The recent report by Market Research Future (MRFR) asserts that the global overhead cranes market 2020 is slated to acquire a considerable market valuation of USD 3.957 billion by 2025, at a moderate 5% CAGR over the review period.
Drivers and Restraints
The market for overhead cranes worldwide is mainly driven by an upsurge in investment by governments for the expansion of numerous infrastructure wherein these cranes are reliable and proficient. Moreover, handling heavy loads is a crucial task in different industrial applications. Therefore, multiple forklifts are replaced by overhead cranes to decrease labor cost and human intervention which consequently increases workplace safety. these cranes are flexible to operate in any industrial application. Moreover, automated systems used in the overhead cranes improve work precision, reduces operational time, and reduces product damage. All these influential factors are primarily driving the growth of the overhead cranes market across the globe. On the other hand, the shortage of skilled operators and high lead time in the supply chain are some of the significant factors that are restraining the growth of the overhead cranes market.
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- Columbus McKinnon Corporation (US)
- Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan)
- Weihua Group (China)
- ABUS Kransysteme GmbH (Germany)
- EMH, Inc (US)
- Ergonomic Partners (US)
- Eilbeck Cranes (Australia)
- Terex Cranes (US)
- Konecranes Plc (Finland)
- Cargotec (Finland)
The global market for overhead cranes is segmented on the basis of product, and end-users.
On the basis of the product, the overhead cranes market is bifurcated Single Girder Overhead Cranes and Double Girder Overhead Cranes. Single girder overhead cranes depployed when hook height is not an issue. Single girder cranes provide the same stability and strength as double girder cranes. They are reasonable as well. Single girder cranes can be rented too, which impedes the growth of this segment. The more significant segment within this market is that of double girder cranes, which offer exceptional hook height and can be used for all undertakings single girder cranes are used for as well. Favored within the mining and aerospace sector and the development of these industries is also driving the growth of the overhead cranes market.
The global overhead cranes market is segmented into metal and mining, paper, automotive, utility, aerospace, and others. The automotive industry is rising at a remarkable rate and has a highly automated production procedure. The aerospace industry is growing, and concurrent with that growth is a rising demand for overhead cranes. The utility is a growing segment for the overhead crane market as governments are progressively investing in enhancing efficiency. This creates an increasing demand for overhead cranes within the utility sector, especially the power sector.
The geographical overview global market has been conducted in four major regions, that is Europe, North America, the Asia Pacific, and the rest of the world ( comprising Latin America and the Middle East and Africa).
More than 20% of the economy of North America relies on manufacturing. North America has some of the world’s most automated industries, and this is growing the overhead crane market within the region. Additionally, North America is home to the largest aviation industry in the world, which has a massive demand for overhead cranes, further driving the growth of this market.
Europe has the world’s second-largest industrial output and an exceedingly automated manufacturing industry. This aids in expanding the overhead crane market within the region, particularly in Germany and the UK.
Asia-Pacific is the largest and fastest-growing regional market for the global overhead cranes market. Asia-Pacific is correspondingly the largest producer of goods worldwide owing to manufacturing giants such as Japan, China, and South Korea. India’s rapidly improving manufacturing industry is slated to become one of the most lucrative, which is attracting FDI. These factors are driving the overhead crane market in the region.
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List Of Tables
Table 1 Global Overhead Cranes Market, By Region, 2019–2025
Table 2 North America: Global Overhead Cranes Market, By Country, 2019–2025
Table 3 Europe: Global Overhead Cranes Market, By Country, 2019–2025
Table 4 Asia-Pacific: Global Overhead Cranes Market, By Country, 2019–2025
Table 5 Rest Of The World: Global Overhead Cranes Market, By Country, 2019–2025
Table 6 Global Overhead Cranes Market, By Product, By Region, 2019–2025
Table 7 North America: Global Overhead Cranes Market, By Product, By Country, 2019–2025
Table 8 Europe: Global Overhead Cranes Market, By Product, By Country, 2019–2025
Table 9 Asia-Pacific: Global Overhead Cranes Market By Product, By Country, 2019–2025
Table 10 Rest Of The World: Global Overhead Cranes Market By Product, By Country, 2019–2025
List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down And Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Overhead Cranes Market Share, By Product, 2018 (%)
FIGURE 9 Global Overhead Cranes Market, By Product, 2019–2025 (USD MILLION)
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