Overhead Cranes Market Expected to Reach $5.0 billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, May 8, 2024 /EINPresswire.com/ -- The ascent in government spending on infrastructure development, the increasing demand for workplace safety in industrial settings, and the emphasis on time efficiency and cost reduction are propelling the global overhead cranes market forward. Additionally, the upsurge in investments within the manufacturing sector promises fresh opportunities in the foreseeable future.
According to the report, the global overhead cranes industry generated $3.77 billion in 2019, and is expected to generate $5.04 billion by 2027, witnessing a CAGR of 4.9% from 2020 to 2027.
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Driving Demands:
Overhead cranes also known as bridge cranes or industrial cranes are utilized for material handling applications in industrial spaces. It constitutes of parallel runways with a traveling bridge and a hoist. The lifting component of a crane moves in multiple directions through the overhead space in the facility. Further, overhead cranes find applications in automotive, aerospace, shipyards, paper, utility, and other industries.
Moreover, Asia-Pacific is the highest contributor in the overhead cranes market. China holds majority of the global share in consumption mainly due to low cost of manufacturing. In addition, increase in investments on manufacturing infrastructure mainly in developing countries such as India, Bangladesh, Vietnam, and others, also boosts the demand for overhead cranes in Asia-Pacific. China’s growing automobile industry is also driving the demand for overhead cranes in the country. However, countries such as the U.S., Germany, and other European countries, are focused on developing new technologies in the overhead cranes industry to sustain their market share during the forecast period.
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Key Segments:
By Type -
Single Girder
Double Girder
By Business Type -
Original Equipment Manufacturers (OEM)
Aftersales
By End User -
Automotive
Metal & Mining
Paper
Utility
Aerospace
Shipyards
Others
Regional Analysis:
The global overhead cranes market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
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Top Players:
The major players operating in the overhead cranes industry include botek 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.
Key Findings Of The Study
By type, the double girder segment dominated the overhead cranes market share in 2019.
By business type, the original equipment manufacturers (OEM) segment dominated the overhead cranes market during 2019.
Depending on end user, the automobile segment garnered major share of the overhead cranes market in 2019.
Region wise, Asia-Pacific dominated the market in 2019.
LAMEA is expected to witness a high growth rate during the forecast period.
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