Austin, Dec. 08, 2024 (GLOBE NEWSWIRE) -- Overhead Cranes Market Size & Growth Analysis:
“According to SNS Insider Research, The Overhead Cranes Market size was valued at USD 5.24 Billion in 2023 and is expected to reach USD 8.68 Billion by 2032, growing at a CAGR of 5.78% over the forecast period from 2024 to 2032.”
The Overhead Cranes Market is fueled by infrastructure growth, expanding manufacturing, and rising port and logistics needs in emerging economies.
The Overhead Cranes Market is experiencing significant growth, largely driven by the increasing demand for infrastructure development in emerging economies. As these economies continue to expand, there is a rising need for advanced material handling solutions to support the growth of key sectors. The rapid expansion of manufacturing industries requires efficient systems to manage and transport heavy materials, which boosts the demand for overhead cranes. Additionally, the growth in port and logistics infrastructure further contributes to this trend. Ports require cranes to handle large volumes of goods, while logistics hubs rely on cranes for efficient transportation of materials. The ongoing infrastructure development projects, coupled with the increasing industrial activities, make overhead cranes essential for optimizing operations in various sectors, thus driving the overall market growth. With continued industrialization, the demand for these cranes is expected to remain strong in the coming years.
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Major Players Analysis Listed in this Report 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.
- Weihua Group
- Terex Corporation
- Liebherr Group
- Jaso Industrial Cranes
- Sany Group
- Cargotec Corporation
- Dongqi Crane
- DHS Crane
- ZPMC
- Demag Cranes & Components
- Faymonville & Other Players
Overhead Cranes Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 5.24 Billion |
| Market Size by 2032 | USD 8.68 Billion |
| CAGR | CAGR of 5.78% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
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Market Dominance and Trends in Bridge Cranes and Lifting Capacity Segments: 2023 Insights
By Type: The Bridge Cranes segment dominated the market with a share of over 37% in 2023. Bridge cranes are vital in industries that require the lifting of heavy loads across large spaces, providing the precision needed for safe and efficient load handling. Their widespread use in sectors such as automotive, manufacturing, and construction highlights their importance in industrial operations. These cranes can span large areas and handle substantial materials, making them ideal for heavy-duty environments. Their ability to maneuver and lift heavy loads with precision and reliability has solidified their position as the preferred solution in industries where efficiency and safety are paramount.
By Lifting Capacity: The "Up to 5 Ton" segment held a market share of over 42% in 2023. Cranes used for light to medium lifting tasks are commonly found in manufacturing, warehouses, and logistics environments due to their affordability and versatility. These cranes are particularly suited for everyday applications, including material handling, assembly, and the transportation of small equipment. Their ability to handle moderate loads with ease makes them invaluable in operations where efficiency and cost-effectiveness are key. As industries seek to optimize workflows and reduce operational costs, the demand for these cranes continues to grow. They are appreciated not only for their lower initial investment but also for their operational efficiency, helping businesses increase productivity while maintaining safety and reliability in tasks such as lifting and moving materials.
Overhead Cranes Market Key Segmentation:
By Type
- Gantry Cranes
- Jib Cranes
- Bridge Cranes
- Others
By Lifting Capacity
- Up to 5 Ton
- 6-10 Ton
- 11-50 Ton
- More Than 50 Ton
By End Use Industry
- Manufacturing
- Automotive and Transportation
- Construction
- Metal and Mining
- Power and Utilities
- Ports and Shipyards
- Others
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Asia-Pacific Dominates Overhead Cranes Market in 2023, While North America Poised for Fastest Growth
The Asia-Pacific region led the Overhead Cranes Market in 2023, accounting for more than 36% of the market share. The growth of the overhead cranes market in the Asia-Pacific region is primarily fueled by the ongoing industrialization in countries such as China, India, Japan, and South Korea. The expansion of infrastructure projects, along with the growth of the logistics and manufacturing sectors in these nations, is driving the demand for overhead cranes. Additionally, the region's large number of crane manufacturers and cost-effective production capabilities make Asia-Pacific a key hub for both the production and consumption of overhead cranes on a global scale.
North America is expected to witness the fastest growth in the coming years. The growing industrial activities, especially in automotive manufacturing, aerospace, and construction, are fueling the demand for advanced overhead crane systems. In North America, the incorporation of smart sensors, IoT technology, and energy-efficient solutions into crane systems is increasingly common, improving both operational efficiency and safety. Additionally, the continuous modernization of existing crane systems in the region is further driving market growth.
Recent Developments
- In June 2024: Liebherr's factory in Ehingen, Germany, expanded its product lineup with the introduction of the world's most powerful 6-axle crane: the new LTM 1400-6.1. Featuring a 70-meter telescopic boom, this crane is designed for easy and efficient setup processes. The LTM 1400-6.1 succeeds the highly regarded and successful LTM 1350-6.1.
- In February 2023: Weihua introduced a Smart Manager System for crane lifting operations, marking the beginning of a new era of digitalization and safety advancements in the lifting industry. This system enables users to eliminate hidden risks and achieve enhanced efficiency with added value.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Overhead Cranes Market Segmentation, By Type
8. Overhead Cranes Market Segmentation, By Lifting Capacity
9. Overhead Cranes Market Segmentation, By End Use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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