market are using organic
strategies such as product and technological advancement through addition of
new features, mergers and collaborations to boost their share.
“Asia-Pacific is the largest market in the global passenger hoist market
and is expected to continue its dominance during the forecast period due to the
numerous construction projects in APAC countries along with government
initiatives to upgrade their infrastructure. Countries such as India, China,
Japan and Singapore are leading the Asia-Pacific market with rising commercial
infrastructural activities, growing construction of skyscrapers, upcoming
proposed industrial plants and increasing governmental funding for public infrastructure.
APAC is also expected to witness highest growth in the global passenger hoist
market in the forecast period due to the presence of major market players in
the region and significant investment by leading industry players considering
potential growth opportunities in the region”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Passenger Hoist Market, By
Type (Below 2 Ton, 2-3 Ton, Above 3 Ton), By Application (Commercial,
Residential & Industrial (Cement Plants, Refineries, Steel Plants, Mines,
Power Plants)), By Region, Forecast & Opportunities, 2025”, has
evaluated the future growth potential of Global Passenger Hoist Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Passenger Hoist Market.
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