August 10, 2022 12:40 ET | Source: Straits Research Straits Research

New York, United States, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Overhead cranes, also called bridges or industrial cranes, are primarily used in factories to lift and shift heavy or bulky items. It comprises a single or double girder system that allows a trolley and hoist to move. The trolley can move from side to side, while the hoist can move up and down. Also, overhead cranes are often used in metal and mining, aerospace, auto, shipyard, and other industries.

The growth of the overhead cranes market is driven by the increase in demand for overhead cranes in manufacturing, transportation and logistics, and warehouse and storage facilities. Also, many private companies and government agencies are investing in infrastructure projects like building roads, dams, bridges, railways, waterways, and other things. These projects require overhead cranes with high load capacities to lift and move heavy loads. So, there is more need for overhead cranes in these growing areas. Also, the work is done more precisely when overhead cranes are made with specialized tools based on what is needed. These will likely increase the need for overhead cranes during the forecast period.

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Higher Time Optimization and Risen Real Estate Prices Propel the Demand for Overhead Cranes

The high costs of real estate and rents have promoted distribution, warehousing, and manufacturing facilities to focus on the optimization of space and time for various activities. The addition of cranes and hoists can offer a significant boost toward gaining maximum gains from floor-based transportation when compared to placement equipment like forklifts.

Overhead lifting cranes further allow higher stacking as they are integrated into ceilings, allowing more vertical space utilization and thereby optimizing the volumetric area of the storage facility. Additionally, the elimination of floor-based transportation reduces the industry floor's traffic. This, in turn, increases the overall time required for the movement of goods. Such factors are anticipated to drive the demand and growth of the overhead cranes market.

Increased Investments in Manufacturing Sector Provides Lucrative Opportunities for the Global Overhead Cranes Market

In many developing countries, the growth of end-use industries is influenced by low manufacturing costs and government policies that help them. Also, many companies are investing in domestic manufacturing in developing countries like India, Sri Lanka, and others. This will likely give small and new overhead crane manufacturers good chances to grow their businesses during the forecast period.

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Asia-Pacific dominates the global overhead cranes market and is estimated to grow at a CAGR of 5.6% during the forecast period. In the Asia-Pacific region, China has the largest share of the overhead cranes market, followed by Japan. Due to their fast infrastructure development, countries like India, South Korea, Vietnam, and others have much room to grow. Also, the US-China trade war has resulted in various North American manufacturers shifting their production outside China. According to the American Chamber of Commerce, this is highly profitable for investors due to the abundance of the human workforce and low land prices. Countries like Vietnam, Thailand, Malaysia, Indonesia, and others have high gross domestic product (GDP) growth rates and increased worker productivity. These things are expected to drive the growth of the overhead cranes market in Asia-Pacific.

Europe holds the second-highest share in the overhead cranes market and is projected to reach USD 1,340 million by 2030, growing at a CAGR of 4.7%. Europe is a hub for manufacturing overhead cranes. Four giant companies make up most of the market in Europe. In Europe, the need for overhead cranes is very consolidated, but the demand from China is lower, which helps the sales of local manufacturers. Also, companies are using partnerships and acquisitions to get a large share of the European overhead cranes market. For example, Konecranes Plc., a company based in Finland, bought about half of MHE-Demag, which makes overhead cranes worldwide. These things affect the growth of the overhead crane industry in Europe.

North America is the third largest region. The US is one of the biggest buyers of overhead cranes. It has a sophisticated sales and after-sales market with companies like Konecranes Inc., Gorbel Inc., American Equipment, Inc., and others. Since the trade war between the US and China, the growth of the automotive manufacturing industry has been slow. However, the growing focus on oil & gas extraction is expected to increase the demand for mobile cranes in both the US and Canada. According to a 2019 report by the Fraser Institute called Investment in Canadian and US Oil & Gas Sectors, the US oil & gas industry has increased production and capacity significantly. The market for overhead cranes is growing because North America's oil and gas industry is growing quickly.

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List of Key Companies Profiled

Global Overhead Cranes Market: Segmentation

Table of Content and Figure @ https://straitsresearch.com/report/overhead-cranes-market/toc

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Have a Look at the Related Research Report               

Overhead Cranes Market: Information by Boom Type (Single Girder, Double Girder), Business Type (OEM, Aftersales), End-user (Automotive, Paper, Utility), and Region — Forecast till 2030

Tower Crane Market: Information by Product Type (Fast Erecting Cranes, Luffing Jib Cranes), Capacity, End-User (Mining, Building, and Construction), and Region — Forecast till 2029

Cranes Market: Information by Mobility (Static and Mobile), Type (Overhead Traveling Cranes, Transporter Cranes), Business Type (OEM and Aftermarket), and Region — Forecast till 2030

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