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Rising automation in various industrial spaces is a key driver help to drive the growth of the Overhead Cranes Marke . Automation of labour-intensive tasks Such as lifting and moving heavy objects significantly boosts the industrial sector's productivity and reduces manufacturing lead times. The affordability and safety of modern overhead cranes offer increased confidence for industries in their utilization. This, coupled with continuous advancements in crane technology, is Driving significant growth in the global overhead crane market.
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Some of the Major Key Players:
ABUS Kransysteme GmbH Columbus McKinnon Corporation (CMCO) EMH, Inc. GH Cranes & Components Gorbel Cranes Kito Corporation Konecranes Plc Ralf Teichmann GmbH Sumitomo Heavy Industries Material Handling Systems Co., Ltd. Weihua Group
Growing Demand for Efficiency and Safety Drive Market Expansion
The SNS Insider Report forecasts the Overhead Cranes Market to reach USD 7.33 billion by 2031, reflecting a healthy Compound Annual Growth Rate (CAGR) of 4.7% over the forecast period (2024-2031). This market growth is fuelled by,
Overhead cranes offer superior efficiency compared to forklifts or manual labor for lifting and moving materials. They streamline manufacturing processes by automating lifting, maneuvering, and unloading tasks within facilities. These cranes can handle material movement in demanding environments, including handling corrosive or delicate materials like hot metals, chemicals, and heavy loads. Overhead cranes are specifically designed for safe handling of bulky and heavy loads in industrial spaces. This eliminates risks associated with manual lifting, enhancing workplace safety. Overhead cranes eliminate the need for multiple forklifts, maximizing usable floor space within factories. These cranes enable direct-path material movement over obstacles, facilitating smooth lifting operations and reducing reliance on manual labor or multiple forklifts.
Recent Developments
April 2021, The Weihua Group established a new facility in China, incorporating innovative technologies like robotic systems, cloud computing, and the Internet of Things (IoT) for integrating crane systems with machinery. This expansion bolstered their crane machinery product line and sales.
March 2021, Comansa introduced a 3D crane model compatible with Building Information Modeling (BIM) systems, facilitating safer and more efficient construction and infrastructure projects.
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Segment Analysis
By Business Type, The Original Equipment Manufacturer (OEM) segment holds the largest market share and is projected to maintain its lead throughout the forecast period. Major players such as Weihua Group and Konecranes Plc. contribute significantly in this segment. Automation integration with“Industry 4.0” principles further strengthens the position of OEMs in the market.
Original Equipment Manufacturer Aftermarket
By End User, The Automotive industry is the dominant end-user segment due to the high efficiency of overhead cranes in lifting and transporting various car parts during the assembly process. This reduces Dependence on manual labour and optimizes production workflows. The focus on employee safety within the automotive sector fosters the adoption of overhead lifting equipment like cranes.
Automotive Metal and Mining Manufacturing Aerospace Utilities Shipyards Others
ON THE BASIS OF TYPE
Single Girder Double Girder
The Utility segment is experiencing the fastest growth due to an Growing power generation infrastructure requiring digitization and upgrades. Moreover, the shift towards renewable energy sources presents Huge opportunities for the segment.
Impact of Global Events on the Market
The Russia-Ukraine war and potential economic slowdowns pose challenges to the overhead cranes market, The conflict between Russia-Ukraine disrupts supply chains and increases material costs, impacting overhead crane production and pricing. The sanctions imposed on Russia limit market access for some manufacturers. Economic Slowdown could lead to decreased investments in infrastructure and industrial projects, thereby impacting the demand for overhead cranes.
Regional Developments
The Asia-Pacific region holds the largest market share, with China being the frontrunner. This dominance can be attributed to Rapid infrastructural development across the region, particularly in countries like India, South Korea, and Vietnam. The US-China trade war, incentivizing North American manufacturers to shift production to countries such as Vietnam and Thailand, which offer abundant workforce and cost-effective production facilities.
The Europe is the second-largest market, housing several prominent overhead crane manufacturers. The market is quite consolidated, with a few key players holding the majority of the market share. Companies are adopting acquisition and partnership strategies to gain a competitive edge in this region.
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