Overhead Crane Market
Overhead Crane Market (Product Type: Bridge Cranes, Gantry Cranes, Monorail Cranes, and Jib Cranes; Maximum Lifting Capacity: Upto 5T, 5-10T, 11-50T, 51-150T, and Above 150T; Usage: Class A, Class B, Class C, Class D, Class E, and Class F; and End-use Industry: Power & Utilities, Steel & Aluminum, Ports & Shipyards, Automotive, Automated Warehouse, Mining, Pulp & Paper, Cement, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Increase in Use of Overhead Cranes in Manufacturing Applications
An overhead crane is a machine or piece of equipment that enables to elevate and carry heavy materials from one location to another in a well-defined manner. Every overhead crane is meticulously designed and engineered for a specific purpose or utilization to suit a business’ material handling needs. Overhead cranes can be designed and created in all kinds of configurations, and different components can be interchanged or engineered to enhance their capacity and performance. Overhead cranes are used in a variety of industries to support processing and handling throughout a facility. The rising use of overhead cranes in multiple end-use industries is one of the major factors projected to boost the global overhead crane market.
In addition to simplifying many of lifting and shifting processes, there are two main reasons business prefers an overhead crane, or a series of overhead cranes in their facility. Overhead cranes are more efficient than a group of employees or tow motors to lift and move material with a decreased time consumption. Overhead cranes allow to streamline manufacturing processes and procedures by automating the lifting, maneuvering, and unloading of stocks at their facility. Moreover, overhead cranes can be used to lift and move materials in severe environments and can manage corrosive or delicate materials such as hot metals, chemicals, and heavy loads. Nevertheless, the growing popularity in the automotive industry is expecting the growth of the overhead crane market during the forecast period.
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Demand for Overhead Cranes Likely to Grow Post COVID-19
The ongoing COVID-19 crisis has severely impacted the everyday lives of people, businesses, and industries worldwide. Stringent rules against production, distribution, supply chain, and implementation of lockdown across various economies have halted the growth of many end-use industries of overhead cranes. The production and construction industries witnessed severe losses due to the cancellation of projects and slowdown in the overhead crane market. It has critically affected the demand for overhead cranes in such important industries. However, governments across several countries have passed emergency complementary budgets and economic packages for 2021 to support various sectors, including manufacturing, power & energy, and automotive. Many tax and cost-related leverages have been provided to various production industries, which are likely to boost the demand for the overhead crane market.
Market conditions have been improving since the start of the second half of 2020, but the COVID-19 crisis advancements to impact global markets negatively. Overall, the pandemic has made the demand conditions unpredictable, which has affected order intake. Additionally, physical constraints on the regular conduct of people and businesses have led to decreased revenue recognition. In addition to physical limitations, the pandemic has led to element availability and transport capability issues that impacted overhead crane’ sales negatively during the first quarter. However, with the pandemic in its ending phase, key market players are planning and designing strategies to overcome the restraints in the post-COVID-19 era, which are likely to result in increased growth in demand for the global overhead crane market.
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Overhead Crane Technologies to Evolve with Growing Consumer Demand
Advancements in the crane technology has increased the efficiency and ease of machine handling, and become one of the key points to attract new consumers and open doors for new businesses. The remote and careful working of industries for maintaining a social distance is estimated to lead to the adoption of the new technology and automation. The use of overhead cranes is evolving with industries they serve. Applications vary from warehousing to move large, heavy goods to and from docks and loading areas toward storage to transport and organize bulky loads. The growing requirement of overhead cranes for precise placement of large equipment is helping the global market to grow. The global overhead crane market is projected to exceed the value of US$ 7.4 Bn by 2031, expanding at a CAGR of 5.5% during the forecast period.
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The overhead cranes are mainly employed in material handling applications in industrial settings. Overhead cranes are classified into two main types, specifically single girder crane and double girder crane. It finds application in automotive, aerospace, shipyards, paper, utility, and other industries. The demand for overhead cranes with lifting capacity between 11-50T is likely to witness the highest demand during the forecast period. Moreover, the steel & aluminum industry is expected to hold the highest share of the global demand for the overhead crane market. However, as the cost of overhead cranes varies with the lifting capacity, several new businesses are likely to opt for a cheaper alternative. Mass-production and technological developments can help overcome these factors.
Overhead Crane Market: Overview
- According to Transparency Market Research’s latest research report on the global overhead crane market for the historical period of 2017–2019 and the forecast period of 2021–2031, increase in usage of overhead cranes in various end-use industries such as construction, steel & aluminum, ports & shipyards, and automotive sector to carry and lift material handling equipment with ease are factors expected to boost the global overhead crane market during the forecast period
- In terms of revenue, the global overhead crane market is estimated to exceed value of US$ 7.4 Bn by 2031, expanding at a CAGR of 5.5% during the forecast period
Rise in Usage of Overhead Cranes in Carious End-use Industries to Drive Global Market
- Rapid increase in usage of overhead cranes in various end-use industries is a key factor projected to boost the global overhead crane market. Steel, aluminum, and other metal manufacturing, ports & shipyards, automotive, power & utilities, etc., are prominent industries where overhead cranes are used predominantly. A popular use of overhead cranes within the automotive industry is on assembly lines. They move automotive materials, along different stations until the end product is completely built, making assembly lines much more efficient.
- Overhead cranes are essential to metal manufacturing and used for various tasks. They can be employed to handle raw materials and melting buckets, or load finished sheets of metal. Overhead cranes are also necessary to handle molten metal so that workers can keep a safe distance. In the transportation industry, overhead cranes assist with unloading ships. They boost the speed at which large items can be moved and transported.
Advancement in Technology to Generate Opportunities for Overhead Crane Manufacturers, Distributors
- Demand for overhead cranes is estimated to increase considerably due to the expansion of various end-use industries. The market is dominated by few prominent players; however, the emerging manufacturing sector is projected to create immense opportunities for new players.
- Infrastructure development and need to construct new transport facilities without hampering ongoing routes/traffic are being considered by numerous companies and this requires heavy usage of gantry cranes
- Improvement in product offerings & services by manufacturers coupled with penetration in developing nations is estimated to fuel the overhead crane market during the forecast period
- Manufacturers are also likely to educate and train end users, along with product sales. Streamlined supply chain and high penetration in regional markets are key factors anticipated to propel the overhead crane market during the forecast period.
Overhead Crane Market: Competition Landscape
- Detailed profiles of manufacturers of overhead cranes have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global overhead crane market are
- Weihua Group
- Henan Yutian Crane Co., Ltd.
- Whiting Corporation
- Zenar Corporation
- Virginia Crane
- Ace Industries, Inc.
- Piedmont Hoist & Crane
- Canadian Crane
- Morgan Engineering Inc.
- Reading Crane and Engineering Co.
- Mass Crane and Hoist
- Demag Cranes & Components Corp
- Engineered Systems, Inc.
- Mazzella Companies
- American Crane & Equipment Corporation
- Capco Crane & Hoist, Inc.
- EMH, Inc. (Engineered Material Handling)
Overhead Crane Market: Key Developments
- Key providers of overhead cranes such as Weihua Group, Henan Yutian Crane Co., Ltd., Konecranes, Whiting Corporation, Zenar Corporation, and DESHAZO are focusing on improving the product line and creating world-class brands of overhead cranes to attract more customers. Some other key developments in the global overhead crane market are highlighted below:
- On April 9 2021, Weihua Group opened a new factory in China, Henan. The company has constructed smart light duty crane workshops, smart material preparation workshops, electrical assembly workshops, bulk materials workshops, office buildings, restaurants, etc., at its new factory, which were completed as per the scheduled plan. Automatic robotic systems, cloud computing, Internet of Things, and artificial intelligence are included while connecting crane systems to machinery and equipment. The company was able to expand its crane machinery product portfolio and generate more sales and revenue from this new factory.
- In March 2021, Comansa constructed 3D model of cranes for big towers and BIM (Building Information Modelling) systems. This 3D model showcases full construction, maintenance, and even demolition processes for all kinds of buildings and infrastructure. The model has been developed by trained and skilled professionals ensuring complete safety, while working on it. Material handling and lifting would be carried out in effective ways and reach maximum customers, thereby generating efficient demand for 3D models.
- In October 2020, Henan Yutian Crane Co. Ltd. provided 15 sets of various types of cranes, including 50 tons, 125 tons, and 320 tons to Thailand. The company helped Thailand-based companies to produce more than 1.8 million tons of large-scale construction steel production. The company gained access to customers in Thailand, thereby increasing its customer base, export activities, and strengthening supply chain networks.
- In the global overhead crane market report, we have discussed individual strategies, followed by company profiles of providers of overhead crane. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global overhead crane market.
Overhead Crane Market – Scope of Report
A new study on the global overhead crane market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global overhead crane market across the globe. TMR’s study offers valuable information about the global overhead crane market to illustrate how the market would grow during the forecast period, 2021–2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global overhead crane market during the forecast period.
An extensive analysis of business strategies of leading market players is also featured in TMR’s study on the global overhead crane market. This can help readers understand principal factors to foresee growth in the global overhead crane market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global overhead crane market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Overhead Crane Market Study
- What are the key factors influencing the overhead crane market in each region?
- What will be the CAGR of the global overhead crane market between 2021 and 2031?
- What is the future scope and current trends in terms of product type and maximum lifting capacity of the global overhead crane market?
- What is the revenue of the global overhead crane market based on the respective segments?
- Which are the key strategies used by top players of the global overhead crane market?
- Which are the leading companies in the global overhead crane market?
Research Methodology – Overhead Crane Market
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global overhead crane market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global overhead crane market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the overhead crane market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from overhead crane industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global overhead crane market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global overhead crane market more reliable and accurate.
Overhead Crane Market – Segmentation
TMR’s study on the global overhead crane market includes information categorized into five sections ? product type, maximum lifting capacity, usage, end-use industry, and region. Changing industry trends and other crucial market dynamics associated with these sections of the overhead crane market are discussed in detail.
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