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Overhead Cranes Market Upcoming Demand & Growth Analysis Up to 2025

06-14-2019 05:42 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Overhead Cranes Market Upcoming Demand & Growth Analysis Up

Increased investment by government bodies for the development of domestic infrastructure and surge in demand for overhead cranes due to their high efficiency and reliability would boost the growth of the market.

According to the report, the global overhead cranes market accounted $4.36 billion in 2017 and is expected to reach $5.77 billion by 2025, registering a CAGR of 3.6% from 2018 to 2025.

Increased government investment for infrastructure development and augmented need for workplace safety in the industrial sector drive the growth of the global overhead cranes market. Moreover, benefits of overload cranes such as higher time optimization and reduction in labor cost supplement the market growth. However, limited availability of skilled workforce and high lead time in supply chain hamper the growth of the market. On the contrary, increasing investment in the manufacturing sector is expected to create lucrative opportunities for the market players in future.

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Product segment to manifest fastest CAGR by 2025
The product segment is expected to portray the fastest CAGR of 3.7% during the study period, owing to the ability of overhead cranes to lift heavy goods as well as reduce the overall cost of material lifting in industries. In 2017, the services segment held the largest share, contributing more than half of the total market revenue, as this segment includes maintenance & repair of these machines, which is less costly that the actual cost of the product.

Automotive segment to generate highest revenue through 2025

The automotive end user segment held the largest share in 2017, contributing about one fourth of the total market revenue, as overhead cranes can be used instead of traditional cranes to lift heavy components. However, the utility end user segment is expected to portray the fastest CAGR of 5.2% during the forecast period. The report analyzes several end user segments including automotive, metal & mining, paper, aerospace, shipyards, and others.

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Asia-Pacific to remain lucrative through 2025

The Asia-Pacific overhead cranes market garnered the largest share, contributing about 38% of the total revenue in 2017. This region is expected to continue its dominance throughout the study period, registering the fastest CAGR of 4.1% through 2025, as several manufacturing companies have been expanding their businesses in the region, which require overload cranes to lift heavy and bulky loads. The other regions analyzed in the report include North America, Europe, and Latin America, Middle East and Africa (LAMEA).

Key market players in the industry

The major market players analyzed in the report include ABUS Kransysteme GmbH, Eilbeck Cranes, GH Cranes & Components, KITO CORP., Sumitomo Heavy Industries Ltd., ABUS Kransysteme GmbH, Engineered Material Handling Inc., CARGOTEC, Konecranes Plc., Gorbel Cranes, and Weihua Group. These market players have adopted various market strategies such as partnerships, new product launches, and collaborations to maintain their stronghold in the industry.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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