Overhead Cranes Market Size was valued at USD 6163.6 Million in 2023. The Overhead Cranes Marke industry is projected to grow from USD 6378.5 Million in 2024 to USD 8696.7 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.95% during the forecast period (2024 - 2032). Expansion of factory automation and new developments in the mining sector are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Few phenomena in the twenty-first century have had the same influence on society, the environment, and the economy as increasing urbanization. In just a few decades, the world's power dynamics have changed due to a continual flow of people leaving the countryside and moving into growing metropolitan areas. The number of people living in cities worldwide has increased nearly six-fold since 1950, from 751 million to 4.2 billion in 2018. The East Coast of the United States and Mexico both exhibit strong urban expansion in the video for North America as a whole.
Figure 1: The Dramatic rise of urbanization (1950-2050)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The need for overhead cranes is driven by the rising level of automation in various industrial spaces. The industrial sector's productivity in the manufacturing process and decrease in lead time for production are both increased by the automation of labor-intensive procedures like lifting and moving heavy objects. The benefits of the overhead crane industry and developments in crane technology give industries more confidence in their utilization because these cranes are affordable and completely safe to use when transporting large items. For example, 34% of the 123 readers who participated in Modern Materials Handling's 2021 Automation Solutions Study in February 2021 work for organizations with less than $10 million, while 18% work for businesses with revenues of $10 million to $49.9 million. 28% of respondents work in non-manufacturing fields, including warehousing, retail, or third-party logistics, whereas 59% are employed in the manufacturing sector. This year saw an increase in labeling automation from 13% to 16%, and a third of the respondents said they used hoists, cranes, and monorails.
Due to the need for capital-based investment and ongoing expenses, the infrastructure gap is a significant problem in almost every country in the world. According to the Infrastructure Hub (GIH), in 2020, there was a USD 15 trillion investment gap between the current investments in 56 different countries across seven sectors, including energy, telecommunication, airport, road, rail, ports, and water, which were valued at USD 79 trillion and USD 94 trillion, respectively. The GIH is attempting to entice investments from private and public companies through the G20 initiatives to close the infrastructure deficit. Other emerging nations are concentrating on public-private partnerships (PPPs) to create infrastructure including Mexico, Vietnam, India, and others. The state government of Maharashtra, India, and the US-based real estate company Warburg Pincus inked a contract in November 2020 for the U.S. real estate company to invest USD 578.8 million to build 11 industrial and logistics parks in Pune and Mumbai. Such events are anticipated to increase demand for overhead cranes and considerably propel the market for these devices.
Therefore, the quick move toward urbanization has increased the market CAGR ly in recent years. In developed economies like Europe and North America, the demand for Overhead Cranes Market is anticipated to increase due to urbanization. The income from the overhead cranes market revenue is anticipated to be greatly influenced by these factors.
Based on product type, the Overhead Cranes segmentation includes Single Girder Overhead Cranes and Double Girder Overhead Cranes. The market's largest contributor, Single Girder, is anticipated to expand at a market CAGR of 5.4% over the course of the projected period. Single girder cranes are relatively affordable and ideal for medium- to light-duty applications or when the facility has limited headroom or floor space.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewBased on product type, the Overhead Cranes segmentation includes Automotive, Paper, Utility, Aerospace, and Others. The main sector, automotive, is anticipated to expand at a CAGR of 5% throughout the projection period. The overhead crane industry is quite effective for use in the automobile sector. Depending on the need and the crane's lifting capabilities, it can be used to lift and transport anything from individual auto components to a fully constructed vehicle. The procedure is optimized since there is less reliance on human labor and movement on the work floor. Additionally, employee safety has been a major trend among automakers, supporting the usage of overhead lifting tools including overhead cranes, vacuum lifters, and hoists.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Overhead Cranes Market accounted for USD 2587.47 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. A lot of space for growth exists in nations like India, South Korea, Vietnam, and others due to their rapid infrastructural development. In addition, a number of North American corporations have moved their manufacturing outside of China as a result of the US-China trade conflict. The American Chamber of Commerce claims that because there is a large labor pool and low land costs, investing in this is very beneficial. Gross domestic product (GDP) growth rates in nations like Vietnam, Thailand, Malaysia, Indonesia, and others are strong, as is worker productivity. These factors are anticipated to fuel the Asia-Pacific market overhead cranes market.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewThe Europe Overhead cranes market is currently dominated, which is expected to develop at a CAGR of 4.7% to reach USD 1,340 million by 2030. Overhead crane production is concentrated in Europe. Most of the European market is dominated by four enormous corporations. The demand for overhead cranes in Europe is quite consistent, while the demand from China is lower, which boosts local manufacturers' sales. Additionally, businesses are employing alliances and acquisitions to get a significant portion of the European overhead cranes industry. For instance, the Finnish business Konecranes Plc. Acquired around half of the overhead cranes manufacturer MHE-Demag. These factors impact the expansion of the overhead cranes market in Europe. Moreover, Germany Overhead Cranes Market held the largest market share, and the U.K. Overhead Cranes Market was the fastest-growing market in this Region.
The third biggest area is found in North America overhead cranes market. One of the main markets for overhead cranes is the U.S. With businesses like Konecranes Inc., Gorbel Inc., American Equipment, Inc., and others, and it has an advanced sales and after-sales market. The US-China trade conflict has hampered the modest expansion of the car manufacturing sector. The need for mobile cranes is anticipated to rise in both the U.S. and Canada due to the increased attention paid to oil and gas development. Investment in Canadian and U.S. Oil & Gas Sectors, a 2019 Fraser Institute paper, states that the U.S. oil & gas industry has greatly boosted output and capacity. Because of the expansion of the oil and gas sector in North America, the demand for overhead cranes is expanding. Further, the US overhead cranes market held the largest market share, and the Canada overhead cranes market was the fastest-growing market in the North America region.
Major market companies are spending a lot of money on R&D to diversify their product lines, propelling the industry's further expansion. Market participants are engaging in a variety of strategic activities to increase their presence in conjunction with significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Businesses in the Overhead Cranes industry area must offer cheap items if they want to expand and prosper in an environment where market development is booming, and competition is intense.
One of the primary business strategies manufacturers employ in the Overhead Cranes industry to assist clients and expand the market sector is local manufacturing to reduce operating costs. The overhead crane industry has made recent advancements in the medical field possible. The Overhead Cranes market major players such as Konecranes Plc (Finland), Cargotec (Finland), Terex Cranes (U.S.), Eilbeck Cranes (Australia), Ergonomic Partners (US), Columbus McKinnon Corporation (U.S.), EMH Inc (U.S.), Weihua Group (China), ABUS Kransysteme GmbH (Germany)
Material handling products are designed, produced, and sold by Columbus McKinnon Corporation for a variety of commercial and industrial end-user markets in the U.S., Europe, Canada, and other countries. In order to provide flexible solar simulation height-adjustable irradiation of hydrogen-powered vehicle or truck prototypes in a climatic chamber, Columbus McKinnon Engineered Products delivered Pfaff-silberblau BETA-EL4 series wire rope winches and related wire rope pulley blocks to B.F. Engineering in April 2022.
With its headquarters in Hyvinkää, Konecranes Oyj (formerly KCI Konecranes) is a Finnish company specializing in the production and repair of cranes and lifting apparatus as well as the maintenance of machine tools. One out of every ten cranes produced worldwide is made by this company, with the remaining 20% being used at ports and roughly 80% going to manufacturers. Konecranes, a renowned producer of cranes in Finland, has introduced three new series of overhead cranes. With the installation of new smart technology, Konecranes' new S, C, and M series provide creative solutions for many sectors.
April 2021 The Weihua Group established a new plant in Henan, China. At its new facility, the company-built office buildings, restaurants, bulk materials workshops, electrical assembly workshops, smart light-duty crane workshops, etc. All of these projects were finished on time. When integrating crane systems into machinery and equipment, automatic robotic systems, cloud computing, the Internet of Things, and artificial intelligence are considered. With this new plant, the firm increased sales and income while expanding its crane machinery product line.
March 2021 Comansa created a 3D model of a crane for use with BIM (Building Information Modeling) systems and large towers. This 3D model illustrates building and infrastructure development, upkeep, and deconstruction procedures. Professionals with training and expertise designed the model while guaranteeing their total safety. An efficient demand for 3D models would result from efficient material handling and lifting that reached the greatest number of clients.
October 2020 Thailand received 15 sets of different cranes from Henan Yutian Crane Co. Ltd., including 50 tonnes, 125 tonnes, and 320 tonnes. The business assisted Thai businesses in producing more than 1.8 million tonnes of steel for construction. The company expanded its client base, engaged in more export business, and strengthened supply chain networks due to access to Thai customers.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 6163.5 Million |
| Market Size 2024 | USD 6378.5 Million |
| Market Size 2032 | USD 8696.7 Million |
| Compound Annual Growth Rate (CAGR) | 3.95% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Konecranes Plc (Finland), Cargotec (Finland), Terex Cranes (U.S.), Eilbeck Cranes (Australia), Ergonomic Partners (US), Columbus McKinnon Corporation (U.S.), EMH Inc (U.S.), Weihua Group (China), ABUS Kransysteme GmbH (Germany) |
| Key Market Opportunities | There are several crane varieties. |
| Key Market Dynamics | Expansion of factory automation New developments in the mining sector |
Overhead Cranes Market Highlights:
Frequently Asked Questions (FAQ) :
The market size was valued at USD 6163.5 Million in 2023.
The market is projected to grow at a CAGR of 3.95% from 2024-2032.
Asia Pacific had the largest share of the Overhead Cranes market.
The key players in the market are Konecranes Plc (Finland), Cargotec (Finland), Terex Cranes (U.S.), Eilbeck Cranes (Australia), Ergonomic Partners (US), Columbus McKinnon Corporation (U.S.), EMH Inc (U.S.), Weihua Group (China), ABUS Kransysteme GmbH (Germany)
The Single Girder Overhead Cranes category dominated the Overhead Cranes market in 2023.
Automotive had the largest share of the Overhead Cranes market.
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Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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