Yahoo Finance At 7.2% CAGR, Overhead Cranes Market Worth $7.22 Billion, Globally, by 2028 - Exclusive Research by The Insight Partners
The global overhead cranes market growth is fuelled by increasing investments in manufacturing sector, growing need for workplace safety in industrial and technological advancements in overhead crane.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Overhead Cranes Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 - by Type (Gantry Crane, Bridge Crane, Jib Crane, Monorail Crane, and Others), Installation (Mobile Crane and Fixed Crane), Operation Type (Electric, Hydraulic, and Hybrid), Verticals (Logistics, Automotive, Marine, and Others), and Geography"; the global overhead cranes market size is projected to grow from USD 4.77 billion in 2022 to USD 7.22 billion by 2028; it is estimated to record a CAGR of 7.2% from 2022 to 2028.
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Global Overhead Cranes Market Report Scope, Segmentations, Regional & Country Scope:
Market Size Value in | USD 4.77 billion in 2022 |
Market Size Value by | USD 7.22 billion by 2028 |
Growth rate | CAGR of 7.2% from 2022-2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 186 |
No. of Tables | 121 |
No. of Charts & Figures | 93 |
Historical data available | Yes |
Segments covered | Type, Installation, Operation Type, and Verticals |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Companies Covered | 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 |
Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
Global Overhead Cranes Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPMC00002697/ |
Global Overhead Cranes Market: Competitive Landscape and Key Developments
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 among the leading market players profiled in the overhead cranes market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In October 2022: Liebherr launched its first large cranes featuring a fiber rope and its first hydraulic luffing jib crane at the construction machinery show in Munich. Whether for enormous hook heights or particularly constricted sites, these new cranes enhance Liebherr’s reputation as a reliable partner on sites of all types. At the same time, Liebherr is working on new technologies to make crane operations safer and economical.
In December 2022: Indian port driver, Bothra Shipping Services Pvt Ltd, ordered three generation 6 Konecranes Gottwald Mobile Harbor Cranes for bulk handling. The company enhanced its reach and brand goodwill in the Indian market.
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Overhead Cranes Market: Industry Overview
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.
The overhead cranes market in Asia Pacific is projected to witness significant market growth from 2022 to 2028. Based on country, the APAC overhead cranes market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The rising government initiatives across APAC countries, including China and India, to promote their manufacturing industry for overall economic development are expected to propel the demand for overhead cranes from the manufacturing plants. The automotive manufacturing industry in India is localizing production and establishing strong distribution channels for domestic and international distribution of their products. Moreover, in March 2022, Triton announced its intentions to set up a manufacturing unit for electric vehicles in Gujarat, India. These factors are driving the demand for material and finished product handling equipment across the factories, thereby contributing to the need for overhead cranes.
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Growth in Warehousing and Distribution Centers to Provide Lucrative Opportunities for Global Overhead Cranes Market Growth During (2022-2028):
Overhead cranes are widely used for material lifting operations in warehouses and distribution centers. The cranes transport heavy loads in warehouses, production halls, logistics centers, and production and storage facilities. They reduce labor intervention, improve operation efficiency, minimize downtime by adapting automation of operations. According to Entrepreneur Media, Inc., the Indian warehouse industry changed from storage spaces to highly sophisticated warehousing and logistics systems with changing customer behaviors. The rise in the e-commerce sector propels the constant need for expanding storage for inventories, which accelerated the demand for warehousing and distribution warehousing spaces. According to Russell and Dawson, the North American warehousing & distribution sector developed due to the rising e-commerce sector and surging interest in outsourced warehousing. Manufacturers of overhead cranes reported a rise in production and functions due to the increase in the need for storage and outsourced warehousing, which will bolster the adoption of overhead cranes for material handling in the coming years. Thus, the growth in warehousing and distribution centers is expected to provide ample opportunities for the overhead cranes market growth during the forecast period.
Key Findings of Study:
The overhead cranes market is segmented on the basis of type, installation, operation type, verticals, and geography. Based on type, the overhead cranes market is segmented into gantry crane, bridge crane, jib crane, monorail crane, and others. Based on installation, the overhead cranes 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 overhead cranes 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.
Based on operation type, the overhead cranes market is segmented into electric, hydraulic, and hybrid. Electric-powered crane is extensively used in warehouses and industrial applications to carry heavy objects. For instance, market player, LIEBHARR provides an LR 1200.1 unplugged crawler crane designed for 4 hours of lifting operation and can be connected to a conventional electric supply. In large industrial shipyards, electrical cranes sourced by powerful generators are used to load sea containers and move parts from one place to another that weigh several tons. It is also used to lift smaller, lower load-capacity cranes during manufacturing processes and in comparatively light-duty construction operations. All cranes, at some point or other, require electricity for their operations, which is fueling the market for the segment.
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Go through further research published by The Insight Partners:
Mobile Crane Market– The Mobile Crane Market is expected to grow from US$ 17,547.16 million in 2021 to US$ 22,261.76 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.
Rubber Tired Gantry Crane Market– The rubber tired gantry crane market was valued at USD 907.79 million in 2019 and is projected to reach USD 1168.17 million by 2027; it is expected to grow at a CAGR of 3.67% from 2020 to 2027.
Hydraulic Marine Cranes Market– The hydraulic marine cranes market is expected to grow from US$ 3,781.55 million in 2021 to US$ 5,850.88 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028.
Automated Overhead Cranes Market– The automated overhead cranes market is expected to grow from US$ 1,854.10 million in 2021 to US$ 2,928.59 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028.
Electric Overhead Traveling (EOT) Cranes Market– Cranes are EOT (Electric overhead traveling) crane is one of the common type of overhead crane. The crane have a parallel runway with a traveling bridge which covers the gap.
Truck Mounted Crane Market – The investment scenario for the power Transmission and Distribution has improvised tremendously over the years and is expected to continue to burgeon in the forthcoming years as well.
Rough Terrain Crane Market– Rough terrain crane is a type of crane designed for rough terrains that are difficult to perform work on. Rough terrain cranes can be classified under hydraulic cranes that are self-propelled and mounted on an undercarriage with four rubber tires.
Offshore Crane Market – The increasing demand for renewable energy is supporting offshore crane adoption for the erection and construction of large wind turbines in offshore environment.
Crawler Crane Market– Crawler crane is a heavy construction equipement which as boom mounted for lifting capability and has a set of crawler tracks for maneovering which offer efficient stability.
Mobile Harbor Crane Market– Mobile harbor crane offers economical and versatile handling of every cargo category, aiding every type as well as size of vessel from different terminal is creating lucrative opportunities for the Mobile Harbor Crane market in the forecast period.
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