Overhead Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Gantry Crane, Bridge Crane, Jib Crane, Monorail Crane, and Others), Installation (Mobile Crane and Fixed Crane), Operation Type (Electric, Hydraulic, and Hybrid), and V

According to our latest study on ""Overhead Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Installation, Operation Type, and Verticals "" the overhead cranes market is projected to grow from US$ 4,770.69 million in 2022 to US$ 7,221.24 million by 2028; it is estimated to record a CAGR of 7.2% from 2022 to 2028.

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Growing Need for Workplace Safety in Industrial Applications Fuels Overhead Cranes Market Growth
In chemical, power, and construction industries, some processes involve constant exposure to toxic chemicals, heated material, and heavy loads. If these tasks can be handled manually, they can pose a risk to workers' life. Lifting heavy loads with inappropriate handling can create risks for a worker handling it or in a nearby space. Therefore, industries are adopting several advanced equipment, machinery, and technologies to minimize human intervention, maximize productivity, enhance workplace safety, and maintain health measures. Overhead cranes are specialized equipment designed to lift and transfer bulky, heavy loads, toxic chemicals, and heated material in industrial spaces. Automated processes with the help of overhead cranes provide safety to the industries' workforce and improve the quality and production process. Thus, increasing workplace safety in industrial applications fuels the overhead cranes market growth.

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Lockdowns and temporary shutdowns of industrial activities across major countries in Asia Pacific led to the disruption of the supply chain of various raw materials and goods during the peak of COVID-19 outbreak. The shutdown of manufacturing and automotive industries, disruptions in supply chain, and low consumer demands were among the primary implications of the pandemic, which greatly impacted the overhead cranes market growth. Japan's Suzuki Motor Corp. production lines were idle for several days due to shortfalls in components. In South Korea, automotive market players such as Hyundai, Kia, and SsangYong temporarily closed plants and recorded production losses. Thus, the shutdown of manufacturing units and automobile plants in China, Japan, India, and South Korea disrupted the supply chain and severely impacted the growth of the overhead cranes market in Asia Pacific during the pandemic. However, in 2021, with the relaxation of the lockdown measures, operations resumed in manufacturing businesses. The increasing initiatives by leading automotive manufacturers to cater to the growing demand for automotive vehicles offered the industry a wide range of opportunities and solutions during the COVID-19 pandemic recovery period. Thus, an increase in the sales of the automotive vehicles is anticipated to fuel the demand for overhead cranes during the pandemic recovery period.

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Key Findings of Study:

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The overhead cranes market is segmented on the basis of type, installation, operation type, verticals, and geography. Based on type, the overhead cranes market is segmented into gantry crane, bridge crane, jib crane, monorail crane, and others. Based on installation, the overhead cranes market is bifurcated into mobile crane and fixed crane. Based on operation type, the overhead cranes market is segmented into electric, hydraulic, and hybrid. Based on verticals, the overhead cranes market is segmented into logistics, automotive, marine, and others. By geography, the overhead cranes market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Based on operation type, the overhead cranes market is segmented into electric, hydraulic, and hybrid. Electric-powered crane is extensively used in warehouses and industrial applications to carry heavy objects. For instance, market player, LIEBHARR provides an LR 1200.1 unplugged crawler crane designed for 4 hours of lifting operation and can be connected to a conventional electric supply. In large industrial shipyards, electrical cranes sourced by powerful generators are used to load sea containers and move parts from one place to another that weigh several tons. It is also used to lift smaller, lower load-capacity cranes during manufacturing processes and in comparatively light-duty construction operations. All cranes, at some point or other, require electricity for their operations, which is fueling the market for the segment.

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