Global Overhead Crane Market 2024-2031

Global Overhead Crane Market 2024-2031

Overhead Crane Market Size, Share & Trends Analysis Report by Type (Bridge Crane, Gantry Crane, Jib Crane, and Others (Under Running Crane)), and by Industry (Automotive, Aerospace, Metal and Mining, Manufacturing, Shipyards, and Utilities), Forecast Period (2024-2031)

The overhead crane market is anticipated to grow at a CAGR of 5.5% during the forecast period (2024-2031). An overhead crane is a machine that moves a load horizontally across the ceiling of a facility rather than down corridors or on the floor. Overhead cranes have significant lifting power for material transport. The market is driven by rising demand in end-user industries such as manufacturing, construction, and power generation. The market is also driven by the expansion of manufacturing industries.

Market Dynamics

Expansion of Manufacturing in Developing Economies

Overhead cranes are essential in developing economies as factories aim for higher production volumes to meet rising demands. They enable efficient material handling within production lines, accelerating production processes. Overhead cranes are cost-effective, requiring less manpower and lower long-term operational costs. They are also ideal for infrastructure development, such as roads, bridges, and power plants, where heavy construction materials are lifted and maneuvered. For instance, in November 2023, Konecranes was awarded a contract to upgrade the reactor hall overhead crane at Sweden's Oskarshamn Nuclear Power Plant. This upgrade was crucial for servicing the reactor and managing the removal of spent fuel casks while adhering to strict regulatory standards. The contract involved engineering, manufacturing, delivery, and installation of modernization components including a new 165-ton trolley/hoist, over a two-year timeline.

Increased Focus on Safety and Efficiency

Globally, the overhead crane market is booming due to increased safety and efficiency in various industries. Overhead cranes eliminate manual lifting, reducing worker injuries and accidents. They expedite material handling, reducing downtime and increasing productivity. They offer precise control over lifting and maneuvering, minimizing damage to materials and equipment. Modern overhead cranes can be integrated with automation systems, enhancing safety and streamlining the process. They also comply with safety regulations, ensuring a safe work environment.

Market Segmentation

Based on type, the market is segmented into bridge cranes, gantry cranes, jib cranes, and others.

Based on product, the market is segmented into automotive, aerospace, metal and mining, manufacturing, shipyards, and utilities.

Bridge Crane is Projected to Emerge as the Largest Segment

The bridge crane segment is expected to hold the largest share of the market due to their superior load capacity, flexibility, and efficiency. They can handle heavy-duty industries like steel mills, shipbuilding, and power plants, and can be designed with varying spans and girders. They excel at precise material handling, minimizing product damage, and ensuring smooth operation. Bridge cranes can be integrated with automation systems for safety and efficiency. They offer high scalability and customization options, making them an indispensable tool for various sectors.

Manufacturing Segment to Hold a Considerable Market Share

Manufacturing encompasses a vast array of industries, from automotive and aerospace to electronics and food processing. They are ideal for handling bulky materials like car frames, engine components, and large machinery. They streamline production processes by expediting material handling, minimizing downtime, and maximizing efficiency. They also promote safety by eliminating manual lifting of heavy objects, ensuring a safer work environment. Modern manufacturing facilities heavily rely on automation, and overhead cranes can be integrated with automated systems for pre-programmed movements, enhancing overall production efficiency and reducing human error.

Regional Outlook

The global overhead crane market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific countries to invest in the overhead crane market

This rise in numerous industries including automotive, manufacturing, and construction in China increases the demand for overhead cranes for effective material handling.

India’s e-commerce and logistics industries are expanding rapidly which mandates the development of several warehouses and distribution facilities, all of which rely largely on overhead cranes to store and retrieve items efficiently.

North America Holds Major Market Share

Among all the regions, North America holds a significant share as they are open to implementing new technology into their overhead cranes, such as automation and remote-control systems, to boost efficiency and safety. In addition, government spending on infrastructure projects like power plants, bridges, and highways across North America will further increase the need for heavy-lifting machinery like overhead cranes. Overhead cranes can meet the need for efficient material handling solutions brought about by the continued growth of automation and the significance of North America's industrial sector. In the upcoming years, the overhead crane market in the US is anticipated to rise gradually but steadily. The country's ongoing infrastructure development projects, the business's emphasis on efficiency and safety, the growing adoption of automation, and advancements in crane technology are the main factors driving the expansion.

In addition, prominent local and foreign Original Equipment Manufacturers (OEMs) have cemented their presence in the US overhead crane industry. The integration of automation and smart technology is gaining pace, with features, such as remote control and data-driven maintenance, gaining popularity across the US.

Market Players Outlook

The major companies serving the global overhead crane market include Columbus McKinnon Corporation, Cargotec Corporation, Mitsubishi Heavy Industries, Ltd., Konecranes, and Terex Corporation, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. For instance, in April 2024, Konecranes acquired German crane and service supplier Kocks Kranbau, bringing 60 employees to the company and providing access to Kocks Ardelt Kranbau's large installed base in Germany, Europe, and globally.