The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The overhead cranes market has experienced robust growth in recent years, with significant expansions projected ahead. From a valuation of $4.54 billion in 2023, it is estimated to reach $4.83 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 6.5%. Factors driving this growth include:

• Expansion of construction and infrastructure projects.
• Increasing demand for efficient material handling solutions.
• Government investments in infrastructure development.
• Need for heavy lifting capabilities in ports and shipyards.

The Path Forward: Forecasts and Trends

Looking ahead, the trajectory remains promising. Forecasts suggest a climb to $6.23 billion by 2028, with a CAGR of 6.6%. This growth will be propelled by:

• Adoption of electric and hybrid cranes for sustainability.
• Emphasis on lightweight and compact crane designs.
• Expansion of e-commerce and logistics industries.
• Advancements in autonomous crane operations.

Key trends in the forecast period include the utilization of advanced materials, anti-collision systems, and energy-efficient designs.

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Rising Demand for Overhead Cranes in Industrial Automation

Industrial automation continues to be a significant driver of overhead crane demand. The advantages of automation, coupled with advancements in crane technology, are reshaping industries. Key points to note:

• Automation boosts productivity and reduces lead time.
• Confidence in overhead cranes due to cost-effectiveness and safety.
• Notable data from Modern Materials Handling’s 2021 Automation Solutions Study.

Innovative Product Technologies Reshaping the Market

Product innovation plays a pivotal role in shaping the overhead cranes market. Key developments include:

• Advancements in crane ropes, such as synthetic ropes.
• Performance diagnostics solutions for maintenance detection.
• Case in point: Konecranes Oyj’s sixth-generation mobile harbor cranes.

Strategic Acquisitions and Market Segmentation

In January 2022, American Equipment Holdings acquired Eastern Crane and Hoist, underlining the market’s dynamism and strategic maneuvers. The overhead cranes market is segmented based on:

1. Product Type: Bridge Cranes, Gantry Cranes, Monorail Cranes, Jib Cranes.
2. Type: Single Girder, Double Girder.
3. Operation Type: Electric, Hydraulic, Hybrid.
4. End User: Automotive, Metal & Mining, Paper, Utility, Aerospace, Shipyards, and Others.

Regional Dynamics

• Asia-Pacific led the overhead cranes market in 2023.
• North America poised to be the fastest-growing region in the forecast period.

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The Overhead Cranes Global Market Report 2024  provides comprehensive insights on the overhead cranes market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the overhead cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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