Overhead Cranes Market Trends, Top Companies, Share, Growth And Forecast 2033

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 growth in the historic period can be attributed to growth in manufacturing and industrial sectors, expansion of construction and infrastructure projects, need for efficient material handling and lifting solutions, government investments in infrastructure development, demand for heavy 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 growth in the forecast period can be attributed to adoption of electric and hybrid cranes for green operations, focus on lightweight and compact crane designs, expansion of e-commerce and logistics industries, emphasis on customized and specialized crane solutions, research and development in autonomous crane operation. Major trends in the forecast period include use of advanced materials for crane components, anti-collision and safety systems, crane telematics and fleet management systems, energy-efficient and regenerative crane systems, smart grid integration for grid-connected cranes.

Market Overview -
Overhead cranes refer to heavy-duty machinery that is capable of moving extremely heavy loads and equipment from one location to another in a precise manner using overhead space inside the facility. These cranes differ by size, type, shape, and configuration with components and accessories. They are widely used in moving materials, lifting dies from stamping machines, loading and unloading heavy goods and machinery, and feeding raw materials.

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Rising Demand For Overhead Cranes In Industrial Automation
The increase in automation of various activities in industrial space is driving the growth of the demand for the overhead cranes market. The automation of manpower-intensive practices such as lifting and movement of heavy goods in the industrial sector increases the productivity in the manufacturing process and reduction in lead time for production. The advantages of overhead cranes, as well as advancements in crane technology, are increasing industrialists' confidence in their use since these cranes are cost-effective and provide entirely safe operations when carrying heavy products/goods. For instance, in February 2021, according to Modern Materials Handling's 2021 Automation Solutions Study, 34% of the 123 readers who took part in the 2021 automation study work for companies with revenues of less than $10 million, and 18 percent work for enterprises with revenues of $10 million to $49.9 million. The majority of respondents (59%) work in the manufacturing industry, while 28%, work in non-manufacturing industries such as warehousing, retail, or with a third-party logistics provider. Labeling automation increased from 13% last year to 16% this year and one-third of the respondents reported using hoists, cranes, and monorails.

Competitive Landscape -
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.

Innovative Product Technologies Reshaping The Overhead Cranes Market
Product innovations are shaping the overhead cranes market. The key players operating in the overhead cranes market are developing innovative product technologies in crane ropes, such as synthetic ropes, to increase the operational performance of the systems and performance diagnostics solutions for early detection of maintenance of the cranes. For instance, in June 2021, Konecranes Oyj, a Finnish company that manufactures and services cranes and lifting equipment, launched its sixth generation of mobile harbor cranes. The sixth generation of mobile harbor cranes is engineered for electric power, so that these cranes can also run on battery power, cutting fuel and maintenance costs and helping Konecranes' customers meet their low-carbon targets.

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Key Segments -

The overhead cranes market covered in this report is segmented -

1) By Product Type: Bridge Cranes, Gantry Cranes, Monorail Cranes, Jib Cranes
2) By Type: Single Girder, Double Girder
3) By Operation Type: Electric, Hydraulic, Hybrid
4) By End User: Automotive, Metal & Mining, Paper, Utility, Aerospace, Shipyards, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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