Overhead Cranes Market Is to Reach $5,767.5 Million by 2025 | CAGR 3.6%
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Overhead crane is used to lift, displace, and move heavy and bulky loads in the industrial environment. It consists of parallel runways with a traveling bridge and a hoist. The lifting component of a crane moves in multiple directions through the overhead space in the facility. It possesses high lifting capabilities and is operated either manually or using wired pendant station. It is majorly used to complete inside loading and unloading activities in manufacturing and storage facilities. Moreover, it is used to carry out outside lifting operations in shipping port. The market for overhead crane is primarily driven by rise in government investment for infrastructural development, increase in workplace safety, reduced operation time, and minimized labor cost. However, lack of skilled machine operators and lead time in supply chain are some of the restraints of the market.
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The service segment secured the highest share of about 52.0% in the overhead cranes market in 2017, and is expected to grow at a CAGR of 3.6% during the forecast period. In terms of end user, automotive sector is expected to contribute the highest market share in the coming years, as this industry needs to displace heavy vehicle parts. Moreover, increase in emphasis on domestic manufacturing sector is expected to provide wide growth opportunities to small players in developing economies.
In 2017, Asia-Pacific registered the highest rate in the overhead cranes market, and is expected to continue this trend during the forecast period, owing to presence of the key manufacturing companies in the region.
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Key Findings of the Overhead Cranes Market :
In 2017, the automotive segment dominated the global overhead cranes market, in terms of revenue, and is projected to grow at a CAGR of 3.9% during the forecast period.
The service segment is projected to grow at a CAGR of 3.6% during the forecast period.
Asia-Pacific is projected to register the highest growth rate in the years to come.
Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in overhead cranes. Moreover, various domestic players are investing in the manufacturing sector, which is anticipated to boost the demand for material handling equipment such as overhead cranes to complete operations with reduced labor cost and high precision of work within optimized time. Furthermore, the overhead cranes market is projected to generate the highest market revenue during the forecast period, owing to deployments in the shipyards and metal & mining industries.
The major players, such as ABUS Kransysteme GmbH, CARGOTEC, Columbus McKinnon Corporation, Engineered Material Handling Inc., GH Cranes & Components, Gorbel Cranes, KITO CORP., Konecranes Plc., Sumitomo Heavy Industries Ltd., and Weihua Group, have focused on developing new products to strengthen their presence in the market. Moreover, these companies expand their business by acquiring small businesses to sustain the intense competition.
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