Overhead Cranes Global Market Report 2024

Overhead cranes denote robust machinery capable of precisely relocating extremely heavy loads and equipment within a facility using the overhead space. These cranes vary in size, type, shape, and configuration, incorporating various components and accessories. They find extensive application in material handling, lifting dies from stamping machines, loading and unloading hefty goods and machinery, and facilitating the movement of raw materials.

The primary categories of overhead cranes encompass bridge cranes, gantry cranes, monorail cranes, and jib cranes, available in both single girder and double girder formats. Within the bridge cranes market segment, entities (organizations, sole traders, and partnerships) engage in the sale of bridge cranes. These cranes feature two parallel runways integrated into the building's support structure, with horizontal movement facilitated by a single or double girder structure referred to as a bridge. The trolley and hoist traverse side-by-side along the bridge. Bridge cranes play a crucial role in the multi-directional movement of materials, aiding in storage, manufacturing, unloading, or loading operations. They operate through electric, hydraulic, and hybrid systems and find applications in various industries such as automotive, metals & mining, paper, utility, aerospace, shipyard, and other end-user sectors.

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 overhead cranes market size has grown strongly in recent years. It will grow from $4.54 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%.
The expansion observed in the historical period can be ascribed to the growth in the manufacturing and industrial sectors, the proliferation of construction and infrastructure projects, the imperative for efficient material handling and lifting solutions, government investments in infrastructure development, and the increasing demand for robust lifting capabilities in ports and shipyards.

The overhead cranes market size is expected to see strong growth in the next few years. It will grow to $6.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be linked to the adoption of electric and hybrid cranes for environmentally friendly operations, a strategic emphasis on lightweight and compact crane designs, the expansion of the e-commerce and logistics industries, a focus on tailored and specialized crane solutions, and ongoing research and development in autonomous crane operation. Notable trends in the forecast period encompass the utilization of advanced materials for crane components, the implementation of anti-collision and safety systems, the integration of crane telematics and fleet management systems, the development of energy-efficient and regenerative crane systems, and the smart grid integration for grid-connected cranes.

The surge in automation across various industrial activities is propelling the demand for overhead cranes. The automation of labor-intensive tasks, such as lifting and moving heavy goods in the industrial sector, enhances manufacturing productivity and reduces lead times. The cost-effectiveness and safety of overhead cranes, coupled with advancements in crane technology, instill confidence among industrialists. Notably, the 2021 Automation Solutions Study by Modern Materials Handling revealed that 34% of respondents from companies with revenues under $10 million and 18% from enterprises with revenues between $10 million and $49.9 million expressed growing interest in automation. The study highlighted a 3% increase in labeling automation from the previous year, with one-third of respondents incorporating hoists, cranes, and monorails into their operations.

The expanding construction industry is poised to drive the overhead crane market's growth. This sector, encompassing planning, designing, building, and maintenance of structures, involves the transportation of heavy materials like steel beams and concrete blocks. Overhead cranes emerge as efficient and secure solutions for material movement on construction sites. A February 2022 report from the UK's Office for National Statistics indicated a significant annual increase of 12.7% in the construction sector. The growth is attributed to a 2.0% monthly increase in construction output volume in December 2021, fueled by a 3.5% rise in new construction projects. The fourth quarter of 2021 witnessed a 1.0% increase in the construction industry's production compared to the third quarter, underscoring the positive impact of the growing construction industry on the overhead crane market.

Innovation plays a pivotal role in shaping the overhead crane market, with key players introducing advanced technologies. Product innovations include the development of synthetic ropes for crane applications to enhance operational performance and solutions for early detection of maintenance needs. For instance, Konecranes Oyj launched the sixth generation of mobile harbor cranes in June 2021, engineered for electric power, offering the option to run on battery power, thereby reducing fuel and maintenance costs. Major companies in the overhead crane market are also focusing on expanding their product offerings to meet diverse customer needs. Conductix-Wampfler GmbH launched Airmark, a radio solution designed for the North American overhead crane market in August 2023. This comprehensive solution, featuring a range of functionalities, includes a ready-to-use package with a single receiver, dual transmitters, batteries, labels, and a user manual, demonstrating the industry's commitment to addressing evolving customer requirements.

In a strategic move to broaden its presence in the overhead crane systems and hoists sector, American Equipment Holdings, a USA-based provider, acquired Eastern Crane and Hoist in January 2022. The acquisition, aimed at undisclosed financial terms, is geared towards expanding American Equipment's geographical footprint in production and maintenance, repair, and overhaul (MRO) services.

Major companies operating in the overhead cranes market include ABUS Kransysteme GmbH, Columbus McKinnon Corporation (CMCO), EMH Inc., GH Cranes & Components, Gorbel Cranes, Ace Industries Inc., American Crane & Equipment Corporation, Cargotec Corporation, Eilbeck Cranes, Henan Yutian Crane Co. Ltd., Kito Corporation, Konecranes PLC., Ralf Teichmann GmbH, Sumitomo Heavy Industries Material Handling Systems Co. Ltd., Weihua Group, Whiting Corporation, Zenar Corporation, Dafang Crane, Demag Cranes & Components GmbH, HENAN DONGQI MACHINERY Co Ltd., Liebherr-International Deutschland GmbH, Rotrex Winches, Rud Ketten Rieger & Dietz GmbH u. Co KG, Rusch Kraantechniek BV, Ryders Winch International, Spanco Inc., Sumitomo Heavy Industries Material Handling Systems Co.Ltd., White Crane Compamy Inc.

Asia-Pacific was the largest region in the overhead cranes market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the overhead cranes market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the overhead cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The overhead cranes market consists of sales of workstation cranes, top-running, and under-running. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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