Market Forecast

The Global Overhead Cranes Market Growth is projected to be worth USD 7.12 Billion by 2028, registering a CAGR of 4.06% during the forecast period (2021 - 2028). 

Segmentation

By Product: The two segments are the single girder and double girder overhead cranes in the global overhead cranes market growth. Single girder cranes find utility in industries which need the cranes to perform a specific task and not be retrofitted for additional tasks. Single girder cranes have an active rental market as well. The primary advantage offered by single girder cranes over double girder cranes is reduced cost. Double girder cranes are more expensive but can be repurposed with far greater ease than single girder cranes. This is mostly due to the greater hook height they offer. They find utility in factories, warehouses, and transportation.

By End-User: Virtually all heavy industries, metal processing, chemicals, and utilities find use for overhead cranes. The automotive industry is expanding rapidly with China expected to increase its automotive output tenfold between 2005 and 2030. The high demand for automobiles can only be fulfilled by automation of the automotive manufacturing plants, for which the use of overhead cranes is critical. The paper manufacturing and print media industry has relied on overhead cranes for well over a century. Utilities are being overhauled by governments to make them more efficient while enhancing their output, especially in the public works and power departments, which further drives the overhead crane market. With global mining outputs reaching record levels, and the demand for them (especially rare earth metals) increasing, it is imperative for this industry to use overhead cranes due to the high loads that must be shifted to facilitate metal extraction. Beyond this, all manufacturing which is automated and streamlined can utilize overhead cranes to minimize downtime and enhance efficiency. Steel production also uses Overhead Cranes market growth extensively. This requires specialization as the cranes must hoist liquid steel, for which the equipment undergoes the necessary redesigning. In 2021, Cargotec Corporation’s subsidiary, Kalmar, completed the upgrade and refurbishment of overhead cranes in the Aperam stainless steel plant in Belgium.

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Market Dynamics:

Market Drivers:

The main reason driving the growth of the global overhead cranes market manufacturing the rising automation of different tasks in the industrial sector. The advantages of overhead cranes and advancements in crane technology are encouraging industries to employ these cranes. Additionally, these cranes are economical and guarantee 100 percent safe operations when handling large goods. Therefore, as the production process becomes more automated, there is a corresponding increase in demand for overhead cranes.

Another significant element driving demand for overhead cranes is the swift expansion of several end-user industries, including the automotive, mining, iron & steel, and warehousing sectors, among others. The global market for overhead cranes is expanding as a result of the rising governmental and private expenditures made in these sectors' modernization.

The technology of cranes has advanced quickly. The production costs of items have benefitted from increased overhead crane automation. Because they are significantly more effective and affordable than lifting cranes, these cranes are still a common choice. The market for overhead cranes is expanding as a result of the increase in public expenditure in the construction of infrastructure. To improve the output produced by industrial processes, numerous actors are using new digitalization technologies in industrial settings as part of the "Industry 4.0" initiative. The need for overhead cranes with electronic controls has increased as a result.

Market Restraints:

The main constraints restraining the growth of the global overhead cranes market are the requirements for large investments and the infrastructure setup for overhead cranes. Due to the abundance of other choices, these factors prevent the employment of these cranes in modest installations. Overhead cranes occupy a significant amount of space and height in industrial buildings and are semi-permanent.

Key Players

• Konecranes Plc (Finland)
• Cargotec (Finland)
• Terex Cranes (US)
• Eilbeck Cranes (Australia)
• Ergonomic Partners (US)
• Columbus McKinnon Corporation (US)
• EMH, Inc (US)
• Weihua Group (China)
• ABUS Kransysteme GmbH (Germany)
• Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan)
• ABUS Kransysteme GmbH
• Sumitomo Heavy Industries Material Handling Systems Co.,Ltd
•  

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