Overhead Cranes Market Statics - 2027
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 or industrial cranes are mainly utilized for material handling applications in industrial spaces. It constitutes of a hoist and a trolley attached to a support structure which is also called a girder. The girder allows the trolley and the hoist to travel from side-to-side along the length of the crane. Overhead cranes are distinguished into two main types namely, single girder crane and double girder crane. Further, it finds application in automotive, aerospace, shipyards, paper, utility, and other industries.
The rise in governmental investment for the development of infrastructural activities drives the growth of overhead cranes market. Under the ‘Industry 4.0’ plan, various players are adopting new digitization technologies in industrial spaces to enhance the output generated through industrial process. This has driven the demand for overhead cranes with electronic controls. Moreover, growing focus on workplace safety in industrial applications boost the growth of overhead cranes market. Overhead cranes are specialized equipment designed to lift and transfer bulky and heavy loads in industrial spaces. Inappropriate handling and lifting of such heavy goods can create risks for not only the object, which is lifted, but also the personnel working in the nearby space. In addition, overhead cranes also eliminate the need for forklifts which increases the working area in the factory. Such factors promote the demand for overhead cranes, which in turn drives the growth of the global overhead cranes industry. Furthermore, use of overhead cranes allows direct-path transportation over obstacles on the ground which offers smooth lifting operations. This helps in replacing the costs incurred on multiple forklifts and manual labor. Thus, driving the growth of the market.
However, lack of skilled labor and frequently fluctuating raw material prices are likely to hinder the growth of the overhead cranes market. These machines are difficult to operate and improper handling of the machine can result in occurrence of accidents and loss of material in industrial landscapes. Thus, the lack of skilled labor restrains the overhead cranes market growth significantly. In addition, the COVID-19 pandemic has shut-down the production and sales of overhead cranes, mainly owing to the prolonged lockdown in major global countries including the U.S., Italy, the UK, and others. This has hampered the growth of the market significantly within the past few months, as is expected to continue during 2020. Moreover, the lockdowns have also led to reduced demand for automotive products; thereby, hampering the mobility industry.
Single girder segment is projected to grow at a significant CAGR
On the contrary, increased adoption of automation in manufacturing industries is likely to create opportunities for the growth of overhead cranes industry. Advancements in manufacturing processes assist in generating high requirement for sophisticated machinery. This creates opportunities for the growth of the market during the forecast period.
Global overhead cranes market is segmented on the basis of type, business type, end user, and region. Based on type, the market is bifurcated into single girder and double girder. According to business type, the global market of overhead cranes 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.
By Business Type
Aftersales segment is projected to grow at a significant CAGR
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 overhead cranes market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
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.
By End-user Industry
Automotive segment holds dominant position in 2019
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.
Asia-Pacific holds a dominant position in 2019 and is expected to grow at a highest rate during the forecast period.
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 Market Segments
- Single Girder
- Double Girder
By Business Type
- Original Equipment Manufacturers (OEM)
By End User
- Metal & Mining
- North America
- The UK
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Overhead Cranes Market Report Highlights
By BUSINESS TYPE
By END-USER INDUSTRY
Key Market Players
EMH, Inc, Ralf Teichmann GmbH, Konecranes, Columbus McKinnon Corporation, ABUS Kransysteme GmbH, Kito Corp, Weihua Group, GH Cranes & Components, Gorbel Cranes, Sumitomo Heavy Industries Material Handling Systems Co.,Ltd.
China is the largest shareholder of the overhead cranes industry, owing to the large manufacturing infrastructure and a strong foothold in the manufacturing industry. In addition, the Government of China also promotes the automotive manufacturing industry by providing investments in electric and hybrid cars to increase the electric vehicle fleet in the country. This has driven the demand for overhead cranes in China, which further boosts the overhead cranes industry. However, major players such as Konecranes plc based in Finland, Columbus McKinnon Corporation based in the U.S., Kito Cranes headquartered in Japan, and few others still have a strong presence in the overhead cranes market.
Moreover, the advancements in automation technologies and increasing investments on infrastructural development of industries boosts the demand for overhead cranes. Overhead cranes are highly efficient and consume minimum space on the industry floor. This reduces the traffic on the working area and reduces the time incurred on transit of heavy loads and materials. Further, through the use of internet of things (IoT) technologies, operator can collect real-time data from the crane and also predict its operational efficiency. This not only reduces the possibilities of accidents, but also allows scheduled maintenance of the equipment, which in turn increases the productivity of the crane.
Many competitors in the overhead cranes market adopted product launch 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.