The global overhead cranes market size is expected to reach USD 7,221.24 million by 2028; registering at a CAGR of 7.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Increasing Investments in Manufacturing Sector and Growing Need for Workplace Safety in Industrial Applications Boost Overhead Cranes Market Growth
With the introduction of Industry 4.0, there are constant practices to introduce automation, mass customization according to customer demand and need. The National Manufacturing Policy, an initiative by the Indian government in 2011, is projected to increase the share of manufacturing in GDP to 25% by 2025 compared to 2020. Furthermore, manufacturers are increasingly adopting smart factory initiatives to boost production capacities. In 2022, under the Chips and Science Act in the US, Idaho-based microchip manufacturer, Micron announced its plans to invest ~US$ 15 billion in a new memory manufacturing facility in Boise. Thus, such investments in expansion and setting up new manufacturing facilities using overhead cranes propel the demand for the cranes. Therefore, rising investments in manufacturing sectors drive the growth of the overhead cranes market.
Overhead Cranes Market – by Region, 2021 and 2028
Overhead Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Gantry Crane, Bridge Crane, Jib Crane, Monorail Crane, and Others), Installation (Mobile Crane and Fixed Crane), Operation Type (Electric, Hydraulic, and Hybrid), and Verticals (Logistics, Automotive, Marine, and Others)
Overhead Cranes Market Size, Share Growth 2028
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Source: The Insight Partners Analysis
Some major manufacturing industries in Mexico are automotive, aerospace, and electronics. Some manufacturing companies are shifting their operations to Mexico with similar direct labor costs. This is influencing the rise of manufacturing units in Mexico, thereby contributing to the demand for overhead cranes across the country. Additionally, according to NAPS, expanding industrialization in Mexico attracts aviation and aerospace manufacturers. Post covid, manufacturing for new aircraft and maintenance services is further expected to positively impact the Mexico overhead crane market's growth.
The overhead cranes market is segmented on the basis of type, installation, operation type, verticals, and geography. Based on type, the market is segmented into gantry crane, bridge crane, jib crane, monorail crane, and others. Based on installation, the market is bifurcated into mobile crane and fixed crane. Based on operation type, the overhead cranes market is segmented into electric, hydraulic, and hybrid. Based on verticals, the market is segmented into logistics, automotive, marine, and others. By geography, the overhead cranes market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Overhead Cranes Market Growth
The pandemic disrupted exports of parts and interrupted large-scale manufacturing. According to UNCTAD (United Nations Conference on Trade and Development), in 2020, global foreign direct investment (FDI) collapsed by 42% compared to 2019. Although the global overhead cranes market was adversely impacted by the COVID-19 pandemic in 2020, it achieved a strong recovery in 2021. With ease in restrictions and the reopening of business units in 2021 along with initiative by market players, industries showed tremendous resilience. Restarting manufacturing sectors is expected to boost the demand for overhead cranes worldwide during the forecast period.
Ace world Co, Sumitomo Heavy Industries Ltd, Liebherr-International Deutschland GmbH, Demag Cranes & Components GmbH, ABUS Kransysteme GmbH, American Crane & Equipment Corp, Konecranes Plc, Gorbel Inc, HENAN DONGQI MACHINERY Co Ltd, Whiting Corp, Weihua Group Co Ltd, and Cargotec Corp are a few market players operating in the overhead cranes market.
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