Automated Overhead Cranes Market Trends and Scope by 2031
The Automated Overhead Cranes market size is projected to reach US$ 3.5 billion by 2031 from US$ 2.1 billion in 2023. The market is expected to register a CAGR of 7.00% during 2023–2031. The increasing adoption of Industry 4.0 is leading to the growing demand for automated overhead cranes. These cranes are further implemented with smart technology that provides insightful data, which further helps in the effective operations of Industry 4.0 technology. Such adoption of Industry 4.0 is likely to remain a key trend in the market.
Automated Overhead Cranes Market Analysis
The stakeholders in the automated overhead crane market include automated overhead crane component suppliers, automated overhead crane manufacturers, and end users. The presence of a large number of component suppliers, including trolley frames, Wire/Rope, bridge wheels, hoists, runway rails, and other manufacturers, facilitate the automated overhead crane manufacturers to meet the demands of their respective customers. Automated overhead crane component suppliers are scaling up their production capacities to meet the growing demand for automated overhead crane manufacturers. As the automated 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.
Automated Overhead Cranes Market Overview
The industry players are quite skeptical about investing in advanced automated solutions that involve a high initial CAPEX and cost associated with constant upgrades and maintenance in the latter part due to their budget constraints. The industries that are adopting automated overhead cranes demand well-educated and knowledgeable solution providers in advance about the intricacies of its implementations, such as the cost associated with the automated overhead crane manufacturing and its renewal, maintenance, service charges, training, and consulting, among others. Since these are highly critical for a company, even a small shortage can result in a significant financial impact. Furthermore, the small and medium enterprise owners across different industry verticals continue to restrict the market growth, owing to their limited budget for industrial machinery. Additionally, the price-sensitive market, such as selected countries in Asia and African regions, is also expected to negatively influence the adoption of automated overhead cranes, owing to budget issues and the lack of awareness among its industrial personnel. Thus hampering the growth of the automated overhead cranes market across the globe.
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Automated Overhead Cranes Market: Strategic Insights
Market Size Value in US$ 1,854.10 Million in 2021 Market Size Value by US$ 2,928.59 Million by 2028 Growth rate CAGR of 6.7% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Automated Overhead Cranes Market: Strategic Insights
| Market Size Value in | US$ 1,854.10 Million in 2021 |
| Market Size Value by | US$ 2,928.59 Million by 2028 |
| Growth rate | CAGR of 6.7% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automated Overhead Cranes Market Drivers and Opportunities
Growing Shipbuilding Industry to Favor Market
The shipbuilding industry is growing owing to increasing seaborne transportation. As per the data published by the National Oceanic and Atmospheric Administration in 2023, the Ship and Boat building has witnessed a 15% growth rate from 2020. In addition, China’s ship and boat building industry completed the delivery of 38 million deadweight tons of ships and boats, a 12% growth from 2022. Such an increase in the ship and boat building industry is leading to increased demand for automated overhead cranes, ultimately driving the market.
Increasing warehouses and distribution centers
The e-retailers are now more strongly looking forward to opening warehouses in tier ll and tier lll cities. Thus, the demand for automated overhead cranes across warehouses and distribution centers for lifting heavy equipment and material handling will increase. The warehouse crane usually consists of a single-girder overhead crane, a double-girder overhead crane, and an electric hoist gantry crane for lifting purposes. The majority of the warehouses and distribution centers use automated overhead cranes with a lifting capacity of 1 ton, 3 ton, 5 ton, and 10 ton up to 100 tons.
Automated Overhead Cranes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Automated Overhead Cranes market analysis are type, level of automation, and industry.
- Based on type, the Automated Overhead Cranes market is divided into bridge cranes, gantry cranes, monorail cranes, jib cranes, and others. The bridge crane segment held a larger market share in 2023.
- By level of automation, the market is segmented into semi-automated and fully automated. The semi-automated segment held the largest share of the market in 2023.
- In terms of industry, the market is bifurcated into manufacturing, shipbuilding, metals and steel, and others. The manufacturing segment held a significant share of the market in 2023.
Automated Overhead Cranes Market Share Analysis by Geography
The geographic scope of the Automated Overhead Cranes market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific region dominated the global automated overhead cranes market. Europe accounted for the second largest market share. China has emerged as one of the manufacturing hubs globally. Thus, the country has become one of the notable providers of low-cost equipment. In addition, the shipbuilding industry has witnessed strong growth in the past few years, which is further generating lucrative opportunities for the market.
Automated Overhead Cranes Market Report Scope
Automated Overhead Cranes Market News and Recent Developments
The Automated 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. A few of the developments in the Automated Overhead Cranes market are listed below:
- EMH launched semi-legged gantry cranes. These cranes are designed to transfer materials between the workstations. (Source: EMH, Newsletter, September 2023)
Automated Overhead Cranes Market Report Coverage and Deliverables
The “Automated Overhead Cranes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automated Overhead Cranes market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automated Overhead Cranes market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Automated Overhead Cranes market analysis covering key market trends, global and regional 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 Automated Overhead Cranes market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Level of Automation , and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the automated overhead cranes market in 2023
The growing shipbuilding industry is driving the automated overhead crane market
DONGQI GROUP, Konecranes Oyj, EMH, Inc, EntsorgaFin S.p.A, Henan Clescrane System Co., Ltd., Hoist UK, Kundel Industries Inc., Weihua Group, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., and Acculift
US$ 3.5 billion estimated value of the automated overhead cranes market by 2031
7.00% is the expected CAGR of the automated overhead cranes market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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- Validates and strengthens in-house secondary research findings
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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