PUBLISHER: Allied Market Research | PRODUCT CODE: 1641760
PUBLISHER: Allied Market Research | PRODUCT CODE: 1641760
Overhead cranes, also known as bridge cranes or industrial cranes, are utilized in industrial spaces for lifting and transiting heavy & bulky goods. It constitutes of a single or double girder system, which supports movement of a trolley and hoist. The trolley allows horizontal movement, whereas the hoist allows vertical movement. Further, overhead cranes commonly find applications in metal & mining, aerospace, automotive, and shipping industries.
Increase in demand for overhead cranes in manufacturing, logistics, and warehousing & storage facilities drives the growth of overhead cranes market. Furthermore, various private companies and government organizations are investing in development of infrastructure activities including road construction, dam building, bridges construction, railway, waterways, and others, where overhead cranes with high loading capacities are widely required to lift and move bulky loads. Thus, demand for overhead cranes has increased in sectors such as construction and manufacturing. Furthermore, overhead cranes developed using specialized tools according to requirement increases the precision of work. These factors are expected to boost the demand for overhead cranes during the forecast period. Moreover, overhead cranes lift bulky and heavy loads in industrial applications, where inappropriate methods used for lifting such heavy loads and containers cause damage to products and reduce workplace safety. A single overhead crane replaces multiple forklifts and reduces the damage to products. In addition, overhead cranes increase workplace safety. Such factors boost the demand for overhead cranes. Furthermore, less human intervention reduces labor cost, and minimizes production cost. This in turn brings down overall operational cost in the manufacturing process and increases workplace safety, which drives the demand for overhead cranes.
However, unavailability of skilled labor in the manufacturing industry restrains the growth of the overhead cranes market. Overhead cranes have complicated configurations and achieving desirable results requires extensive training of the operator. Hence, lack of skilled labor restrains the growth of the market. Moreover, fluctuations in raw material prices hinder the growth of the overhead cranes market significantly.
Many companies in overhead cranes market are investing in domestic manufacturing in many developing countries such as India and Sri Lanka, which is expected to provide lucrative opportunities for small and new overhead crane manufacturers to expand their business capabilities during the forecast period.
The overhead cranes market is segmented into type, business type, end user, and region. By type, the overhead cranes market is bifurcated into single girder and double girder. By business type, the global overhead cranes market is categorized into original equipment manufacturer (OEM) and aftersales. By application, the market is classified into automotive, metal & mining, construction, utility, shipyards, and others.
By region, the overhead cranes market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the forecast period, and LAMEA is expected to grow at the fastest rate.
Competition Analysis
The key market players profiled in the report include ABUS Kransysteme GmbH, Columbus McKinnon Corporation (CMCO), EMH, Inc., GH Cranes & Components, Gorbel Cranes, Kito Corporation, Konecranes Plc, Ralf Teichmann GmbH, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., and Weihua Group.
Many competitors in the overhead cranes market adopted product launch as their key developmental strategy to expand their geographical foothold and upgrade their product technologies.
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