US & Canada, Jan. 13, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “the global Electric Overhead Traveling (EOT) Cranes Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Bridge Cranes, Gantry Crane, Jib Crane and Others), Bridge Crane (Single Girder Crane and Double Girder Crane), Application (Construction, Mining and Metals, Chemical, Shipping Industry, Automotive and Transportation, Oil and Gas, General Manufacturing and Others) and Geography”.
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The report carries out an in-depth analysis of market trends, key players, and future opportunities. Based on type, the electric overhead traveling cranes market is segmented into bridge cranes, gantry cranes, JIB cranes, portal cranes, and others.
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Market Overview and Growth Trajectory:
Electric Overhead Traveling (EOT) Cranes Market Growth: The electric overhead traveling (EOT) cranes market is expected to reach US$ 3,291.90 million by 2031 from US$ 2,026.50 million in 2023, at a CAGR of 6.3% during the forecast period.
Construction industries are expanding globally with the rising number of low-to-medium-priced residential housing projects, commercial infrastructures; and government-backed infrastructure initiatives, including roads, bridges, and highways. The rise in construction activities is mainly driven by rising urbanization, increasing population, and a growing economy. According to the data published by the Word Bank in 2023, ~56% of the total population (or 4.4 billion people) were living in urban areas in 2022, which was 3.5 billion in 2010.
Governments are increasingly taking strategic initiatives for infrastructure developments. In 2015, the government of India introduced a scheme to provide affordable housing to all. Through this scheme, ~10 million housing units were built between 2019 and 2024. In 2016, the government of Saudi Arabia initiated the Saudi Vision 2030 scheme, followed by an investment of ~US$ 1.3 trillion in 2024 for the development of residential, commercial, and public infrastructure. In July 2024, as a part of a modernization and expansion project, Vinci Airports announced improvements to Las Américas International Airport, which caters to the Dominican Republic's capital city, Santo Domingo.
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Growing demand for residential and commercial complexes, rising government initiatives, and surging high-rise constructions are attributed to the increasing government focus on infrastructure development. In March 2023, the Canadian Kelowna City Council approved the funding of US$ 90 million for the Kelowna Airport terminal expansion project. In 2023, six new airports were under construction in the US.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and APAC. Europe is expected to register the highest CAGR during the forecast period.
Electric Overhead Traveling (EOT) Cranes Market Segmentation, Applications, Geographical Insights:
- Based on type, the electric overhead traveling cranes market is segmented into bridge cranes, gantry cranes, JIB cranes, portal cranes, and others.
- The market for bridge cranes is sub-segmented into single-girder cranes and double-girder bridge cranes.
- The market, in terms of application, is classified into construction, mining, chemical, shipping industry, automotive, oil & gas, and others.
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Key Players and Competitive Landscape:
The Electric Overhead Traveling (EOT) Cranes Market is characterized by the presence of several major players, including:
- Dafang Heavy Machine Co.,Ltd.
- Sumitomo Corp
- Spanco, Inc.
- ABUS Kransysteme GmbH
- Columbus McKinnon Corporation
- Konecranes Plc
- WHCRANE
- VERLINDE SA
- Gorbel Inc
- American Equipment
- Uesco Cranes
- Safex Industries Limited
- Harrington Hoists, Inc
- K2 Cranes & Components Pvt. Ltd.
- TAWI AB
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Electric Overhead Traveling (EOT) Cranes Market Recent Developments and Innovations:
- " Dafang's LDY-type metallurgical electric single-girder overhead crane is used to work intermittently and periodically to complete the displacement of materials for lifting and transporting in the process of metallurgical production in a timely and rapid manner through lifting hooks or other picking devices.”
- “Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and Chief Executive Officer: Masayuki Hyodo) is pleased to announce its subsidiary, Sunstate Equipment Co., LLC (Head Office: Phoenix, Arizona CEO: Chris Watts) (Sunstate), has acquired 100% of the assets and operations of Trench Shore Rentals, Inc. (Head Office: Phoenix, Arizona) (TSR), a leading U.S. trench safety equipment rental company.”
- “Columbus McKinnon Corporation, a leading designer and manufacturer of intelligent motion solutions for material handling, announced that it has closed the previously announced acquisition of montratec® GmbH, a leading automation solutions company that designs and develops intelligent automation and transport systems for interlinking industrial production and logistics processes. The Company has acquired montres in an all-cash transaction for approximately $110 million at current exchange rates. The acquisition includes an earnout in an amount expected not to exceed $14 million based on Montres's future EBITDA performance.”
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Conclusion:
The use of various construction and load-bearing equipment, such as electric overhead traveling cranes, is increasing significantly in the oil & gas, utility, mining, and automotive manufacturing and assembly facilities. The automotive industry is undergoing massive growth with rising government initiatives and funding for electric vehicle infrastructure development. An upsurge in the number of automotive manufacturing plants and the rapidly flourishing shipping industries worldwide owing to burgeoning e-commerce and logistics activities drive the electric overhead traveling cranes market growth. Increasing investments in the oil & gas and energy & power industries provide a further boost to the electric overhead traveling cranes market. These cranes are also being deployed in utilities, mining, and natural gas production facilities.
The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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