Hoist and Elevator Motors Market Overview
According to latest assessment, the hoist and elevator motors market is expected to increase multi-fold during 2021 to 2031, reflecting a CAGR of 4%-6% over the said period. Demand is set to witness sturdy recovery in near future, with optimistic growth outlook over the forecast period.
Surge in demand from residential construction industry will create opportunities in near future. Incorporation of automated control systems with remote end user interfaces are expected to be the preferred configuration which will be adopted byOEMsand end users alike to a healthy extent.
What is Driving Demand for Hoist and Elevator Motors
The demand for elevators is escalating in many areas such as industrial, commercial and residential buildings. By virtue of growth in need of multi-storied buildings in various sectors of society, requirement for elevators and hoists is increasing at robust rate; subsequently, enhancing the demand for hoist and elevator motors.
Demand for high rise buildings has influenced owing to increased urbanization and rising living standards in the cities of developing economies.
This is foreseen to drive the need for elevation; subsequently, enhancing global hoist and elevator motors market. Growing demand for safety, legislation and installed base are expected to be important drivers for the maintenance segment.
Manufacturers are focused for investments on research and development for innovative designs with gearless technology, compact size and low weight for higher power and higher speed with energy efficient operations. This is expected to create positive prospects for the growth of hoist and elevator motors market.
Market Growth Expected to Witness Sharp Recovery Post the Containment of Pandemic
The ongoing COVID-19 pandemic has caused significant impact on the global economic growth. It has resulted in closure of economic activity and shut down of supply chain networks.
The growth in demand for the hoist and elevator motors market is also expected to witness significant plunge owing to the nationwide lockdowns across all the countries across the globe
Moreover, unavailability of workforce has also caused shutdown of production activities causing significant dent in the market growth. However, the market is expected to recover sharply post the containment of the pandemic.
Asia Pacific Market Growth Outlook
Asia Pacific is expected to witness healthy growth rate in hoist and elevator motors market over the forecast period. The growth is attributable to the rapid urbanization, demographic changes and increasing prominence of high rise buildings in the emerging countries such as China, India, etc.
Europe Demand Potential
Europe is expected to have a prominent share in global hoist and elevator motors market owing to substantial demand from residential and industrial sector from the developed countries in the regions.
Furthermore, prevalence of number of manufacturers in the region fuels the market growth in the regions.
However, the main growth is anticipated from repair and sales of refurbished units wherein the motor manufacturers will earn added profits from offering value added services such as periodic maintenance programs, accessory sales and installation of automated controls.
Who are the Key Manufacturers and Suppliers of Hoist and Elevator Motors
Some of the leading manufacturers and suppliers of hoist and elevator motors include
- ARC Systems, Inc.
- Asmo Co., Ltd
- ABB Group
- Dr. Fritz Faulhaber GmbH
- Brook Crompton UK Ltd
- Rockwell Automation, Inc.
- Regal Beloit Corporation
- Emerson Electric
- Siemens AG
- Maxon Motors AG, among others.
Many leading are poised for establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, and ASEAN to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
By Motor Type:
- AC motors
- Geared AC motors
- 3 phase induction motors
- DC motors
- Series DC motors
- Shunt DC motors
- Compound motors
- PMDC motors
By Output Power:
- Less than 1 HP
- 1 – 500 HP
- Above 500 HP
By End Use:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa