The global overhead cranes market is experiencing new demand strides owing to urbanization, industrialization, and automation. Overhead cranes will gain more prominent roles in industries with continuing automation at the workplace. Industries are keyed specifically towards new autonomous tools. More and more work areas are automated with a heightened appetite for efficient and technology-led ways of handling workloads. Certain advancements in the design of overhead cranes and awareness will lead to broader acceptance of overhead cranes.
DOUBLE GIRDER OVERHEAD CRANES DOMINATED WITH OVER 55% SHARE IN 2020.
Double girder cranes are used explicitly for heavy-duty applications where components are more complex. These are ideal for heavy loads and frequent operations. Double girder overhead cranes dominated the market on account of their superior features over single girder cranes. Double girder cranes offer greater efficiency, maximum span and capacity, extra strength, rigid torsion capability, and hook height, and special features such as operator cabs, walkways, and lights can be added and supported.
ASIA PACIFIC ACCOUNT FOR OVER 30% SHARE IN 2020.
The Asia Pacific accounted for the largest share in 2020, attributed to rapid transformation in industries and infrastructure. The region is projected to witness rapid growth due to growing investment, government support for expanding industries. As an influence of robust urbanization, there has been an increase in residential area construction. All of these are paving demand for overhead cranes.
PROMINENT PLAYERS IN THE MARKET:
Cargotec Corporation, Brehob Corporation, The Liebherr Group, Gorbel, Inc., KITO Corp., American Crane Norway A/S, D.R. Cordell & Associates, Inc., XCMG Group, Konecranes, Inc., ACE World Companies
The overhead cranes market was valued around $ 3825 million in 2021, growing at a CAGR of 5% from 2022 to 2028.
An overhead crane is equipment that lifts and moves heavy materials from one location to another in a precise manner. It consists of a hoist, the lifting component of a crane, and parallel runways with a traveling bridge spanning the gap. An overhead crane is designed and engineered for a specific purpose or application to suit a business' material handling needs, including loading or unloading materials, moving materials around a facility, flipping or pulling parts in and out, feeding raw material into a machine, moving parts down an assembly line in a controlled fashion, and moving containers around a shipyard or railyard.
Market Dynamics
The global overhead cranes market is estimated to grow with rapid industrialization and urbanization. Rising automation within industries and a rise in governmental investment to develop infrastructure are projected to swell demand for overhead cranes. The growth is also supported by The Fourth Industrial Revolution. Industries are investing heavily in their facility to boost their working efficiency along with ensuring safety. Overhead cranes are amongst the prominent crane types due to their flexibility in lifting and ability to travel. Overhead cranes are mainly used in infrastructure development or construction projects such as buildings, bridges, airports, roadways, and other industrial, commercial, and residential projects. However, the high initial cost of overhead crane, the reliance on man power, and the absence of a skilled workforce for operating cranes are likely to restrain overhead crane market growth.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of overhead cranes.
Market Segmentation
The entire Overhead Cranes market has been sub-categorized into type, business type, and end-user. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Type
- Single Girder
- Double Girder
- Others
By Business Type
- Original Equipment Manufacturers (OEM)
- Aftersales
By End User
- Automotive
- Metal & Mining
- Paper
- Utility
- Aerospace
- Shipyards
- Others
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for overhead cranes market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Overhead Cranes Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the overhead cranes market include Cargotec Corporation, Brehob Corporation, The Liebherr Group, Gorbel, Inc., KITO Corp., American Crane Norway A/S, D.R. Cordell & Associates, Inc., XCMG Group, Konecranes, Inc., ACE World Companies. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.