Overhead Crane Market - Forecasts from 2024 to 2029

Overhead Crane Market - Forecasts from 2024 to 2029

The Overhead crane market is projected to grow at a CAGR of 4.02% over the forecast period, from US$5.669 billion in 2024 to reach US$6.904 billion by 2029.

Overhead cranes are the type of cranes generally used in the industrial environment and are operated from an elevated rack or bridge. They are operated from a control booth located near the crane. There are two main types of overhead cranes: gantry and jib cranes. Others are generally used in warehouses, shipping yards, and power plants as they can lift and move heavy loads efficiently and safely.

One of the major drivers for the overhead cranes market is the growth of the global warehousing sector. The global warehouse sector witnessed a significant boost with the increase in the global demand for retail and trade. The India Brand Equity Foundation stated that the nation's warehouse and logistics industry witnessed a significant boost in its market share from about 2% in 2020 to about 20% in 2021. The Indian warehouse and logistic sector is segmented into rail, road, water, and air. According to the data, the road segment of the warehouse and logistics sector in the nation contributes about 73%, followed by the rail sector with 18%. The water sector of the warehouse and logistics contributes about 4%, and air contributes about 5%.

The overhead crane market is estimated to grow moderately, fueled by the growing industrialization. Rapid urbanization is leading to a rise in infrastructure growth and energy power plant installation, fueling the demand for market expansion. In addition, advanced expansion in manufacturing activities and government initiatives for infrastructure projects boost the way for future market growth.

Furthermore, advancing real-time monitoring operations worldwide provides a proper analysis of crane performance and health. This will strengthen predictive maintenance and help avoid significant damage that can arise in the future. Moreover, the proliferation of innovative technologies under overhead cranes significantly reduces the requirement for human supervision, thereby lowering overall maintenance costs and enhancing safety.

OVERHEAD CRANE MARKET DRIVERS:

Rising global demand for the shipping and transportation sector is anticipated to propel market growth.

One of the major drivers for the increase in the global demand for overhead cranes is the rising need in the transportation and logistics sector worldwide. Overhead cranes offer an efficient and faster loading and unloading capability from multiple vehicles, like trucks, railways, and ships. The increase in the global logistics and transportation industry is sure to propel the market demand for overhead cranes.

In the shipping and transportation sector, railways play an important role in the global market, which utilizes overhead cranes for the loading and unloading of finished and raw material products. In 2024, Statistics Canada stated that the total carloading of the railways in the nation in April 2024 was about 32.6 million tons, which grew from about 31.8 million tons in April 2023. Similarly, in the USA, the transportation sector contributes about 6.7% or US$1.7 trillion to the US economy in 2022. As stated by the Bureau of Transportation Statistics of the USA, the for-hire transportation using rail, truck, air, and water contributed about 1.8% in 2022 and about 1.6% in 2021.

Moreover, DGCRANE’S price list for a variety of single-girder overhead crane product lines, depending on the requirements of different business industries, ranges from $1,830-5,200 for a 1T single-girder overhead crane to $7,100-28,600 for a 20T single-girder overhead crane. The latter has the same lifting height per min, power supply voltage, and diverse span per min speed.

OVERHEAD CRANE MARKET RESTRAINTS:

Increased lead time in manufacturing processes is anticipated to hamper market growth.

One of the major restraints impacting market growth is the issue faced by manufacturers of overhead cranes in getting required components from suppliers in the required time frame. Additionally, the limited availability of skilled labor for overhead crane manufacturing operations limits the total production at various facilities across the globe.

OVERHEAD CRANE MARKET GEOGRAPHICAL Outlook

The market is projected to grow in the Asia Pacific region.

The manufacturing sector is observing a constant increase in India, driven by initiatives like Make in India, which expands the requirement for overhead cranes in production lines and factories for proficient material handling. Moreover, growing industrialization as well as urbanization are fueling this demand in sectors like construction, logistics, and energy plant installation. Government initiatives and investments in infrastructure development and renewable energy are also bolstering the market expansion.

Moreover, the Press Information Bureau (PIB) reported in October 2021 that India's Ministry of New & Renewable Energy (MNRE) set an objective of accomplishing 450 GW of renewable energy installed capacity by 2030, an increment from its past target of 175 GW by 2022. This expansion of renewable energy project goals will bring an upsurge in demand for overhead cranes for the establishment and support of heavy equipment, and driving requirements for cranes in wind and solar power installations.

In addition, Major key companies that specialize in crane rentals can make overhead cranes easily available to diverse businesses that might not need full ownership of cranes and require them for a certain timeframe. This can lead to wider adoption, in turn, resulting in market expansion. For instance, in September 2023, Dubai-based MyCrane, an online crane rental platform, launched its wholly-owned operations in India following a noteworthy investment from a Series A round. It utilizes tech solutions to upgrade effectiveness within the construction division.

Overhead Crane Key Market Developments:

In June 2023, Mammoet’s three largest cranes started working in India, including the PTC210-DS, a 5,000t capacity ring crane positioned in Gujarat, while the PTC35-DS, a 1,600t capacity ring crane, and the PT50, a 2,000t ring crane, both work in Rajasthan, all the three work on various installations of heavy refineries. These cranes can perform sitewide lifting exercises from one location, decreasing movement downtime and civil works.

Overhead Crane Key Market Players:

Konecranes is a globally recognized manufacturer of industrial lifting equipment. It offers a diverse range of overhead cranes for heavy-duty lifting applications, catering to diverse lifting needs and capacities.
GH Cranes & Components is a top manufacturer of overhead cranes and lifting equipment catering to various industries and applications.
Gorbel's expertise lies in different areas of lifting solutions and jib cranes, which bridge the gap between manual lifting and fully automated robots.

The Overhead Crane Market is segmented and analyzed as follows:

By Type
Gantry Crane
Jib Crane
Others
By Application
Warehouses
Shipyards
Power Plants
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Others