USD 5878.86 Million
Overhead Cranes Market Size, Share, Growth Analysis, By Type(Single Girder Overhead Cranes, and Double Girder Overhead Cranes), By Components(Automotive, Paper, Utility, Aerospace), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2256 |
Region:
Global |
Published Date: April, 2024
Pages:
199
|Tables:
64
|Figures:
74
Overhead Cranes Market Insights
Global Overhead Cranes Market size was valued at USD 5878.86 Million in 2022 and is poised to grow from USD 6117.54 Million in 2023 to USD 8411 Million by 2031, growing at a CAGR of 4.06% in the forecast period (2024-2031).
The need for overhead cranes is growing, which is driving the growth of the global overhead cranes market. These services include manufacturing, transportation & logistics, warehousing & warehousing. Government and private sector organizations invest in infrastructure projects, including the construction of roads, dams, bridges, railways and waterways. Many heavy loads must be lifted and transported by large overhead cranes. Consequently, the need for overhead cranes is growing in this growing industry. Additionally, specially equipped overhead cranes provide precise operation if required. At launch, these measures are expected to increase the demand for overhead cranes.
Globally, infrastructure gaps are an urgent issue in almost all countries, requiring capital-based financing and recurring spending in seven sectors including energy, telecommunications, airports, including roads, railways, ports and water. According to the Global Infrastructure Group (GIH) by 2020. Current investments in 56 global countries are valued in US dollars $79 Billion, while the funding requirement is US$1.5 Billion. Through the G20 initiative, GIH seeks to attract investment from private and public institutions to reduce infrastructure gaps.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automotive
Fastest Growth
Utility
Growth Rate
4.06% CAGR
Global Overhead Cranes Market ($ Bn)
Country Share for North America Region (%)
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Overhead Cranes Market Segmental Analysis
Based on type, the overhead cranes segmentation includes single girder overhead cranes and double girder overhead cranes. Based on product type, the overhead cranes segmentation includes automotive, paper, utility, aerospace, and others. By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World.
Analysis by Type
Single girder cranes are a dominating segment in the market and have a compact design, making them suitable for space-constrained environments. This system makes it easier to install and maintain. Single-bladed cranes tend to be more cost-effective than their double-bladed counterparts. They are suitable for jobs that require lifting ability but may be budget constrained. These cranes are versatile and are found to be used in a variety of industries, including factories, warehouses and manufacturing facilities. It is commonly used for handling, assembling, and cleaning materials.
Double girder overhead cranes are designed to handle higher loads compared to single-girder cranes and these are expected to grow in the market. They are suitable for applications involving lifting and moving large and heavy objects. Double girder cranes are known for their increased height and width at the base of the hammer. This makes them suitable for skyscrapers and wide working spaces. The design of the two girders ensures stability and durability, allowing these cranes to handle demanding continuous lifting operations for extended periods of time. Double girder cranes offer many customization options, allowing companies to tailor a crane’s specifications to their specific needs. It has features like special lifts, trolleys and controls. These cranes provide greater accuracy and controllability in the lifting process. This makes them suitable for applications that require heavy loads to be placed accurately.
Analysis by Product
The core industry, automotive, is expected to expand at a CAGR of 5% throughout the period. The overhead crane operation is more effective to be used in the automotive industry. Depending on the need and the lifting capacity of the crane, anything from individual car parts to complete vehicles can be lifted and transported. The system is optimized to accommodate human labor and movement in the factory. Additionally, worker safety has become a priority among automakers, contributing to the use of overhead cranes, lifts and elevators. Single-girder overhead cranes are generally designed to carry smaller loads compared to double-girder cranes. They are suitable where the lifting requirements are moderate and certain weight limits are not exceeded.
The utility segment is expected to grow in the global overhead cranes market refers to the application of crane systems in the operational and application-related areas. This segment plays a key role in various supporting logistics roles and contributes to efficiency, safety and productivity. Overhead cranes are used to lift and move heavy objects during maintenance and repair of power plants. This includes services related to turbines, generators, and other critical equipment. Overhead cranes provide precise handling, allowing maintenance workers to position and position equipment accurately. This is essential to ensure that lightning power plants operate reliably and consistently. Overhead cranes are used to handle erection and maintenance of transmission and distribution structures. This includes utility poles, transformers and other heavy equipment raising and setting.
Global Overhead Cranes Market By Product (%)
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Overhead Cranes Market Regional Insights
North America is the third largest region. The United States is one of the most important users of overhead cranes. With an impressive aftermarket of various local and international players such as Konecranes Inc., Gorbel Inc., American Equipment Inc., etc. Although automotive industry growth has slowed since the U.S. and China trade war emerged though more focus on oil and gas extraction US. The demand for mobile cranes in Canada is expected to increase.
Growth in public infrastructure and infrastructure is expected to propel the crane market in the Asia-Pacific region. One of the largest manufacturers and consumers of construction equipment is in China. Cranes hold the largest market share in the market, making China the largest market for cranes in the Asia-Pacific region. In India, the government announced several proposals in the Union Budget 2021-2022 to improve the country’s infrastructure. immediately-July 2022: The Government of India has allocated Rs 10 lakh crore (US$130.7 billion) in the Union Budget 2022-23 to accelerate the development of integrated infrastructure such as logistics hubs and several ports in the country. Also, less human involvement in physical activities, which leads to fewer worker injuries during construction work, is expected to increase the efficiency of crane use to enable construction work, it is anticipated to affect the overall market growth in Asia-Pacific crane market positively where significant scaling is occurring in the manufacturing sector
Global Overhead Cranes Market By Geography
- Largest
- Fastest
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Overhead Cranes Market Dynamics
Drivers
Increasing Demand in the Automotive Industry
- Based on end-users, the automotive sector is expected to account for the largest share of the business during the forecast period. The demand for the product is expected to increase as the automotive industry expands rapidly and has a highly automated manufacturing process. Cranes are essential for the factory line construction process, so this is an important market for overhead cranes in this segment. Connecting cables are a common feature for overhead cranes in the automotive industry. Materials are moved from one station to another until the finished product is completed, making assembly lines more efficient. Meanwhile, the construction segment is expected to grow significantly over the forecast period due to the efficient handling of heavy loads and the need to ensure safe, efficient transfer of materials from one phase to another better and faster.
Rapid Urbanization and Increasing Market Expansion
- Increased urbanization can be seen in all parts of the world especially in developing countries like India, where the population is also increasing due to which governments are investing more in residential and non-residential housing though for human housing and other infrastructure. Other major factors affecting crane market growth are rapid technological advancement, increasing mining resources worldwide, from natural gas, oil to minerals and minerals, which require heavy machinery such as drills on and relocate frequently. These factors are estimated to positively impact the global market's growth. However, one restraint that can hamper the market growth is the high cost and maintenance requirements associated with cranes.
Restraints
Market Volatility
- Investment decisions can be affected by economic uncertainty, exchange rate fluctuations and global market fluctuations. Companies can delay or reduce their capital expenditures, including investments in overhead cranes. Like many others, there is rapid technological advancement in the overhead crane industry. Companies that are unable to sustain and innovate may face challenges in remaining competitive or meeting customer demand for advanced solutions. Supply chain crises, whether geopolitical conflicts, natural disasters, or global health crises (as seen with the COVID-19 pandemic), as it applies to materials and materials needed to operate the overhead cranes and may affect their availability.
Strict Regulations
- Compliance with safety and environmental regulations is essential in the construction industry. If there are new or more stringent regulations, manufacturers may face increased costs to ensure their overhead cranes meet these standards. Like many others, there are rapid technological advances in the overhead crane industry. Companies that are unable to sustain and innovate may face challenges in remaining competitive or meeting customer demand for advanced solutions.
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Overhead Cranes Market Competitive Landscape
The competitive environment of the Global Overhead Cranes Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
- Altec Inc
- Columbus Mckinnon Corporation
- Dongqi Crane
- Elliott Equipment Company
- Fushun Yongmao Construction Machinery Co., Ltd
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd
- Ingersoll Rand, plc
- Kito Corporation
- Kobelco Construction Machinery Co., Ltd
- Konecranes Plc
- Locatelli crane S.R.L
- Manitex International, Inc
- Raimondi Cranes S.p.a
- Sany Group
- Tadano Ltd
- Terex Corporation
- The Manitowoc Company, Inc
- Weldco Beales Manufacturing
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
Recent Developments
- In December 2023, renowned construction machinery manufacturer SANY India showcased state-of-the-art construction machinery at CII EXCON 2023, South Asia’s largest construction machinery show Presenting a total of 44 machines with 15 new models No, building roads and operating ports etc. Highlighted on various applications of electrical equipment, these electrical models represent the industry’s greatest achievements, with an emphasis on safety, performance, efficiency, and good operating economy.
- In 2022, the United Kingdom buys Briar Chemicals, a chemical company based in India. The acquisition of Briar will help expand the business across all sectors. Cefex would now become a global partner in the agrochemical business. Since ammonium carbonate is also used in fertilizer this acquisition applies to ammonium carbonate on January 23, 2023. Aromatic salts, one of the ammonium carbonate products, have been used many times in the sports industry especially in the balls for weights Salt increases mood, also opens the respiratory system.
- April 2021 Weihua Group established a new office in Henan, China. Its new facilities include company-built office buildings, restaurants, multi-purpose plants, electrical integration plants, smartlight duty cranes, etc. All these projects are completed on time, and they considered robotic system automation, cloud computing, the internet of things and artificial intelligence. This new factory expanded the range of cranes and machinery and increased sales and revenue.
Overhead Cranes Key Market Trends
Increased Level of Automation in Various Areas of Manufacturing to Drive Market Growth
- Few events have occurred and had the same impact on society, the environment and the economy that increasing urbanization has in the 21st century in just a few decades, the steady migration of people from rural to urban areas has changed the world power dynamics Until it happened. The east coast of the United States and Mexico both exhibit strong urban sprawl in the video across North America about the character.
Overhead Cranes Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Innovations in crane technology, including improved performance, safety features and automation may shape the prospects of the crane market in the coming years Companies investing in R&D offer increased crane capacity, such as increased lifting capacity, energy efficiency and improved control systems to gain a competitive advantage in the market. For example, in January 2024, German crane rental company Anker received a delivery of a Tadano HK 4.050-1 truck-mounted crane. Designed for roof installation, roof truss construction, hall assembly and other projects, Anker HK. The crane's innovative chassis concept, featuring a tridem rear axle with two driven axles and a powerful rear axle, ensures exceptional maneuverability, making it ideally suited for operation even on very limited construction sites Anchor exhibit's reliability that HK. The 4.050-1 appears as the standout device in their range of devices.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5878.86 Million |
| Market size value in 2031 | USD 8411 Million |
| Growth Rate | 4.06% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Overhead Cranes Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Overhead Cranes Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Overhead Cranes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Overhead Cranes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Overhead Cranes Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Overhead Cranes Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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