The global overhead cranes market is garnering substantial traction. The market growth attributes to the increasing automation across manufacturing industries. Besides, the continually increasing pressure for optimization of resources and energy drives the development of the market. Moreover, constant innovation in technology, upgrades of manufacturing plants, and the expansion of manufacturing sectors worldwide escalate the growth of the market.
According to Market Research Future (MRFR), the global overhead cranes market is projected to reach approximately USD 3,957.0 MN by 2025, growing at around 5% CAGR during the review period (2019 -2025). Overhead Cranes plays a causal role in improving various industrial processes such as the movement, storage, protection, and distribution of goods.
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Hence, they are extensively used across the rapidly growing end-use industries, including metal heavy machinery and automotive industries. Augmented uptake and demand worldwide encourage manufacturers to bring more novelties in quality for material handling equipment. Additionally, substantial RD investments in product developments pay off well, bringing about advanced overhead cranes and increasing the uptake and market sales.
The burgeoning automotive and aerospace industry and the rising number of shipment companies boost the overhead cranes market size. Also, increasing application areas of Overhead Cranes across the manufacturing sectors accelerate market growth. Conversely, high capital investment is the major factor projected to impede the market growth. Nevertheless, the increasing demand for energy-efficient lifting machinery and quadrupling supply chains provide impetus to market growth.
Global Overhead Cranes Market — Segments
The report is segmented into three dynamics;
By Product : Single Girder Overhead Cranes and Double Girder Overhead Cranes.
By End-User : Automotive, Paper, Utility, Aerospace, Metal Mining, and others.
By Regions : Europe, Americas, APAC, and Rest-of-the-World.
Global Overhead Cranes Market — Regional Analysis
North America dominates the global overhead cranes market. The region is home to the largest aviation industry in the world. More than 20% of the economy of this region depends on manufacturing. The largest market share attributes to the presence of several notable players and fully automated industries. Besides, the high penetration of overhead cranes in metal heavy machinery and automotive industry in the region drive the growth of this market.
The well-developed economy and high per capita disposable income of demographics substantiate the regional market growth. The US Canada account for the largest share, providing an enormous impetus to the regional market growth. The North American overhead cranes market is projected to retain its dominance throughout the assessment period.
Europe stands second in the global overhead cranes market. The EU has the world’s second-largest industrial output and a highly automated manufacturing industry. The market growth is driven by the augmented demand from the rapidly growing end-use industries. Germany, Italy, and France are key markets for material handling equipment, expanding the regional market growth. The European overhead cranes market is expected to increase at a steady growth rate during the review period.
The Asia Pacific region possesses a sizable share in the global overhead cranes market. The region is the largest producer of goods worldwide due to manufacturing giants such as China, Japan, and South Korea. Factors such as the rapidly expanding manufacturing industry and the booming industrial sector in the region boost the growth of the market. Additionally, the rising safety concerns at workplaces and industrial set-ups drive the growth of the regional market.
Furthermore, the spurting rise in the major end-user industries such as automotive and metal heavy industries substantiates market demand. The improving economy fosters the growth of the market, increasing the numbers of production plants across the region. India and China account for considerable shares in the regional market, witnessing exponential growth. The APAC overhead cranes market is projected to create a substantial revenue pocket during the forecast period.
Overhead Cranes Market — Competitive Analysis
Highly competitive, the overhead cranes market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, product launch, and expansion.
Major Players:
Players leading the overhead cranes market include 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), and Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan), among others.
Industry News:
Konecranes Oyj (Finland), a leading player in the fragmented industrial lifting market, including overhead cranes and marine and industrial crane manufacturer, announced the acquisition of a Finnish cargo-handling machinery company Cargotec Oyj. The proposed combination would be implemented as a statutory absorption merger with Cargotec absorbing Konecranes.
The two companies signed a combination agreement and a merger plan, combining the material handling group. The two companies believe that they would have synergies leading to an annual cost savings of €100 MN within three years of completion. Cargotec Oyj makes cargo-handling machinery for ships, ports, terminals, and local distribution. Konecranes also acquired the Demag material handling business from Terex in 2017 and, the merger changes little.
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