Global Rescue Hoist System Market
Global Rescue Hoist System Market Set to Expand at CAGR of 6.5% during 2022–2028
Published | 26 October 2022
Global rescue hoist system market is expanding due to rising R&D investments by manufacturers to save lives and improve safety, expansion of offshore oil production activities, increased demand for helicopter emergency medical services, and an increase in the frequency of natural disasters.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global rescue hoist system market size to grow at a moderate CAGR of 6.5% during the forecast period between 2022 and 2028. One of the key growth factors for global rescue hoist system market is an increase in demand for emergency response and rescue aerial vehicles. The expansion of aviation industry could also drive the market growth. An increasing focus on reducing property and human life losses is also expected to propel the growth of market for rescue hoist systems. Growing use of emergency rescue and response vessels by disaster response and rescue support organizations worldwide will provide potential opportunities for the rescue hoist system market to grow in the coming years. On the other hand, strict guidelines and standards from regulating bodies for the design of rescue equipment are anticipated to impede the growth of global rescue hoist system market.
Rescue Hoist Systems
To swiftly rescue or retrieve people from dangerous or remote locations, a hoist rescue system may be used as an emergency rescue tool. A hoist is a device used to lift and move objects. A rope, chain, or wire is wrapped around a drum (or wheel) to produce the lifting force. An increase in demand for the systems, in the use of better technological components, and in the frequency of natural disasters have all contributed to the increasing adoption of rescue hoist systems during the period in analysis. Rescue hoists are frequently used by both the military and private sectors for a range of operations. Global rescue hoist system market is growing, as these hoists are utilized more frequently in applications, such as search and rescue and emergency medical services. Hoists are primarily employed for several purposes, including the emergency transfer of patients, supplies, and people. The increasing use of helicopter emergency medical (HEM) services for emergency and rescue operations is could also aid the growth of global market for rescue hoist systems, particularly in countries, such as Germany and the United States, which have developed efficient rotorcraft fleets for emergency services.
Sales of hoist systems are expected to rise as natural disasters become more frequent, affecting both land and sea. These disasters also contribute to an increase in the loss of property and lives worldwide. These factors are expected to benefit the global market for rescue hoist systems financially. Improving the country's emergency response time will also force governments to increase their investments in HEM services. This, in turn, could drive the growth of global rescue hoist system market during the forecast period.
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Global Rescue Hoist System Market – Overview
The market for rescue hoists system is expanding because of rising government investments as well as rising demand from the armed forces. Several countries across the world, including those in Asia Pacific (APAC), Europe, North America, Middle East & Africa, and Latin America, are making significant investments to acquire the most innovative and powerful global rescue hoists system market. About one out of every four helicopters owned by governments use rescue hoists. To support the personnel during a rescue, insertion, or extraction operation, cargo winches and rescue hoists are used. Global rescue hoists system market has segments, such as Electric Rescue Hoist Systems, Hydraulic Rescue Hoist Systems based on the type; Up to 0.15 tons, 0.15 to 1.5 tons, 0.5 to 1 ton, and more than 1 ton based on the capacity; into Defense, Utility Operations, Homeland Security, Emergency Services, and Others based on application. The defense under the application category is projected to dominate global rescue hoists system market, accounting for most of the market share.
Collins Aerospace, for example, has developed a new rescue hoist called Pegasus to cope with the changing business environment in the global rescue hoist system market, which provides operators with enhanced functionality and maintenance. The new hoist will make maintenance easier by eliminating the need for specialized tools, incorporating a lighter and more ergonomic control pendant, and making integration into the rotorcraft easier.
Impact of COVID-19 on Global Rescue Hoist System Market
COVID-19 pandemic had a significant impact on the world and is still causing instability in several countries. Despite massive backlogs from aircraft manufacturers (both fixed-wing and helicopters), the aerospace industry was experiencing significant growth in terms of production and services before the outbreak of COVID-19. The global aviation industry also saw an increase in aircraft procurement (both commercial and military), as well as an increase in Maintenance, repair, and operations (MRO) activities. COVID-19 outbreak, however, significantly reduced global demand for aircraft (both fixed-wing and helicopters). This resulted in significantly lower order volumes among airframe manufacturers, resulting in a decrease in the number of airframes produced. The drop in production volumes harmed the businesses of various component manufacturers. As a result, aircraft production (both fixed-wing aircraft and helicopters) became unstable, negatively impacting the growth of market players in the rescue hoist and cargo winches industries.
Prominent players in global rescue hoist system market include Hitachi Industrial Equipment Systems Co., Ltd., Ingersoll Rand, Columbus McKinnon Corporation, Konecranes, SWF Krantechnik, KITO CORPORATION, RUAG Group, JAMCO Corporation, Collins Aerospace, and HeliHub. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global rescue hoist system market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Rescue Hoist System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Rescue Hoist System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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