Overhead Cranes Market Forecast (2024-2031) and Size
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.
Overhead Cranes Market Analysis
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 Market Overview
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.
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Overhead Cranes Market: Strategic Insights
Market Size Value in US$ 4,770.69 million in 2022 Market Size Value by US$ 7,221.24 million by 2028 Growth rate CAGR of 7.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Overhead Cranes Market: Strategic Insights
| Market Size Value in | US$ 4,770.69 million in 2022 |
| Market Size Value by | US$ 7,221.24 million by 2028 |
| Growth rate | CAGR of 7.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Overhead Cranes Market Drivers and Opportunities
Increasing Investments in Manufacturing Sector
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.
Growing using and Distribution Centers
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.
Overhead Cranes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the overhead cranes market analysis are type, installation, operation type, and verticals.
- Based on type, the overhead cranes market is segmented into gantry crane, bridge crane, jib crane, monorail crane and others. The gantry crane segment accounted for a larger market share in 2023.
- On the basis of installation, the overhead cranes market is bifurcated into mobile crane and fixed crane. The fixed crane segment accounted for a larger market share in 2023.
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.
Overhead Cranes Market Share Analysis by Geography
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.
Overhead Cranes Market Report Scope
Overhead Cranes Market News and Recent Developments
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:
- In November 2022, Hitachi Construction Machinery Transfers its Shareholding in Sumitomo Heavy Industries Construction Cranes to Sumitomo Heavy Industries. Hitachi Construction announced that it has agreed to transfer all its holdings (27,200 shares, 34% of voting rights held) in equity-method affiliate company, Sumitomo Heavy Industries Construction Cranes Co., Ltd., to Sumitomo Heavy Industries, Ltd., the parent company of Sumitomo Heavy Industries Construction Cranes and has concluded a transfer agreement. (Source: Hitachi, Press Release)
- In December 2022, Liebherr unveiled its first large cranes featuring a fiber rope and its first hydraulic luffing jib crane at the construction machinery show in Munich. Whether for enormous hook heights or particularly constricted sites – these new cranes enhance Liebherr’s reputation as a reliable partner on sites of all types. At the same time, Liebherr is working on new technologies to make crane operations safer and more economical. (Source: Liebherr, Press Release)
Overhead Cranes Market Report Coverage and Deliverables
The “Overhead Cranes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Overhead cranes market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
Overhead cranes market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
Overhead cranes market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Overhead cranes market landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Installation, Operation Type, and Verticals
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, 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
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.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
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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