The overhead cranes market size is expected to reach $5,043.7 million in 2027, from $3,778.9 million in 2019, growing at a CAGR of 4.9% from 2020 to 2027. Overhead cranes, also known as bridge cranes or industrial cranes are mainly utilized in industrial spaces for lifting and transiting heavy and bulky goods. It constitutes of a single or double girder system, which supports movement of a trolley and hoist. The trolley allows horizontal movement, whereas the hoist allows vertical movement. Further, overhead cranes commonly find applications in metal & mining, aerospace, automotive, shipyards, and other industry.
Increase in demand for the overhead cranes in manufacturing, transpiration & logistics, and warehousing & storage facilities drives the demand for overhead cranes, which in turn boosts the growth of the overhead cranes market. Furthermore, various private companies and government organizations are investing in development of infrastructure activities including road construction, dam building, bridges construction, railway, waterways, and others, where overhead cranes with high loading capacities are widely required to lift and move bulky loads. Thus, demand for overhead cranes is increasing in these developing sectors. Furthermore, overhead cranes developed using specialized tools according to requirement increases the precision of work. These factors are expected to boost the demand for overhead cranes during the forecast period. Moreover, overhead cranes can lift bulky and heavy loads in industrial applications, where inappropriate method used for lifting such heavy loads and containers can cause damage to product and reduces workplace safety. A single overhead crane can replace multiple forklifts and reduces the damages to products. In addition, overhead cranes increase the workplace safety, as these cranes operate in overhead area and are less expected to move loads into personnel, walls, machinery or other obstacles, when compared with forklift traffic. These factors increase the growth in demand for overhead cranes. Furthermore, less human intervention reduces the labor cost, and decreases production cost. This in turn minimizes overall operational cost in the manufacturing process and increases the workplace safety, which also drives the demand for overhead cranes.
However, unavailability of skilled labor in the manufacturing industry is one of the important restraining factors for the growth of overhead cranes market. Overhead cranes have complicated configurations and achieving desirable results requires extensive training of the operator. Hence, the lack of skilled labor restrains the growth of the market. Moreover, fluctuations in raw material prices also hinders the growth of the overhead cranes market significantly.
On the contrary, various companies are investing in domestic manufacturing in many developing countries such as India, Sri Lanka, and others, which is expected to provide lucrative opportunities to small and new overhead crane manufacturers to expand their business capabilities during the forecast period.
The global overhead cranes market is segmented on the basis of type, business type, end user, and region. Based on type, the overhead cranes market is bifurcated into single girder and double girder. According to business type, the global overhead cranes market is categorized into original equipment manufacturer (OEM) and aftersales. By application, the market is classified into automotive, metal & mining, paper, utility, aerospace, shipyards, and others.
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.
COMPETITION ANALYSIS
The Key market Players profiled in the report include 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.
Many competitors in the overhead cranes market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in May 2016, the company Konecranes plc based in Finland acquired the Demag overhead crane business from the U.S. based Terex Corporation which is a leading manufacturer of material processing and lifting equipment. The acquisition has strengthened Konecranes position in the overhead cranes and port cranes industry. Similarly, in September 2019, Konecranes launched two new series of cranes including the S-series and M-series. The cranes provide real-time data and insights through the Konecranes consumer portal which increases the usage visibility and assists in anticipating maintenance requirements.
Key Benefits for Stakeholders
GLOBAL OVERHEAD CRANES MARKET SEGMENTS
By TYPE
By BUSINESS TYPE
By END USER
By REGION
KEY PLAYERS
Increase in demand for the overhead cranes in manufacturing, transpiration & logistics, and warehousing & storage facilities drives the demand for overhead cranes, which in turn boosts the growth of the overhead cranes market. Furthermore, various private companies and government organizations are investing in development of infrastructure activities including road construction, dam building, bridges construction, railway, waterways, and others, where overhead cranes with high loading capacities are widely required to lift and move bulky loads. Thus, demand for overhead cranes is increasing in these developing sectors. Furthermore, overhead cranes developed using specialized tools according to requirement increases the precision of work. These factors are expected to boost the demand for overhead cranes during the forecast period. Moreover, overhead cranes can lift bulky and heavy loads in industrial applications, where inappropriate method used for lifting such heavy loads and containers can cause damage to product and reduces workplace safety. A single overhead crane can replace multiple forklifts and reduces the damages to products. In addition, overhead cranes increase the workplace safety, as these cranes operate in overhead area and are less expected to move loads into personnel, walls, machinery or other obstacles, when compared with forklift traffic. These factors increase the growth in demand for overhead cranes. Furthermore, less human intervention reduces the labor cost, and decreases production cost. This in turn minimizes overall operational cost in the manufacturing process and increases the workplace safety, which also drives the demand for overhead cranes.
However, unavailability of skilled labor in the manufacturing industry is one of the important restraining factors for the growth of overhead cranes market. Overhead cranes have complicated configurations and achieving desirable results requires extensive training of the operator. Hence, the lack of skilled labor restrains the growth of the market. Moreover, fluctuations in raw material prices also hinders the growth of the overhead cranes market significantly.
On the contrary, various companies are investing in domestic manufacturing in many developing countries such as India, Sri Lanka, and others, which is expected to provide lucrative opportunities to small and new overhead crane manufacturers to expand their business capabilities during the forecast period.
The global overhead cranes market is segmented on the basis of type, business type, end user, and region. Based on type, the overhead cranes market is bifurcated into single girder and double girder. According to business type, the global overhead cranes market is categorized into original equipment manufacturer (OEM) and aftersales. By application, the market is classified into automotive, metal & mining, paper, utility, aerospace, shipyards, and others.
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.
COMPETITION ANALYSIS
The Key market Players profiled in the report include 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.
Many competitors in the overhead cranes market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in May 2016, the company Konecranes plc based in Finland acquired the Demag overhead crane business from the U.S. based Terex Corporation which is a leading manufacturer of material processing and lifting equipment. The acquisition has strengthened Konecranes position in the overhead cranes and port cranes industry. Similarly, in September 2019, Konecranes launched two new series of cranes including the S-series and M-series. The cranes provide real-time data and insights through the Konecranes consumer portal which increases the usage visibility and assists in anticipating maintenance requirements.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging global overhead cranes market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive overhead cranes market opportunity analysis of all the countries is also provided in the report.
- The global overhead cranes market forecast analysis from 2020 to 2027 is included in the report.
- The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.
GLOBAL OVERHEAD CRANES MARKET 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
By REGION
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- The UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY PLAYERS
- 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
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OVERHEAD CRANES MARKET, BY TYPE
CHAPTER 5: OVERHEAD CRANES MARKET, BY BUSINESS TYPE
CHAPTER 6: OVERHEAD CRANES MARKET, BY END-USER INDUSTRY
CHAPTER 7: OVERHEAD CRANES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES: OVERHEAD CRANES MARKET
List of Tables
List of Figures
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
