New York, USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Overhead Cranes Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Overhead Cranes Market Information by Product, End-User and Region - Forecast till 2028”, the market is estimated to grow at a 4.6% CAGR to reach USD 7.12 Billion by 2028.
Market Scope:
Since their mainframes are above parallel beams (girders), overhead cranes are often referred to as bridge cranes. In order to accomplish lifting and staging tasks throughout the production process, a trolley with a hook attached slides on the girders as a basis. In order to load and unload cargo from vehicles, move materials through mines, stage during the manufacture of automobiles, move cargo swiftly through assembly lines, and other tasks, overhead cranes are required.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 7.12 Billion |
| CAGR | 4.06% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, End-User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing automation of various activities in industrial space |
| With an increase in automation of the production process |
Competitive Dynamics:
The major global companies playing a key role in the overhead cranes market are:
- Konecranes Plc (Finland)
- Cargotec (Finland)
- Terex Cranes (US)
- Eilbeck Cranes (Australia)
- Ergonomic Partners (US)
- Columbus McKinnon Corporation (US)
- EMH, Inc (US)
- Weihua Group (China)
- ABUS Kransysteme GmbH (Germany)
- Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan)
Market Dynamics:
Market Drivers:
The main reason driving the growth of the global overhead cranes market is the rising automation of different tasks in the industrial sector. The advantages of overhead cranes and advancements in crane technology are encouraging industries to employ these cranes. Additionally, these cranes are economical and guarantee 100 percent safe operations when handling large goods. Therefore, as the production process becomes more automated, there is a corresponding increase in demand for overhead cranes.
Another significant element driving demand for overhead cranes is the swift expansion of several end-user industries, including the automotive, mining, iron & steel, and warehousing sectors, among others. The global market for overhead cranes is expanding as a result of the rising governmental and private expenditures made in these sectors' modernization.
The technology of cranes has advanced quickly. The production costs of items have benefitted from increased overhead crane automation. Because they are significantly more effective and affordable than lifting cranes, these cranes are still a common choice. The market for overhead cranes is expanding as a result of the increase in public expenditure in the construction of infrastructure. To improve the output produced by industrial processes, numerous actors are using new digitalization technologies in industrial settings as part of the "Industry 4.0" initiative. The need for overhead cranes with electronic controls has increased as a result.
Market Restraints:
The main constraints restraining the growth of the global overhead cranes market are the requirements for large investments and the infrastructure setup for overhead cranes. Due to the abundance of other choices, these factors prevent the employment of these cranes in modest installations. Overhead cranes occupy a significant amount of space and height in industrial buildings and are semi-permanent.
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COVID-19 Analysis:
Covid-19 had a significant effect on the market for overhead cranes worldwide. The total demand for overhead cranes declined as a result of the fall in activity of important end-user sectors including transportation, mining, and automotive. In addition, the supply chain was disrupted as a result of the stoppage in cargo transportation to stop the virus's spread. However, the market is responding favorably to the worldwide easing of COVID laws and the restart of all production and transportation activity.
Market Segmentation:
by Type
Due to its extensive application in heavy industries, double girder cranes have the majority of the market share. The two bands of twin girder cranes combine to create a bridge. These cranes have a larger hook height as well as other features including magnetic reels, cabins, and maintenance platforms.
Single girder cranes, on the other hand, are gaining market share because they are simpler to install, repair, and maintain. These cranes are also perfect for workshops, small industrial facilities, and storage facilities
by Business Type
The aftermarket sector represents a bigger portion of the market. The capacity to customize products to meet the requirements of various user sectors creates a need for aftermarket goods.
by End-User industries
The two largest end-user sectors in the global overhead cranes market are metal and mining. The primary demand-generating driver in this sector is the requirement for heavy lifting. These cranes are ideal for loading, unloading, and transporting mining materials because to their low production and maintenance costs and increased productivity with big weights. Additionally, these cranes are quite useful in the iron and steel and other metal producing sectors. Additionally, the manufacturing, automotive, and utility sectors are using customized overhead cranes more and more.
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Regional Analysis:
The market for overhead cranes is dominated by Asia-Pacific, which is also the sector with the quickest rate of expansion. The market is expanding quickly as a result of the explosive expansion of key end-user sectors including mining, automotive, and transportation. Additionally, rising demand from the shipyard management, paper, power & utilities, and warehouse management industries is accelerating market expansion in this region.
The second-largest geographical market for overhead cranes is in North America. Overhead cranes are in high demand because to the expansion of the mining, utility, automobile, and aviation sectors. Additionally, the adoption of cutting-edge technology is being emphasized more and more in these industries, which is fueling market expansion.
The market for overhead cranes is significantly dominated by Europe. The main demand-generating industries in this region are the automotive, aviation, transportation, and utilities sectors, particularly in Germany, France, and the UK.
Over the course of the projection period, a modest growth rate is anticipated for the market in Latin America, the Middle East, and Africa. The expansion of the Middle East's warehousing and utilities sectors as well as Latin America's transportation sector is projected to support the demand for overhead cranes.
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