[Research Report] The overhead cranes market is projected to grow from US$ 4,770.69 million in 2022 to US$ 7,221.24 million by 2028; it is estimated to record a CAGR of 7.2% from 2022 to 2028.
Overhead cranes are used in industries for material lifting in manufacturing or maintenance applications. Its functions include loading and unloading materials, controlling object movements in an assembly line, and moving containers. Additionally, an overhead crane manages tasks such as assembly, transportation, staging, storage, and warehousing. Furthermore, it improves overall efficiency and workplace safety, reduces downtime, and maximizes production. Overhead cranes are operated by a control pendant and remote pendant or from an operator cabin attached to the crane, which is managed electrically. In recent years, there has been a growing reliance on automation in several applications, from warehousing and manufacturing processes to distributions. Industry operations increasingly depend on automation due to the initiatives by the governments and manufacturers to boost the manufacturing sector. Moreover, overhead cranes are widely used for material lifting operations in warehouses and distribution centres. Therefore, the need for overhead cranes is rising in warehousing and distribution centres to improve overall workflow efficiency.
The overhead cranes market in North America is segmented into Canada, the US, and Mexico. The US accounted for the largest share of the overhead cranes market in North America. The increasing adoption of smart designing and manufacturing in crane technology positively impacts the overhead cranes market growth. For instance, Konecranes provides compact cranes, which helps renovate expensive building. This technology will allow the operator to diagnose and analyze the crane and inform them beforehand to avoid any risks. Thus, adopting smart technologies and designing will boost overhead cranes market.
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Overhead Cranes Market: Strategic Insights
Market Size Value in US$ 4,770.69 million in 2022 Market Size Value by US$ 7,221.24 million by 2028 Growth rate CAGR of 7.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Overhead Cranes Market: Strategic Insights
| Market Size Value in | US$ 4,770.69 million in 2022 |
| Market Size Value by | US$ 7,221.24 million by 2028 |
| Growth rate | CAGR of 7.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on North America Overhead Cranes Market
North America is an early adopter of emerging technologies due to favorable government policies to boost innovation and reinforce infrastructure capabilities. North America's manufacturing and automotive industry potentially influences the region’s economy. Unfortunately, the US was one of the worst-affected countries due to the COVID-19 pandemic, and the crisis led to a cascading impact on multiple industries. The operations of the manufacturing and automotive industry were put on hold during the pandemic, which hampered the business dynamics in the first half of 2020. According to UNCTAD, the investment flow in North America declined by 46% to US$ 166 billion, and cross-border mergers and acquisitions dropped by 43%.
However, since 2021, the manufacturing and automotive industries have been improving faster. Factories are churning out, and many manufacturing plants are nearly back to pre-pandemic production levels after a temporary shutdown during the pandemic.
Lucrative Regions for Overhead Cranes Market
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Market Insights – Overhead Cranes Market
Technological Advancements in Overhead Crane to Drive Overhead Cranes Market Growth in Coming Years
The introduction of innovations and advancements in crane technology is rising in industries. Some manufacturers added smart technologies such as sway control technology to their overhead cranes to predict an error or problem and convey that information to the operator to avoid any major risk. To predict a natural pendulum effect, a sway control technology is introduced to predict the start of a swing motion without any intervention by the operator. It helps save delicate and sensitive objects while lifting or moving. Innovation in cranes includes optimized pulley rope angles that help reduce wear on the rope.ranes are designed compactly to work in the compact area and result in high precision of the task. They are designed to be energy efficient. Thus, technological advancements in overhead cranes will act as a trend in the overhead cranes market in the future.
Verticals-Based Overhead Cranes Market Insights
Based on verticals, the overhead cranes market is segmented into logistics, automotive, marine, and others. The automotive industry is based on a large-scale production system where production equipment plays a crucial role in avoiding and reducing malfunctions in the manufacturing process and bad production downtime. Overhead cranes are widely used in the automotive industry in the production process of engines, transmission, vehicle bodies, etc. They are also used for material handling in manufacturing and assembling and providing greater safety to workers. Thus, in car manufacturing industries, overhead cranes help improve overall productivity by enhancing the production line efficiency and stability, which is increasing their demand. In the marine industry, overhead cranes are widely used for moving and lifting tons of material and cargo. Common uses of the overhead crane in the marine industry include moving equipment and materials between platforms and vessels and around the deck. Overhead cranes are used for loading/offloading shipping applications, which is boosting the safety and efficiency of operations, driving the use of overhead cranes in the marine industry.
Market players operating in the overhead cranes market mainly adopt inorganic growth strategies to stay competitive in the overhead cranes market ecosystem.
- In November 2022, Hitachi Construction Machinery announced that it had agreed to transfer all its holdings (27,200 shares, 34% of voting rights held) in equity-method affiliate company, Sumitomo Heavy Industries Construction Cranes Co., Ltd., to Sumitomo Heavy Industries, Ltd., the parent company of Sumitomo Heavy Industries Construction Cranes, and has concluded a transfer agreement.
- In March 2022, The Demag DRS range gained a reputation as a reliable wheel block system in cranes and several applications. Demag launched a new generation DRS-M wheel block. Among other benefits, the new wheel blocks feature a rugged, modular design and versatile connection possibilities on five sides.
Market players profiled in this report are:
- 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
- Cargotec Corp
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Installation, Operation Type, and Verticals
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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 the leading companies in the overhead cranes market.
Technological advancements in overhead cranes is one of the major trends in the overhead cranes market.
APAC dominated the overhead cranes market in 2021. In the past decade, logistics in APAC have seen tremendous growth, owing to factors such as the region’s significantly large industrial sector has led to establish noteworthy number of overhead crane manufacturers that supply semi-automated as well as fully overhead cranes.
Increasing investments in manufacturing sector and growing need for workplace safety in industrial applications augments the growth of the overhead cranes market.
Growth in the warehousing and distribution centers is creating growth opportunity for the market players operating into the market.
The List of Companies - Overhead Cranes Market
- 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
- Cargotec Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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