Overhead Cranes Market Share, Analysis & Growth Forecast, 2020–2027 | by Type, Business

According to a new report published by Allied Market Research, titled, “Overhead Cranes Market by Type, Business Type, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global overhead cranes market size is expected to reach $5.0 billion in 2027 from $3.8 billion in 2019, growing at a CAGR of 4.9% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for a 49.0% share of the global overhead cranes market.

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Overhead cranes are also known as bridge cranes or industrial cranes are utilized for material handling applications in industrial spaces. It constitutes 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. Further, overhead cranes find applications in automotive, aerospace, shipyards, paper, utility, and other industries.

Moreover, Asia-Pacific is the highest contributor in the overhead cranes market. China holds majority of the global share in consumption mainly due to low cost of manufacturing. In addition, increase in investments on manufacturing infrastructure mainly in developing countries such as India, Bangladesh, Vietnam, and others, also boosts the demand for overhead cranes in Asia-Pacific. China’s growing automobile industry is also driving the demand for overhead cranes in the country.

However, countries such as the U.S., Germany, and other European countries, are focused on developing new technologies in the overhead cranes industry to sustain their market share during the forecast period.

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Covid-19 Impact Analysis:

The COVID-19 pandemic has negatively affected the overhead cranes market mainly due to halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others, are also facing financial impacts due to halted production, which is expected to hinder the growth of the overhead cranes market during 2020.

Global Market Segments

By Type

Single Girder
Double Girder

By Business Type

Original Equipment Manufacturers (OEM)
Aftersales

By End-User

Automotive
Metal & Mining
Paper
Utility
Aerospace
Shipyards
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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Key Players

The major players operating in the overhead cranes industry include botek ABUS Kransysteme GmbH, Columbus McKinnon Corporation (CMCO), EMH, Inc., GH Cranes & Components, Gorbel Cranes, Kito Corporation, Konecranes Plc., Ralf Teichmann GmbH, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., and Weihua Group.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

This release was published on openPR.