The overhead cranes market size is projected to reach US$ 9,162.21 million by 2031 from US$ 5,024.01 million in 2023. In recent years, there has been a growing reliance on automation in several applications, from warehousing and manufacturing processes to distributions. Manufacturing sectors are shifting to highly automated and process-driven manufacturing processes. Industry operations increasingly depend on automation due to the initiatives by the governments and manufacturers to boost the manufacturing sector. Thus, rising investments in the manufacturing sectors drive the growth of the overhead crane market. Overhead cranes are widely used for material lifting operations in warehouses and distribution centers. Therefore, the need for overhead cranes is rising in warehousing and distribution centers to improve overall workflow efficiency. The market growth is also driven by the need for workplace safety in industrial sectors.
The stakeholders in the overhead crane market include overhead crane component suppliers, overhead crane manufacturers, and end users. The presence of many component suppliers, including trolley frames, Wire/Rope, bridge wheels, hoists, runway rails, and others, facilitate the overhead crane manufacturers to meet the demands of their respective customers. The overhead crane component suppliers are scaling up their production capacities to meet the growing demand of overhead crane manufacturers.
As the overhead crane manufacturers continuously work in sync with component suppliers as well as end users, it helps them understand the demands of end users as well as develop advanced components. They also have various distributors spread across various countries and regions, which also provide service support to end users. Konecranes, Sumitomo Heavy Industries, Kalmar, Liebherr, and Dongqi Cranes are among the well-established players operating in the market. End users, comprising Manufacturing Facilities, Warehouses, Shipyards, Metals & Steel Production Units, and Others, are the final stakeholders in the overhead crane market
Overhead cranes are used in industries for material lifting in manufacturing or maintenance applications. It is used to lift or move heavy and bulky loads from one location to another precisely. Its functions include loading and unloading materials, controlling object movements in an assembly line, and moving containers. Additionally, it manages tasks such as assembly, transportation, staging, storage, and warehousing. Furthermore, it improves overall efficiency and workplace safety, reduces downtime, and maximizes production. Different overhead cranes include bridge, jib, monorail, gantry, and workstation cranes. These cranes are operated by a control pendant and remote pendant or from an operator cabin attached to the crane, which is managed electrically.
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Overhead Cranes Market: Strategic Insights
With the introduction of Industry 4.0, there are constant practices to introduce automation, mass customization according to customer demand and need, and improve operational efficiency. Increasing investments in the manufacturing sector help boost economic growth and job creation, which acts as a global competitive advantage. Manufacturing sectors are shifting to automated and process-driven manufacturing processes. The National Manufacturing Policy, an initiative in 2011 by the Indian government, is projected to increase the share of manufacturing in GDP to 25% by 2025 compared to 2020.
Furthermore, manufacturers are increasingly adopting smart factory initiatives to boost production capacities. In 2022, under the Chips and Science Act in the US, Idaho-based microchip manufacturer, Micron announced its plans to invest ~US$ 15 billion in a new memory manufacturing facility in Boise. First Solar announced an investment of US$1.2 billion in the developments in the solar industry, where a new factory and expansion will take place to boost the manufacturing footprint. Thus, such investments in expansion and setting up new manufacturing facilities using overhead cranes propel the demand for the cranes. Therefore, rising investments in manufacturing sectors drive the growth of the overhead crane market.
Overhead cranes are widely used for material lifting operations in warehouses and distribution centers. The cranes transport heavy loads in warehouses, production halls, logistics centers, and production and storage facilities. They reduce labor intervention, improve operation efficiency, and minimize downtime and adapting automation of operations.
According to Entrepreneur Media, Inc., the Indian warehouse industry changed from storage spaces to highly sophisticated warehousing and logistics systems with changing customer behaviors. The rise in the e-commerce sector propels the constant need for expanding storage for inventories, which accelerated the demand for warehousing and distribution warehousing spaces. According to Russell and Dawson, the North American warehousing & distribution sector developed due to the rising e-commerce sector and surging interest in outsourced warehousing. Manufacturers of overhead cranes reported a rise in production and functions due to the increase in the need for storage and outsourced warehousing, which will bolster the adoption of overhead cranes for material handling in the coming years. Thus, the growth in warehousing and distribution centers is expected to provide ample opportunities for the overhead cranes market during the forecast period.
Key segments that contributed to the derivation of the overhead cranes market analysis are type, installation, operation type, and verticals.
Based on operation type, the overhead cranes market is segmented into electric, hydraulic, and hybrid. The electric segment accounted for a larger market share in 2023.
Based on verticals, the overhead cranes market is segmented into logistics, automotive, marine, utilities, and others. The logistics segment accounted for a larger market share in 2023.
The global overhead cranes market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). The overhead cranes market in North America is segmented into the US, Canada, and Mexico. North America is the world's most industrially developed region. The growing manufacturing in the automotive, marine, and utility industries and rapid urbanization are expected to support the regional market growth during the forecast period.
In the automotive industry, overhead cranes are used to lift heavy loads and cars during manufacturing, assembly, and vehicle transit. The use of cranes ensures 100% damage prevention of car body parts during car maintenance, assembly, and supply. They also increase overall productivity by improving production line efficiency and stability. The significant rise in the production of automotive vehicles owing to an increase in per capita income and the surge in demand for automobiles across North America has increased the need for overhead cranes. According to President Biden’s Economic Plan, the manufacturing of electric vehicles (EVs) will boost the economy in North America. A few automakers such as Toyota, Honda, Ford Motor Company, General Motors, and Panasonic announced investments in EVs manufacturing. In October 2022, Honda announced an investment of US$ 700 million in three different Ohio plants to enhance EV production in the US.
The regional trends and factors influencing the Overhead Cranes Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Overhead 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$ 5,024.01 Million |
| Market Size by 2031 | US$ 9,162.21 Million |
| Global CAGR (2023 - 2031) | XX% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Overhead 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 Overhead Cranes Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The overhead cranes market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Overhead Cranes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: