Overhead Cranes Market Research Report - Global Forecast till 2030

Overhead Cranes Market Research Report: By Product (Single Girder Overhead Cranes, Double Girder Overhead Cranes) and By End-User (Automotive, Paper, Utility, Aerospace, Others) – Forecast to 2030

ID: MRFR/CO/6793-HCR | February 2021 | Region: Global | 111 pages         

Overhead Cranes Market

Overhead Cranes Market is projected to be worth USD 5,043.9 million by 2030, registering a CAGR of 4.9% during the forecast period (2021 - 2030).

Segmentation

By Product Single Girder Overhead Cranes Double Girder Overhead Cranes
By End-User Automotive Paper Utility Aerospace Others

Key Players

  • 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)

Drivers

  • increasing automation of various activities in industrial space
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Overhead Cranes Market Analysis


The overhead cranes market is growing at a very fast rate with the rapid growth of major end-user industries. The global overhead cranes market share was valued at USD 3.6 billion in 2020. These cranes are cost-efficient machines that can perform heavy lifting work with higher efficiency. 


Overhead cranes are also known as bridge cranes as these cranes have overhead parallel beams (girders) as their mainframe. The girders act as a sliding base for a trolley that has a hook attached to it to perform lifting and staging operations during the production process. Overhead cranes are used in loading and unloading of goods in trucks, moving minerals in mines, staging during automobile production, moving goods quickly along assembly lines, etc. The global overhead crane market is expected to grow at a compound annual growth rate CAGR of 4.06 % percent over the current forecast period (2021-2028).


There have been rapid advancements in crane technology. Greater automation of overhead cranes has been advantageous in reducing the production costs of goods. Therefore, these cranes being much more efficient and cost-friendly than lifting cranes are still a popular choice. The global overhead cranes market value is estimated to be worth USD 7.12 billion by the end of the current forecast period in 2028.


Covid 19 Analysis


Covid-19 had a severe impact on the global overhead crane market. The decline in activities of major end-user industries like transportation, mining, and automotive decreased the overall demand for overhead cranes. Moreover, the halt in the movement of goods to curb the virus spread led to disruptions in the supply chain. However, with the resumption of all manufacturing and transportation activities with relaxation in covid regulations worldwide, the market is showing a positive response.


Competitive Landscape


The major global companies playing a key role in the overhead cranes market are :



  • 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)

  • Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan)


Market Dynamics


Drivers


The increasing automation of various activities in industrial space is the major driving factor driving the growth of the global overhead cranes market. The developments in the crane technology and advantages of overhead cranes are boosting the confidence of industrialists for adopting these cranes. Moreover, these cranes are cost-efficient and ensure completely safe operations during the handling of heavy materials. Therefore, with an increase in automation of the production process, the demand for overhead cranes is also rising. 


The rapid growth of various end-user industries like automobile, mining, iron & steel, warehousing, etc is also a crucial factor generating demand for overhead cranes. The growing public and private investments towards the modernization of these industries are boosting the growth of the global overhead cranes market.  


Restraints


The requirements for heavy Investments and infrastructural setup for overhead cranes are the major factors limiting the growth of the global overhead cranes market. These factors limit the use of these cranes in small setups as there is a wide range of other options available. Overhead cranes are semi-permanent and take up considerable space and height of industrial units. 


Technology Analysis


Overhead cranes, also known as bridge cranes are cranes containing overhead runways built into building support structures with a movable hook, trolley, and hoist. These cranes are suitable for lifting and moving heavy goods much more efficiently and safely than other types of cranes.


Overhead cranes perform different functions in almost all heavy industries. These cranes are employed in :



  • Assembly: Moving objects in the assembly line in a controlled fashion during production processes.

  • Transportation: Loading and unloading of finished products in trucks.

  • Staging: Holding manufacturing work-in-process for additional production processes

  • Storage and Warehousing: Transporting heavy items to and from storage areas.


Overhead cranes also offer some of the incomparable benefits. These cranes are cost-effective and need less maintenance as they are fixed to permanent support systems. Also, the hooks of these cranes are highly adaptable to suit various needs. Moreover, these cranes are more efficient with greater automation ability and the ability to maneuver quick paths in an open space.


Study Objectives


The specific objectives of this market report on the global overhead cranes market are given below:



  • To provide a complete overview of the overhead cranes market.

  • To analyze and forecast the overhead cranes market in terms of value and volume.

  • To provide information about the impact of covid 19 on the overhead cranes market.

  • To identify the problems and prospects of the overhead cranes market

  • To give details about the technological viability of the product and its market prospects.

  • To provide an overview of the regional markets and potentially growing segments of the market.

  • To identify the key players of the global overhead cranes industry.


Segment Analysis


Segmentation of the overhead cranes Market, by type



  • Single Girder

  • Double Girder


The double girder cranes occupy the major market share due to their wider use in heavy industries. In double girder cranes, the two bands form a bridge. These cranes have higher hook height and additional functionalities like maintenance platforms, cabs, magnetic reels, etc.


However, single girder cranes are increasing their market share as these are easier to install, service, and maintain. These cranes are also ideal for small-scale manufacturing industries, workshops, and warehouses. 


Segmentation of the overhead cranes Market, by business type



  • Original Equipment Manufacturer

  • Aftermarket 


The aftermarket segment accounts for the larger market share. The ability of customization according to the needs of different user industries generates the need for aftermarket products. 


Segmentation of the overhead cranes Market, by end-user industries.



  • Automotive

  • Metal and Mining

  • Manufacturing

  • Aerospace

  • Utilities

  • Shipyards

  • Others


Metal and Mining are the major end-user industries of the global overhead cranes market. The need for heavy lifting in this industry is the major demand-generating factor. The low manufacturing and maintenance cost along with the greater ability to work with heavy loads makes these cranes suitable for loading, unloading, and transportation of mine materials. Moreover, these cranes also find great use in metal manufacturing industries, particularly in iron and steel. Furthermore, there is increasing use of overhead cranes with customization in utilities, manufacturing, and the automotive industry.  


Regional Analysis


The different regional markets for the global overhead cranes market are:



  • North America

    • US

    • Canada

    • Mexico





  • South America

    • Brazil

    • Argentina





  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe





  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Rest of Asia-Pacific





  • Rest of the world ( RoW )

    • The Middle East

    • Africa




Asia-Pacific dominates the global overhead cranes market and is also the fastest-growing segment. The rapid growth of major end-user industries like mining, automotive, and transportation is contributing to the growth of the market. Moreover, increasing demand from the warehouse management industry, paper industry, power & utilities, shipyard management industry is boosting the market growth here.


The North American segment is the second-largest regional market for overhead cranes. With the greater presence of mining, utilities, automotive & aviation industries there is a significant demand for overhead cranes. Furthermore, increasing emphasis on the use of advanced technology in these sectors is propelling market growth.


Europe also accounts for a  significant share in the global overhead cranes market. The automotive, aviation, transportation, and utility industries are the major demand-generating sectors in this region, especially in Germany, France, and the UK.


The market in Latin America, the Middle East, and the African region is expected to grow at a moderate rate over the forecast period. The rise of the Warehousing and utility industry in the Middle East and the transportation industry in Latin America is likely to contribute to the growth of the overhead cranes market. 


Recent Developments



  • In September 2019, Konecrabes, a leading Finnish manufacturer of cranes launched three new overhead crane series. The new S, C & M series of Konecranes offers Innovative solutions for different industries with the installation of new smart technologies.


Intended Audience


This report will be beneficial for every stakeholder of the overhead cranes market such as :



  • Manufacturers of Industrial cranes and their equipment

  • Technological support Companies

  • End-User Industries

  • Investors

  • Trade Agencies etc.


Report Overview


This report provides an in-depth analysis of the overhead cranes market in terms of current value and future forecast. This report has highlighted the problems and prospects of the overhead cranes market. Moreover, the technological analysis section of the report will greatly help in knowing the product better and about its market prospects. Furthermore, this report contains a detailed analysis of every segment of the overhead cranes market for the current forecast period. This report has also identified the key players and the current developments in the overhead cranes market. 



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 3,957.0 Million
  • 2030 : Significant value
  •   CAGR   5%CAGR (2022-2030)
      Base Year   2021
      Forecast Period    2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Product and End-User
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   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), Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan)
      Key Market Opportunities

  • Multiple types of cranes available
  • Volatility of raw materials prices
  •   Key Market Drivers

  • Growth in factory automation
  • Innovations within the mining industry
  • Growth of the global automotive market
  • Increased streamlining of manufacturing processes
  • Growing government investment to enhance the utilities offered


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    Frequently Asked Questions (FAQ) :

    Overhead cranes market is projected to grow at a 5% CAGR between 2022-2030.

    Overhead cranes market is predicted to touch USD 3,957.0 million by 2030.

    The APAC region is expected to dominate the overhead cranes market.

    Double girder overhead cranes segment will lead the overhead cranes market.

    Growing automotive sector and increasing government investments are the key factors driving the overhead cranes market.

    The increasing automation of various activities in industrial space is the major driving factor for the growth of the global overhead cranes market.