Global Overhead Cranes Market- Market Overview:

The global overhead cranes market is expected to grow from USD 4,770.69 million in 2022 to USD 8,382.6 million by 2030, at a CAGR of 7.3% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising demand in the automotive sector.

Cranes are heavy-duty vehicles capable of moving heavy loads and equipment efficiently within a building by using overhead space. An overhead crane is indispensable in countless industrial settings, as they make work easier and more efficient. The two primary functions of overhead cranes are loading and unloading. By doing so, overhead cranes save time and effort at the workplace and prove efficient over time. Some of the features of overhead cranes include increased safety, improved workload control, and improved ergonomics. A crane is useful in a variety of situations depending on its configuration. These cranes come in a variety of shapes, sizes, and configurations, as well as components and accessories. Moving materials, lifting dies from stamping machines, loading and unloading heavy items, and feeding raw materials are some of the things they are used for. The increased spending on construction activities will increase the demand or usage for cranes as construction teams invest in better time management. To ensure safe operations and reduce human safety, more efficient material handling equipment is required. Furthermore, it costs a substantial amount of money to set up automated cranes. Using cutting-edge technologies for automatic cranes, including computer vision, machine learning, and the Internet of Things (IoT), costs a significant amount of money, which will negatively impact the growth of the market.

Sample Request: - Global Overhead Cranes Market

Market Dynamics:

Drivers:                          

• Rapid urbanization

Overhead travelling cranes are expected to grow in demand due to rapid urbanization, modernization, and the growth and expansion of various end-user industries. Further propelling the overhead travelling cranes market growth rate is the rise in awareness and adoption of workplace safety measures. Additionally, the government is increasingly focusing on the development of infrastructure in untapped markets, creating lucrative growth opportunities for overhead cranes.

Restraints:         

• Lack of skilled professionals

A shortage of skilled workers has forced manufacturing companies to hire more employees, which has resulted in higher labour costs. An inadequate staffing pool causes overwork and job dissatisfaction among employees. For automated cranes to work efficiently, a skilled workforce is required.

Opportunities:

• Rising safety concerns and demand for efficient operational processes

Goods and materials are in increasing demand, they need to be moved quickly and efficiently, and accidents must be minimized, all of which contribute to efficient operations. In addition, it is important to keep production schedules to reduce the risk of accidents and repair costs, all of which contribute to the need to minimize downtime.

Challenges:

• Raw material price fluctuation

As raw materials prices fluctuate, the overhead travelling crane market will be challenged even more. A combination of high acquisition costs coupled with high operational and maintenance costs will further limit the growth potential, while a depreciation mechanism that leads to low resale values will also limit the growth potential.

Segmentation Analysis:

The global overhead cranes market has been segmented based on boom-type, business type, end-user, and region.

By Boom-Type

The boom-type segment includes a single-girder and double-girder. The single-girder segment led the largest share of the overhead cranes market with a market share of around 39.3% in 2022. In medium and light-duty applications and in facilities with limited floor space or headroom, single-girder cranes are highly cost-effective. Furthermore, single-girder cranes are also less costly to build and are more compact and lightweight than double-girder cranes. This results in a reduction in material, installation, and freight costs as well. With a maximum lifting capacity of 5 tons to 35 tons, single girder cranes offer a number of advantages which contribute to the growth of the overhead cranes market.

By Business Type

The business type segment includes OEM and aftermarket. The OEM segment led the largest share of the overhead cranes market with a market share of around 67.3% in 2022. During the Projection period, OEMs will remain the largest contributor to the market and will grow at a CAGR of 4.7%. Automation software providers, engine manufacturers, and other parts manufacturers assist OEMs by providing the latest technologies.

By End-User

The end-user segment includes utility, metal & mining, automotive, shipyards, and aerospace. The automotive segment led the largest share of the overhead cranes market with a market share of around 31.5% in 2022. Depending on the demand and lifting capacity of the crane, overhead cranes are highly efficient for automotive applications. As a result, human power and traffic on the work floor are reduced, which optimizes the process. They are used to lift and transport automotive parts and even an entirely assembled automobile.

Global Overhead Cranes Market - Sales Analysis.

The sale of overhead cranes expanded at a CAGR of 6.8% from 2016 to 2022.

Manufacturing and infrastructure sectors are growing in developing countries, leading to an increased demand for industrial overhead cranes. Moreover, industrial overhead cranes are increasingly being fitted with automated systems to improve efficiency and productivity.

As government investments increase in infrastructure activities, the overhead cranes market expands. As a consequence of the 'Industry 4.0' plan, various players are adopting new digitization technologies for industrial spaces to boost output. The demand for electronic overhead cranes has been a result of this.

A growing number of industrial activities are being automated, leading to an increase in overhead crane demand. By automating labor-intensive practices such as lifting heavy goods and moving them, companies can increase productivity in the manufacturing process and reduce production lead times.

Thus, owing to the aforementioned factors, the global overhead cranes market is expected to grow at a CAGR of 7.3% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the overhead cranes market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the overhead cranes market and held a 37.8% share of the market revenue in 2022.

• The Asia Pacific region witnessed a major share. Due to the highest infrastructure investment in the region and the presence of a number of key manufacturers, Asia Pacific is expected to dominate the market over the Projection period. In 2017, China held the largest share of the overhead cranes market in the Asia Pacific, while India also showed the largest growth. In Asia Pacific, China is the largest industry for overhead cranes, followed by Japan.
• Europe is anticipated to experience significant growth during the predicted period. Currently, four significant overhead crane manufacturers have the largest market share in the region of Europe, which is a major hub for global overhead crane manufacturers. Despite the fact that the overhead crane industry is highly consolidated in Europe, Chinese demand is lower to promote local manufacturers in the market. As a result, companies are adopting acquisition and partnership strategies in order to gain a significant share of the European overhead crane market.

Global Overhead Cranes Market - Country Analysis:

• Germany

Germany's overhead cranes market size was valued at USD 429.36 million in 2022 and is expected to reach USD 765.7 million by 2030, at a CAGR of 7.5% from 2023 to 2030.

Through the integration of smart technology with overhead cranes, they are able to collect data from crane operations, as well as the increasing adoption of automated overhead cranes throughout the country as a result of smart technology for maintenance purposes by reviewing historical maintenance data and technical information of the crane.

• China

China’s overhead cranes market size was valued at USD 468.8 million in 2022 and is expected to reach USD 848.6 million by 2030, at a CAGR of 7.7% from 2023 to 2030.

Overhead cranes are being shaped by product innovation in China. To enhance the operational performance of crane systems and to detect early maintenance of cranes, the key players in the overhead cranes market develop innovative rope technologies, like synthetic ropes, and performance diagnostics solutions.

• India

India's overhead cranes market size was valued at USD 360.6 million in 2022 and is expected to reach USD 647.9 million by 2030, at a CAGR of 7.6% from 2023 to 2030.

The Indian market is projected to expand significantly as a result of increased demand, higher incomes, advanced technology and equipment, and programs to raise public awareness of the need. As a result, companies, government organizations, etc., are also focusing on developing customer-centric products that will contribute to the country's development.

Key Industry Players Analysis:  

To increase their market position in the global overhead cranes market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

• Sumitomo Heavy Industries Material Handling Systems Co.Ltd.
• Kito Corporation
• Columbus McKinnon Corporation
• Ralf Teichmann GmbH
• GH Cranes & Components
• Weihua Group
• ABUS Kransysteme GmbH
• Gorbel Cranes
• Konecranes Plc
• EMH Inc
• Henan Mine
• Safex Electromech
• Unique Industrial Handlers
• K2 Cranes
• United Crane Components Pvt. ltd

Latest Development:

• In January 2022, A USA-based provider of overhead cranes and hoists, American Equipment Holdings acquired Eastern Crane and Hoist, a South California company that provides overhead crane systems, maintenance, repair, and overhaul services. A major objective of the acquisition by American Equipment is to increase its geographical footprint in overhead crane and hoist production and maintenance.
• In April 2022, BF Engineering used Pfaff-silberblau PETA-EL4 wire rope winches and wire rope pulley blocks provided by Columbus McKinnon Engineered Products in a climate chamber to simulate solar irradiation of hydrogen-powered car and truck prototypes with height-adjustable irradiation.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	7.3%
Market Size	4,770.69 million in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Boom-Type, By Business Type, By End-User, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	Sumitomo Heavy Industries Material Handling Systems Co.Ltd., Kito Corporation, Columbus McKinnon Corporation, Ralf Teichmann GmbH, GH Cranes & Components, Weihua Group, ABUS Kransysteme GmbH, Gorbel Cranes, Konecranes Plc, EMH Inc, Henan Mine, Safex Electromech, Unique Industrial Handlers, K2 Cranes, and United Crane Components Pvt. Ltd.
By Boom-Type	Single-Girder Double-Girder
By Business Type	OEM Aftermarket
By End-User	Utility Metal & Mining Automotive Shipyards Aerospace
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Overhead Cranes Market by Boom-Type:

• Single-Girder
• Double-Girder

Global Overhead Cranes Market by Business Type:

• OEM
• Aftermarket

Global Overhead Cranes Market by End-User

• Utility
• Metal & Mining
• Automotive
• Shipyards
• Aerospace

Global Overhead Cranes Market by Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia