Electric Overhead Traveling (EOT) Cranes Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

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

Electric Overhead Traveling (EOT) Cranes Market Analysis

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 Traveling (EOT) Cranes Market Overview

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 Drivers and Opportunities

Growing Trend of Industrialization and Infrastructure Development

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.

Shift in Application Scope to Ensure Efficiency, Automation, and Safety in Industrial Operations

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.

Electric Overhead Traveling (EOT) Cranes Market Report Segmentation Analysis

Key segments that contributed to the derivation of the electric overhead traveling (EOT) cranes market analysis are type, bridge crane, and application.

• Based on type, the electric overhead traveling cranes market is segmented into bridge cranes, gantry cranes, JIB cranes, portal cranes, and others. Bridge cranes have proven applications in heavy industries, wherein they offer the most efficient and safest way to lift and move materials. Bridge cranes improve the workflow in warehouses or large-scale industrial facilities, such as coil handling, steel fabrication, railroad manufacturing, defense equipment manufacturing, automotive, mining, and paper milling. Bridge cranes primarily consist of two overhead runways, a crane bridge, a trolley, and a hoist. A standard design primarily features one or two load-bearing girders, which are placed at either the top or bottom of the runway.
• The market for bridge cranes is sub-segmented into single-girder cranes and double-girder bridge cranes.
• In terms of application, the market is classified into construction, mining, chemical, shipping industry, automotive, oil & gas, and others. Growing developments in shipping and logistics, as well as the rising number of ports across the world, generate an immense demand for gantry cranes. Gantry cranes are used in outdoor yards, docks, storage, power stations, railway stations, and ports, among others. The primary function of these cranes is to lift and handle heavy materials and equipment and move them to other places. Furthermore, they are also employed to load and unload ships, trucks, and trains. Larger gantry cranes are generally used in shipyards and stockyards.

Electric Overhead Traveling (EOT) Cranes Market Share Analysis by Region

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.

Electric Overhead Traveling (EOT) Cranes Market Regional Insights

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.

Electric Overhead Traveling (EOT) Cranes Market Report Scope

Electric Overhead Traveling (EOT) Cranes Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Dafang Heavy Machine Co.,Ltd.
2. Sumitomo Corp
3. Spanco
4. Inc.
5. ABUS Kransysteme GmbH
6. Columbus McKinnon Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Electric Overhead Traveling (EOT) Cranes Market News and Recent Developments

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:

• Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and Chief Executive Officer: Masayuki Hyodo) announced its subsidiary, Sunstate Equipment Co., LLC (Head Office: Phoenix, Arizona CEO: Chris Watts) (Sunstate), has acquired 100% of assets and operations of Trench Shore Rentals, Inc. (Head Office: Phoenix, Arizona) (TSR), a leading US trench safety equipment rental company. (Sumitomo Corporation, Company Website, March 2024)

Electric Overhead Traveling (EOT) Cranes Market Report Coverage and Deliverables

The "Electric Overhead Traveling (EOT) Cranes Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Electric Overhead Traveling (EOT) Cranes market size and forecast at country levels for all the key market segments covered under the scope
• Electric Overhead Traveling (EOT) Cranes market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Electric Overhead Traveling (EOT) Cranes market analysis covering key market trends, country framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Electric Overhead Traveling (EOT) Cranes market
• Detailed company profiles