Allied Market Research recently published a report, titled, “Overhead Cranes Market by Solution (Product and Services) and End User (Automotive, Metal & Mining, Paper, Aerospace, Utility, Shipyards, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025”. According to the report, the global overhead cranes market was valued at $4.4 billion in 2017 and is projected to reach $5.8 billion by 2025, growing at a CAGR of 3.6% from 2018 to 2025.
In addition to being reliable and efficient, overhead cranes provide also operation flexibility – they can be customized with specialized tools to perform diversified operations at any plant. Rapid increase in government investment has driven the global overhead cranes market, to be used in the development of domestic infrastructure activities. The growth of the market is also supplemented by the use of automated systems in these cranes, which has several advantages like reduction of operational time and labor cost, minimizing human intervention to increase workplace safety, and minimizing product damage. In developing countries, a surge in emphasis on domestic manufacturing is expected to provide lucrative opportunities to small market players. However, overhead cranes marker growth is severely restricted owing to limited availability of highly skilled machine operators and exorbitant lead time in machine delivery.
Services related to overhead cranes projected to dominate the future market
Based on solution, the overhead cranes market is bifurcated into products and services. The services segment is further divided into maintenance, repair, and others (inspection, design, and training). In 2017, this segment occupied about 52.0% if the global market, in terms of revenue. It is expected to continue its dominance throughout the forecast period, 2018-2025, growing at a CAGR of 3.6%. Meanwhile, the product segment consists of bridge cranes, gantry cranes, and others (goliath crane, monorail crane, and workstation crane).
The demand for overhead cranes is the largest in automotive industry
Several industries – such as automotive, metal & mining, paper, aerospace, utility, shipyards, and others (chemical, logistics, transportation, and food & beverage) – implement overhead cranes for operational work. The automotive segment was responsible for generating the maximum revenue in 2017 and is anticipated to maintain its dominance throughout the forecast period. It is projected to grow at a CAGR of 3.9% from 2018 to 2025, owing to an increase in demand of the industry to displace heavy vehicle parts.
Asia-Pacific is set to remain the biggest revenue generator throughout 2025.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2017, Asia-Pacific contributed the highest share in the overhead cranes market, around 38.0%. It is anticipated to secure the leading position during the forecast period, owing to the presence of key manufacturing companies and large investment in the manufacturing sector. The region is poised to grow at a CAGR of 4.1% from 2018 to 2025. Meanwhile, North America is expected to hold second place in terms of revenue generation.
Key Players in the Market Competitive analysis and profiles of the major overhead cranes market players, such as ABUS Kransysteme GmbH, CARGOTEC, Columbus McKinnon Corporation, Engineered Material Handling Inc., GH Cranes & Components, Gorbel Cranes, KITO CORP., Konecranes Plc, Sumitomo Heavy Industries Ltd., and Weihua Group, are provided in this report. The key strategies adopted by these players from 2015 to 2018 were product launch, acquisition, and collaboration
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