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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