Pune, April 12, 2023 (GLOBE NEWSWIRE) -- The Overhead Cranes Market, as reported by SNS Insider, had a value of USD 4.78 billion in 2022 and is projected to attain USD 6.90 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.7% during the forecast period spanning 2023 to 2030.
Market Overview
Overhead cranes typically consist of a bridge or beam that runs along parallel runways, a hoist, and a trolley that moves back and forth along the beam. The hoist is the component that lifts and lowers the load, while the trolley moves the load horizontally across the bridge. These cranes are commonly used in various industries such as automotive, construction, manufacturing, and steel production. They are also used in ports to move shipping containers and other heavy cargo.
Market Analysis
The demand for overhead cranes is set to surge due to the rapid urbanization, modernization, and growth of various end-user industries. With the increasing awareness and adoption of workforce safety measures at workplaces, the growth rate of the market is further propelled. Governments worldwide are focusing on the development of infrastructure in untapped markets, which is creating lucrative opportunities for the growth of the market. With supportive policies and initiatives in place, companies are encouraged to expand their operations into new markets, thereby driving the growth of the overhead cranes market.
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Key Company Profiles Listed in this Report Are:
The key players are 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 & Others.
Impact of Russia-Ukraine Conflict on Overhead Cranes Industry
The ongoing conflict between Russia and Ukraine has the potential to impact various industries, including the overhead cranes market. The air compressor market, as reported by SNS Insider, is expected to experience growth over the forecast period from 2023 to 2030. However, the escalation of the conflict may result in various economic and political challenges that could impact the market.
Overhead Cranes Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 4.78 Billion |
| Market Size by 2030 | US$ 6.90 Billion |
| CAGR | CAGR of 4.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • by Type (Single Girder and Double Girder) • by Business Type (Original Equipment Manufacturer and Aftermarket) • by End-user (Automotive, Metal and Mining, Manufacturing, Aerospace, Utilities, Shipyards, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The Asia Pacific region's dominance in the global overhead cranes market is expected to continue, driven by factors such as increasing innovation in the automotive sector, favorable government initiatives, and the region's status as the largest producer of goods in the world. The market is poised to experience significant growth in the coming years, with ample growth opportunities provided by India's expanding manufacturing industry. The region's robust economic growth, along with the rise in construction and infrastructure development activities, has further propelled the demand for overhead cranes.
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Key Takeaway from Overhead Cranes Market Study
- The single girder segment of the market is expected to witness significant growth in the coming years, as more and more industries recognize the benefits of these cranes in terms of cost-effectiveness, efficiency, safety, and compatibility with advanced digital technologies.
- The automotive segment is poised to capture a significant share of the market, driven by the industry's growing demand for efficient and reliable material handling solutions. With the adoption of advanced technologies and materials, overhead cranes are becoming more efficient, safe, and versatile, making them an ideal solution for the automotive sector's complex material handling needs.
Recent Developments Related to Overhead Cranes Market
- Crane 1, a leading provider of overhead crane services, has announced its acquisition of Hoist & Crane Systems, a company specializing in the design, installation, and maintenance of custom crane systems. The acquisition will expand Crane 1's capabilities and service offerings, allowing them to provide even more comprehensive solutions for their clients.
- American Equipment Holdings, a leader in overhead crane services, has recently expanded its service footprint with the acquisitions of ASR Crane and Quality Crane Service. These acquisitions will allow American Equipment Holdings to further enhance its capabilities and expand its reach in the industry.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. The Overhead Cranes Market Segmentation, By Type
9. The Overhead Cranes Market, By Business Type
10. The Overhead Cranes Market, By End User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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