The electric overhead traveling (EOT) cranes market size is projected to reach US$ 3,291.90 million by 2031 from US$ 2,026.50 million in 2023. The market is expected to register a CAGR of 6.3% during 2023–2031. The increased investment in the oil & gas sector across the globe is a major driving factor for the electric overhead traveling (EOT) cranes market
Manufacturing has been identified as a major sector that significantly contributes to a nation’s GDP growth and economic well-being. The manufacturing sector contributed ~15.3% to the global GDP in 2023. Manufacturing promotes innovation, productivity, and trade more than growth and employment. Significant investment and a rising number of manufacturing units are fueling the growth of the manufacturing sector. Factors such as the rise in demand for infrastructure development, an increase in the need for renovation and repair work, and rapid urbanization impact the market in the North America region. In October 2023, governments of Canada and British Columbia financed more than US$ 10 million for all the work related to 3 new water and wastewater facilities for municipalities of Fraser Lake, Burns Lake, and the District of Mackenzie, to provide purified water and more consistent municipal services in the country. Such investments drive the growth of the construction sector in the country, propelling the demand for electric overhead traveling cranes.
Electric overhead cranes are employed as an essential piece of equipment in the automotive industry. It is employed for lifting car parts, heavy machinery, and vehicles, among others. The use of electric overhead cranes in this industry is crucial for propelling efficiency and productivity. Companies such as Ford Motor Company, Tesla Inc., The General Motors Company, and Lucid Group Inc. are bolstering the automotive sector in North America. In 2023, Toyota announced its plans to begin the assembly of an all-new, three-row, battery electric SUVs at Toyota Kentucky; the operation will be commenced in 2025. Batteries fabricated by Toyota North Carolina would power these battery electric vehicles (BEVs). A new battery plant is under construction in North Carolina, and Toyota is anticipated to secure an additional US$ 2.1 billion investment to support its initiative toward carbon neutrality. Such progress in the automotive sector due to the proliferation of electric vehicle manufacturing and the increasing number of automotive parts and vehicle assembly plants are projected to drive the growth of the electric overhead traveling cranes market in North America in the coming years.
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Electric Overhead Traveling (EOT) Cranes Market: Strategic Insights
Construction industries are expanding globally with the rising number of low-to-medium-priced residential housing projects, commercial infrastructures, and government-backed infrastructure initiatives, including roads, bridges, and highways. The rise in construction activities is mainly driven by rising urbanization, increasing population, and a growing economy. According to the data published by the Word Bank in 2023, ~56% of the total population (or 4.4 billion people) were living in urban areas in 2022, which was 3.5 billion in 2010.
Growing demand for residential and commercial complexes, rising government initiatives, and surging high-rise constructions are attributed to the increasing government focus on infrastructure development. In March 2023, the Canadian Kelowna City Council approved the funding of US$ 90 million for the Kelowna Airport terminal expansion project. In 2023, six new airports were under construction in the US. In 2018, the Civil Aviation Administration of China (CAAC) stated its target to build ~216 new airports by the end of 2035. This plan is likely to boost the total number of airports to ~450 by 2035. Additionally, in 2022, the government of India announced its plans to establish 220 airports by the end of 2025. In 2023, the government also approved a funding of US$ 3.93 billion for 7 transformative railway projects to expand connectivity. In 2023, Kerala Water Authority and the city corporation initiated a project to utilize decentralized wastewater treatment plants in Japan, known as Johkasou. In 2023, governments of British Columbia and Canada invested US$ 24.3 million in the building of a water treatment plant.
The EOT cranes are one of the most useful machines used in factories. End users control the operation of these cranes using an IR remote, radio, or suspension pendant. Moreover, they can operate it from a cabin attached to the crane. Electric overhead traveling cranes are crucial in improving safety and efficiency in industrial operations. This leads to optimized production processes and increased productivity of industries. With an EOT crane, end users can make industrial transportation and production automated and well-mechanized, which streamlines operational management. These cranes have been extensively used for industrial firms, mining enterprises, port and terminal, railway transport, iron and steel plants, logistics, and oil & gas, among others.
Electric overhead traveling cranes contribute to a safe working environment. Automated lifting and traveling minimize the chance of hazards caused by accidents or strain. The advanced safety features of modern cranes, such as overload protection mechanisms and collision avoidance systems, lead to improved workplace safety. With their competence to boost automation, efficiency, and safety, electric overhead traveling cranes are considered a necessary asset for industrial operations and are anticipated to offer lucrative opportunities in the electric overhead traveling cranes market globally over the forecast period.
Key segments that contributed to the derivation of the electric overhead traveling (EOT) cranes market analysis are type, bridge crane, and application.
The geographic scope of the electric overhead traveling (EOT) cranes market report offers a detailed regional and country analysis. North America, Europe, and Asia Pacific are major regions witnessing significant growth in the electric overhead traveling (EOT) cranes market.
Asia Pacific held the largest share in 2023, owing to the increasing investment in infrastructure developments. The increasing airport facility modernization projects, such as Singapore Changi, Beijing Capital International, and Incheon International, are positively impacting the overall construction and infrastructure sector. Countries such as Indonesia and Thailand are also investing in domestic infrastructural development with more focus on regional airports to improve connectivity. Out of 425 airport and airport infrastructure development projects across the globe, 155 projects are currently under development in Asia Pacific with an investment of US$ 209 billion. One of the largest airport development projects in Asia Pacific is the Long Thanh International Airport in Vietnam, which has an investment of US$ 14.5 billion and is expected to be completed by 2025. In addition, the expansion of terminal 5 at Changi Airport, Singapore, is a US$ 10 billion project and is expected to be completed by 2030.
Europe is the second largest market for electric overhead traveling cranes owing to its infrastructure development in the construction, oil & gas, manufacturing, and petrochemical industries. The UK, Ireland, Germany, France, and Italy are a few noteworthy markets for electric overhead traveling cranes. Commercial and industrial sectors have shown a positive outlook due to the growing government intervention. The oil & gas industry has also experienced positive demand to reduce dependency on Russia and emphasizing domestic production and renewable energy. The growing infrastructure development in the oil & gas industry in terms of power plants, oil refineries, and gas stations is driving the electric overhead traveling cranes market in Europe.
The regional trends and factors influencing the Electric Overhead Traveling (EOT) Cranes Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Overhead Traveling (EOT) Cranes Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2,026.50 Million |
| Market Size by 2031 | US$ 3,291.90 Million |
| Global CAGR (2023 - 2031) | 6.3% |
| Historical Data | 2021-2023 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electric Overhead Traveling (EOT) Cranes Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electric Overhead Traveling (EOT) Cranes Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The electric overhead traveling (EOT) cranes market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric overhead traveling (EOT) cranes market are listed below:
The "Electric Overhead Traveling (EOT) Cranes Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The electric overhead traveling (EOT) cranes market was estimated to be valued at US$ 2,026.50 million in 2023 and is anticipated to grow at a CAGR of 6.3% over the forecast period.
The electric overhead traveling (EOT) cranes market is expected to reach US$ 3,291.90 million by 2031.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
Construction industries are expanding globally with the rising number of low-to-medium-priced residential housing projects, commercial infrastructures; and government-backed infrastructure initiatives, including roads, bridges, and highways. The rise in construction activities is mainly driven by rising urbanization, increasing population, and a growing economy. According to the data published by the Word Bank in 2023, ~56% of the total population (or 4.4 billion people) were living in urban areas in 2022, which was 3.5 billion in 2010.
Companies in the electric overhead traveling cranes market are highly focused on the development of cranes integrated with intelligent, networked systems along with the Internet of Things (IoT). Actuators, sensors, and data transfer capabilities of these smart cranes allow for real-time monitoring, predictive maintenance, and operational optimization. Through the gathering and assessment of information on crane performances, load weights, and environmental parameters, intelligent EOT cranes are expected to optimize the usage of energy and decrease the risk of equipment breakdowns, along with enhancing overall effectiveness
The bridge crane segment led the electric overhead traveling (EOT) cranes market with a significant share in 2023.
The key players operating in the Electric Overhead Traveling (EOT) Cranes market include Dafang Heavy Machine Co.,Ltd., Sumitomo Corp, Spanco, Inc., ABUS Kransysteme GmbH, Columbus McKinnon Corporation, Konecranes Plc, WHCRANE, VERLINDE SA, Gorbel Inc, American Equipment, Uesco Cranes, Safex Industries Limited, Harrington Hoists, Inc., K2 Cranes & Components Pvt. Ltd., and TAWI AB.