Market Forecast

The Global Overhead Cranes Market is projected to be worth USD 7.12 Billion by 2028, registering a CAGR of 4.06% during the forecast period (2021 - 2028). 

Segmentation

By Product: The two segments are the single girder and double girder overhead cranes in the global overhead cranes market. Single girder cranes find utility in industries which need the cranes to perform a specific task and not be retrofitted for additional tasks. Single girder cranes have an active rental market as well. The primary advantage offered by single girder cranes over double girder cranes is reduced cost. Double girder cranes are more expensive but can be repurposed with far greater ease than single girder cranes. This is mostly due to the greater hook height they offer. They find utility in factories, warehouses, and transportation.

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By End-User: Virtually all heavy industries, metal processing, chemicals, and utilities find use for overhead cranes. The automotive industry is expanding rapidly with China expected to increase its automotive output tenfold between 2005 and 2030. The high demand for automobiles can only be fulfilled by automation of the automotive manufacturing plants, for which the use of overhead cranes is critical. The paper manufacturing and print media industry has relied on overhead cranes for well over a century. Utilities are being overhauled by governments to make them more efficient while enhancing their output, especially in the public works and power departments, which further drives the overhead crane market. With global mining outputs reaching record levels, and the demand for them (especially rare earth metals) increasing, it is imperative for this industry to use overhead cranes due to the high loads that must be shifted to facilitate metal extraction. Beyond this, all manufacturing which is automated and streamlined can utilize overhead cranes to minimize downtime and enhance efficiency. Steel production also uses Overhead Cranes market growth extensively. This requires specialization as the cranes must hoist liquid steel, for which the equipment undergoes the necessary redesigning. In 2021, Cargotec Corporation’s subsidiary, Kalmar, completed the upgrade and refurbishment of overhead cranes in the Aperam stainless steel plant in Belgium. 

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Key Players

• Konecranes Plc (Finland)
• Cargotec (Finland)
• Terex Cranes (US)
• Eilbeck Cranes (Australia)
• Ergonomic Partners (US)
• Columbus McKinnon Corporation (US)
• EMH, Inc (US)
• Weihua Group (China)
• ABUS Kransysteme GmbH (Germany)
• Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan)
• ABUS Kransysteme GmbH
• Sumitomo Heavy Industries Material Handling Systems Co.,Ltd

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