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A03711 | Pages: 192 | Charts: 48 | Tables: 139 |
The global overhead cranes market size was valued at $5 billion in 2023, and is projected to reach $7.6 billion by 2032, growing at a CAGR of 4.8% from 2024 to 2032.Overhead cranes or industrial cranes are utilized for material handling applications in industrial spaces. It consists of a hoist and a trolley attached to a support structure, which is 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. Furthermore, it has applications in automotive, aerospace, shipyards, paper, utility, and other industries.
Market Dynamics
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 have adopted new digitization technologies in industrial spaces to enhance the output generated through industrial process. This drives the demand for overhead cranes with electronic controls. Moreover, the surge in focus on workplace safety in industrial applications boosts the growth of the 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 create risks for the object, which is lifted, and the personnel working in the nearby space. In addition, overhead cranes 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 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, driving the overhead cranes market growth.
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 results in accidents and loss of material in industrial landscapes. Thus, the lack of skilled labor restrains the growth of market significantly.
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 requirements for sophisticated machinery. This creates opportunities for the growth of the market during the forecast period.
The overhead cranes market is segmented into type, business type, end user, and region. By type, the overhead cranes market overview is bifurcated into single girder and double girder. By business type, the overhead cranes market is categorized into original equipment manufacturer (OEM) and aftersales. By application, the market is classified into automotive, metal & mining, construction, utility, shipyards, and others.
[TYPEGRAPH]
By type, the single girder segment was the highest contributor to the market, in 2023. Single girder cranes consist of only one girder beam, which is supported on each side by an end truck. Further, single girder cranes are highly flexible and are used in small and medium sized factories for effective and economical applications. Single girder cranes are cost-effective and are highly suitable in medium-to-light duty applications or when the factory has less floor space or headroom. Further single girder cranes also use less material for construction, and are more compact, and light weight compared to double girder cranes.
[BUSINESSTYPEGRAPH]
By business type, the OEM segment was the highest contributor to the market, in 2023. OEM companies mostly manufacture and develop various parts and accessories of equipment that are marketed under other brand names. However, major original equipment manufacturers (OEMs) utilize engines and other equipment parts provided by other specialized manufacturing companies.
[ENDUSERINDUSTRYGRAPH]
By end user, the automotive segment was the highest contributor to the market in 2023. The automotive industry is the highest consumer of overhead cranes. Overhead cranes are most widely utilized for the lifting and transportation of machinery and automotive parts across the factory site for assembling and manufacturing applications.
[REGIONGRAPH]
By region, the overhead cranes market share 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 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.
Many competitors in the overhead cranes market outlook has adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. Key industry players such as Konecranes and Street Crane Company Limited introduced updated models featuring improved load management, better automation, and integration with smart technology. Additionally, updates to industry standards like ASME B30.2 in 2023 have impacted crane designs by enforcing more stringent testing, inspection, and operator safety requirements, which manufacturers have incorporated into their newer models.
Key Benefits For Stakeholders
Key Market Segments
Key Market Players