The new report by Expert Market Research titled, ‘Global Overhead Cranes Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global overhead cranes market, assessing the market based on its segments like types, business types, end users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 3.6 Billion
- Forecast CAGR (2023-2028): 4.91%
The overhead cranes market is being driven by the thriving automotive and manufacturing sector. In manufacturing applications, the rising demand for overhead cranes can be attributed to the increasing focus on developing domestic infrastructure, loading and unloading of the heavy materials and removing labour interaction have contributed to the sudden surge in the overhead cranes. Meanwhile, the rising application of the product in the automotive sector helps to transport automotive materials from one station to the next until the finished product is complete, making assembly lines much more efficient therefore, the market is likely to witness a rise in demand, buttressed by the investments by the government.
Overhead Cranes Industry Definition and Segmentation
An overhead crane, sometimes known as a bridge crane, is a type of crane typically used in industrial activities. An overhead crane consists of two parallel runways connected by a travelling bridge. A crane’s hoist, or lifting component, travels along the bridge. The equipment allows to precisely lift and move heavy goods from one area to another.
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The market, based on type, can be segmented into:
- Single Girder
- Double Girder
On the basis of business type, the market can be categorised into:
- Original Equipment Manufacturer
On the basis of end-user, the market can be divided into:
- Metal and Mining
The regional markets for overhead cranes include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Overhead Cranes Market Trends
The rising focus on developing domestic infrastructure is likely to aid the market growth in the coming years due to major benefits such as to increase the output generation in industrial processes and for workplace safety. Further, the growing incidences of accidents due to the loading of heavy machinery is expected to further enhance the product demand. The increasing efforts by the governments of various nations is likely to bolster the market growth in the forecast period. The rapid technological advancements and increasing investments by the key players are anticipated to significantly contribute and have been assessed to have a positive influence on the growth of the market.
Key Market Players
The major players in the market are ABUS Kransysteme GmbH, Columbus McKinnon Corporation, EMH Inc, GH Cranes & Components, Gorbel Cranes, and Kito Corp , among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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