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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Overhead Cranes Global Market Report 2022' -
, Ltd., Weihua Group, Cargotec Corporation, Ace Industries, Inc., Eilbeck Cranes, American Crane & Equipment Corporation, Henan Yutian Crane Co. Ltd., Whiting Corporation, and Zenar Corporation.
The global overhead cranes market is expected to grow from $4.02 billion in 2021 to $4.26 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. The overhead cranes market is expected to grow to $5.36 billion in 2026 at a CAGR of 5.9%.
The overhead cranes market consists of the sale of biomaterials and related products by entities (organizations, sole traders, and partnerships) that refers to heavy-duty machinery, which is capable of moving extremely heavy loads and equipment from one location to another in a precise manner using overhead space inside the facility.These cranes differ by size, type, shape, and configuration with components and accessories.
They are widely used in moving materials, lifting dies from stamping machines, loading and unloading heavy goods and machinery, and feeding raw materials.
The main types of overhead cranes include bridge cranes, gantry cranes, monorail cranes, and jib cranes, which are available in both single girder and double girder formats.The bridge cranes market segment consists of the sale of bridge cranes by entities (organizations, sole traders, and partnerships), which consists of two parallel runways incorporated into the support structure of a building, and the crane is moved horizontally along the runways by a single or double girder structure known as a bridge, and the trolley and hoist travel side-by-side along the bridge.
These cranes are used for multi-directional movement of materials to help with storing, manufacturing, unloading, or loading works. These cranes are operated through electric, hydraulic and hybrid systems, and they are used in automotive, metals & mining, paper, utility, aerospace, shipyard, and other end-user industries.
Asia-Pacific was the largest region in the overhead cranes market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the overhead cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The overhead cranes market research report is one of a series of new reports that provides overhead cranes market statistics, including overhead cranes industry global market size, regional shares, competitors with a overhead cranes market share, detailed overhead cranes market segments, market trends and opportunities, and any further data you may need to thrive in the overhead cranes industry. This overhead cranes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing automation of various activities in industrial space is driving the demand for the overhead cranes market.The automation of manpower-intensive practices such as lifting and movement of heavy goods in the industrial sector increases the productivity in the manufacturing process and reduction in lead time for production.
The advantages of overhead cranes, as well as advancements in crane technology, are increasing industrialists' confidence in their use since these cranes are cost-effective and provide entirely safe operations when carrying heavy products/goods. For instance, in February 2021, according to Modern Materials Handling's 2021 Automation Solutions Study, 34% of the 123 readers who took part in the 2021 automation study work for companies with revenues of less than $10 million, and 18 percent work for enterprises with revenues of $10 million to $49.9 million. The majority of respondents (59%) work in the manufacturing industry, while 28% work in non-manufacturing industries such as warehousing, retail, or with a third-party logistics provider. Labeling automation increased from 13% last year to 16% this year and one-third of the respondents reported using hoists, cranes, and monorails.
Product innovations are shaping the overhead cranes market.The key players operating in the overhead cranes market are developing innovative product technologies in crane ropes such as synthetic ropes to increase the operational performance of the systems and performance diagnostics solutions for early detection of maintenance of the cranes.
For instance, in September 2019, Konecranes Oyj, a Finnish company that manufactures and services cranes and lifting equipment, announced the launch of three new lifting solutions to complement its existing line.The innovative new S-series, which uses a synthetic rope to give greater lifting performance and longer-lasting use, is one of the latest additions to their portfolio.
The yourKONECRANES customer site is designed to provide real-time data and insight for the S and M-series cranes to improve usage visibility and help forecast maintenance needs.
In January 2022, American Equipment Holdings, a USA-based provider of overhead cranes and hoists acquired Eastern Crane and Hoist, a South-California-based provider of overhead crane systems, and maintenance, repair, overhaul field services (MRO) for an undisclosed amount. The acquisition by American Equipment is focused on expanding its geographic footprint in production and MRO in the overhead crane systems and hoists sector.
The countries covered in the overhead cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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