Pune India, March 17, 2023 (GLOBE NEWSWIRE) -- Global Overhead Cranes Market Size By Boom-Type (Single-Grider and Double-Grider), By Business Type (OEM and Aftermarket), By End-User (Utility, Metal & Mining, Automotive, Shipyards, and Aerospace), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the overhead cranes market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the overhead cranes market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as boom-type, business type, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below. The significant players operating in the global overhead cranes market are “Sumitomo Heavy Industries Material Handling Systems Co.Ltd., Kito Corporation, Columbus McKinnon Corporation, Ralf Teichmann GmbH, GH Cranes & Components, Weihua Group, ABUS Kransysteme GmbH, Gorbel Cranes, Konecranes Plc, EMH Inc., Henan Mine, Safex Electromech, Unique Industrial Handlers, K2 Cranes, United Crane Components Pvt. Ltd among others”. To achieve a substantial market share in the worldwide overhead cranes market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Overhead cranes are machines used to lift and move heavy materials from one place to another. In industrial settings, overhead cranes can lift large, bulky objects, which require proper lifting techniques to prevent workplace accidents and damage to products. Multiple forklifts can be replaced by one overhead crane, reducing product damage. In order to minimize accidents, there is a growing need for efficient operations because goods and materials are in high demand, they have to be moved quickly, and they have to be moved efficiently. In addition, maintaining production schedules reduces the likelihood of accidents and repair costs, all of which contribute to reducing downtime. In addition to rapid urbanization and modernization, various end-user industries will grow and expand, resulting in a rapid increase in the demand for overhead travelling cranes. Overhead travelling cranes have seen a rapid increase in awareness and adoption of safety measures in the workplace. Since the demand for skilled workers has increased, manufacturing companies are hiring more people at higher rates, causing higher labour costs. As a result of the significant shortage of staff in organizations, team members become overworked and dissatisfied with their jobs, and automated cranes require skilled operators to function effectively.
Scope of Overhead Cranes Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Boom-Type, Business Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Sumitomo Heavy Industries Material Handling Systems Co.Ltd., Kito Corporation, Columbus McKinnon Corporation, Ralf Teichmann GmbH, GH Cranes & Components, Weihua Group, ABUS Kransysteme GmbH, Gorbel Cranes, Konecranes Plc, EMH Inc., Henan Mine, Safex Electromech, Unique Industrial Handlers, K2 Cranes, United Crane Components Pvt. Ltd among others. |
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Segmentation Analysis
Single-girder is expected to be the fastest-growing segment in 2022.
The boom-type segment includes a single-girder and double-girder. The single-girder segment is expected to witness the highest growth rate during the forecast period. With their low cost and ease of use, single girder cranes are highly suitable for medium and light-duty applications or facilities that have limited space or headroom. Also, single-girder cranes are more compact and lightweight than double-girder cranes, and thus cost less to build, install, and transport. Overhead crane markets grow due to the advantages of single girder cranes, which are available in maximum lifting capacities of 5 tons to 35 tons.
OEM is expected to be the fastest-growing segment in 2022.
The business type segment includes OEM and aftermarket. The OEM segment is expected to witness the highest growth rate during the forecast period. OEMs are the largest contributors to the market and are expected to grow by a CAGR of 4.7% during the forecast period. Automation software providers, engine manufacturers, and parts manufacturers aid OEMs in providing cutting-edge technologies.
Automotive is expected to be the fastest-growing segment in 2022.
The end-user segment includes utility, metal & mining, automotive, shipyards, and aerospace. The automotive segment is expected to witness the highest growth rate during the forecast period. In the automotive industry, overhead cranes are highly efficient; they are used to lift and transport automotive parts or even an assembled vehicle, depending on the crane's capacity and requirement. By reducing human resources and traffic on the floor, the process is optimized.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the overhead cranes market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Due to the significant investments in infrastructure in this region and the presence of several key manufacturers, Asia Pacific is estimated to hold the largest share of the market in the forecast period. China was the largest market share in 2017 and India also saw the largest growth in the Asia Pacific overhead cranes market. China holds the largest share of the overhead crane market in the Asia Pacific, followed by Japan.
Country Analysis
- Germany
Germany's overhead cranes market size was valued at USD 429.36 million in 2022 and is expected to reach USD 765.7 million by 2030, at a CAGR of 7.5% from 2023 to 2030.
Overhead cranes are equipped with smart technology that enables them to gather data about how they operate. Smart technology, which enables a review of historical maintenance data and technical information of the crane for maintenance purposes, is also boosting the adoption of automated overhead cranes across the country as a result of the growing trend.
- China
China’s overhead cranes market size was valued at USD 468.8 million in 2022 and is expected to reach USD 848.6 million by 2030, at a CAGR of 7.7% from 2023 to 2030.
China's overhead crane market is shaped by product innovations. Among the key players operating in this market are developing innovative product technologies for crane ropes, such as synthetic ropes, to help improve system performance, as well as performance diagnostics for the early detection of crane maintenance requirements.
- India
India's overhead cranes market size was valued at USD 360.6 million in 2022 and is expected to reach USD 647.9 million by 2030, at a CAGR of 7.6% from 2023 to 2030.
With an increase in demand, an increase in income, new technology and equipment, as well as programs to raise awareness of the need, India is expected to expand substantially. As a result, companies, government organizations, etc., are increasingly developing customer-centric products, which are also helping with the country's development.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for overhead cranes in various end-user applications.
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