Portland, OR, Feb. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global overhead cranes industry was pegged at $3.77 billion in 2019, and is anticipated to hit $5.04 billion by 2027, manifesting a CAGR of 4.9% from 2020 to 2027. The report offers an in depth analysis of recent market trends, major strategies, and top competitors within the market frame.
Increase in government investment in development of infrastructure activity, rise in need for workplace safety in industrial applications, and higher time optimization and reduced labor cost fuel the growth of the global overhead cranes market. On the other hand, limited availability of skilled workforce to complete operation and time requirement for supply chain impede the market growth. Nevertheless, rise in investment in the manufacturing sector is expected to usher a plethora of opportunities for the market players in the near future.
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Covid-19 Scenario
- The outbreak of the pandemic has led to impact the manufacturing activities of overhead cranes and it have been decelerated during the global lockdown. Furthermore, factors such as pause in international trade and prolonged lockdowns have further impacted the market.
- Nevertheless, as the government bodies in several regions have eased off the relaxations for economic benefits, the industry is anticipated to recoup soon.
Global overhead cranes market is segmented on the basis of type, business type, end user, and region. Based on type, the singular girder segment dominated the total market share, with around two-thirds of the global overhead cranes market in 2019, and is expected to lead the trail throughout the forecast period. At the same time, the segment is also anticipated to portray the fastest CAGR of 5.2% from 2020 to 2027.
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Based on business type, the OEM segment accounted for the highest share in 2019, with more than two-thirds of the global overhead cranes market, and is expected to dominate the market in terms of revenue during the forecast period. Nevertheless, the aftersales segment is expected to manifest the highest CAGR of 5.7% from 2020 to 2027.
Based on region, the market is studied across regions including Asia-Pacific, Europe, LAMEA, and North America. The market across Asia-Pacific held the lion’s share in 2019, with nearly half of the global overhead cranes market, and will maintain its dominance throughout 2027.Furthermroe, the region is also anticipated to portray the largest CAGR of 5.4% during the forecast period.
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Leading Players:
The key market players profiled in the report include ABUS Kransysteme GmbH, Columbus McKinnon Corporation (CMCO), EMH, Inc., GH Cranes & Components, Gorbel Cranes, Kito Corporation, Konecranes Plc, Ralf Teichmann GmbH, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., and Weihua Group.
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