Manufacturing Segment to Dominate APAC Automated Overhead Crane Market During 2021–2028
According to The Insight Partners market research study on “APAC Automated Overhead Crane Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Level of Automation, and Industry” is expected to reach US$ 1,031.03 million by 2028 from US$ 602.23 million in 2021. The market is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report provides trends prevailing in the APAC automated overhead crane market along with the drivers and restraints pertaining to the market growth. Increasing number of distribution and warehousing centers and burgeoning adoption of industry 4.0 for smarter lifting equipment are the major factor driving the growth of the APAC automated overhead crane market. However, overpriced installation and maintenance hinders the growth of APAC automated overhead crane market.
In case of COVID-19, APAC is highly affected specially India. Many countries in Asia are still in developing stage and are not completely developed. This region has experienced a significant decline in various economic activities since the government imposed strict lockdowns, travel bans, and business shutdown. One of the worst effects of this pandemic is the hard economic hit that it gave to the middle class of the society. Due to mass layoffs and pay cuts, purchasing power of consumers reduced to a drastic extent in many Asian countries. Spending on non-essentials was also decreased. Owing to these factors, a few of the worst hit industries are concrete manufacturing, automotive, and metal & manufacturing. Auto assembly lines involves moving their product from one station to another station. Bridge cranes are widely utilized for this kind of movement. Auto repairs also need smaller gantry cranes for jobs such as lifting car bodies and pulling engines. Due to very less demand, the production of automated overhead cranes dropped significantly. For moving the crucibles of molten ore and loading rolls of finished sheet, overhead cranes are required to handle such weight. Thus, sales of automated overhead cranes suffered further as production in metal factories contracted. Moreover, with respect to international trade operations, Hong Kong, China, South Korea, and Japan are top Asian exporting countries that observed negative impact in their cargo shipment. Thus, with lower trade volumes coupled with disrupted supply chain of various industries, an overall negative impact is observed on the growth of the automated overhead cranes market in 2020.
The APAC automated overhead crane market is segmented on the basis of type, level of automation, industry, and country. Based on type, the market is segmented into bridge cranes, gantry cranes, monorail cranes, jib cranes, and others. The gantry cranes segment dominated the APAC automated overhead crane market in 2020 and bridge cranes segment is expected to be fastest growing during forecast period. Based on level of automation, the market is segmented into semi-automated and fully automated. The semi-automated segment dominated the APAC automated overhead crane market in 2020 and fully automated segment is expected to be fastest growing during forecast period. Based on industry, the market is bifurcated into manufacturing, shipbuilding, metals and steel, and others. The manufacturing segment dominated the APAC automated overhead crane market in 2020 and others segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
DONGQI GROUP; EMH, Inc; Henan Clescrane System Co., Ltd.; Konecranes Oyj; Sumitomo Heavy Industries Material Handling Systems Co., Ltd.; and Weihua Group are among the leading companies in the APAC automated overhead crane market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, CLESCRANE and Siemens have signed a contract of Siemens PLM Software NX in FY19/20. CLESCRANE will enable Siemens PLM Software NX to enhance product quality, shorten product development cycles, manufacture more innovative products, and provide the highest quality products along with safe and efficient solutions.