According to a recent survey published by FMI, the global Hoist and Elevator Motors market is expected to grow at a healthy CAGR during the forecast period between 2023 and 2033. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of Hoist and Elevator Motors over the coming decade.
Advent of Industry 4.0 Technology to Create New Growth Avenues for the Hoist and Elevator Motors Market
The industrial sector is undergoing a change as manufacturers throughout the world place a strong emphasis on incorporating advanced automation. This is usually referred to as Industry 4.0.
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Manufacturers are prioritising the use of novel technologies such as artificial intelligence, smart manufacturing, the internet of things (IoT), and machine learning, among others, with the arrival of Industry 4.0. This is expected to create profitable growth opportunities in the market for Hoist and Elevator Motors.
Furthermore, rising government emphasis on improving the manufacturing sector and integrating augmented and virtual reality using smart equipment to boost output are expected to drive market demand in the approaching years.
Key Hoist and Elevator Motors Market Takeaways and Projections
- The U.S. is estimated dominate the Hoist and Elevator Motors market in North America, accounting for the largest share in the region through 2022.
- Germany is projected to account for a significant share in the Europe market over the assessment period.
- China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2023 and 2033
- India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
- Hoist and Elevator Motors Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
- Hoist and Elevator Motors Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Hoist and Elevator Motors As per the survey, Hoist and Elevator Motors sales will project steady growth over the forecast period.
- Hoist and Elevator Motors Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Hoist and Elevator Motors.
- Hoist and Elevator Motors Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
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.
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Key Segments
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:
- Residential
- Commercial
- Industrial
By Region:
- North America
- USA & Canada
- Latin America
- Brazil, Mexico, and Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASIAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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