Overhead Cranes and Components Market Size, Share, Growth, and Industry Analysis, By Type (Wire Rope Hoists (Crane Components), Open Winches, Chain Hoists, Explosion Proof Hoists), By Application (Automotive, Aeronautic, Steel Mills and Aluminum, Energy - Power (hydropower), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

OVERHEAD CRANES AND COMPONENTS MARKET REPORT OVERVIEW

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The Overhead Cranes and Components Market Size was USD 8976.11 million in 2021 and the market is projected to touch USD 11053.59 million by 2027, exhibiting a CAGR of 3.53% during the forecast period.

The Overhead Cranes and Components market is a vital sector within the industrial landscape, encompassing a wide array of lifting equipment and associated components used in various industries. These overhead cranes, also known as bridge cranes, are essential for heavy lifting tasks in manufacturing, construction, shipping, and logistics sectors. The market for these cranes and their components has witnessed steady growth due to increasing industrialization and infrastructure development globally.

Key components such as hoists, trolleys, end trucks, and controls play pivotal roles in enhancing the efficiency and safety of these cranes, thus driving innovations and advancements within the market. The demand for technologically advanced, energy-efficient, and durable overhead crane systems continues to fuel competition among manufacturers, fostering a dynamic landscape focused on enhancing productivity and safety standards across industries.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had a notable impact on the Overhead Cranes and Components market growth. Pandemic led to disruptions in manufacturing, supply chains, and construction activities, causing a slowdown in the demand for overhead cranes and their components. Many projects were delayed or put on hold due to lockdowns, restrictions, and uncertainties in the global economy. The reduced industrial output and operational limitations within factories affected the installation and maintenance of overhead crane systems.

LATEST TRENDS

"Integration of Advanced Technologies to Drive Market Growth"

One of the most recent trends in the Overhead Cranes and Components market involves the integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) to enhance crane operations. Manufacturers are increasingly incorporating AI-powered algorithms and IoT sensors into overhead crane systems to enable predictive maintenance, real-time monitoring, and data-driven decision-making.

OVERHEAD CRANES AND COMPONENTS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Wire Rope Hoists (Crane Components, Open Winches, Chain Hoists, Explosion Proof Hoists.

Wire Rope Hoists: Heavy-duty crane components using wire ropes for lifting in industrial applications.

Crane Components: Essential parts for overhead cranes, ensuring their functionality and structural integrity.

Open Winches: Crane components providing flexibility and customization in lifting solutions.

Chain Hoists: Utilizes chains for lifting operations, offering durability and versatility.

Explosion-Proof Hoists: Specialized crane components designed for hazardous environments to ensure safety during lifting operations.

• By Application

Based on application the global market can be categorized into Automotive, Aeronautic, Steel Mills and Aluminum, Energy - Power (hydropower), Paper Mills, Waste to Energy, Civil Works & Construction, Others.

Automotive: Overhead cranes aid in the assembly and movement of heavy components within automotive manufacturing plants, facilitating efficient production processes.

Aeronautic: These cranes are used for the precise handling of aircraft parts during manufacturing and maintenance in the aerospace industry.

Steel Mills and Aluminum: Overhead cranes play a pivotal role in material handling, assisting in the movement of raw materials and finished products in steel and aluminum manufacturing facilities.

Energy - Power (hydropower): Overhead cranes support the installation and maintenance of hydroelectric power equipment and turbines in hydropower plants.

Paper Mills: They assist in handling large paper rolls and machinery maintenance within paper manufacturing facilities, enhancing operational efficiency.

Waste to Energy: Overhead cranes aid in managing waste materials and supporting equipment maintenance in waste-to-energy plants.

Civil Works & Construction: These cranes are crucial for lifting and placing heavy construction materials and components, facilitating large-scale construction projects.

Others: Overhead cranes find applications in various industries like shipbuilding, mining, warehouses, and more, for efficient material handling and logistics operations.

DRIVING FACTORS

"Industrial Expansion and Infrastructure Development to Boost the Market"

The growth in industries such as manufacturing, construction, logistics, and warehousing fuels the demand for overhead cranes. Expansion of infrastructure projects worldwide requires efficient material handling equipment, stimulating the market for overhead cranes and associated components.

"Emphasis on Efficiency and Automation to Propel the Market Growth"

Industries are increasingly adopting automated solutions to enhance productivity and safety. Overhead cranes equipped with advanced technologies like IoT, AI, and remote monitoring offer improved operational efficiency, predictive maintenance, and streamlined workflows, thus driving the market growth as companies seek more efficient solutions.

RESTRAINING FACTORS

"Supply Chain Disruptions to Hinder Market Growth"

Interruptions in the supply chain can lead to delays in manufacturing, affecting the availability and delivery of overhead crane systems and components, impacting market growth and project timelines.

OVERHEAD CRANES AND COMPONENTS MARKET REGIONAL INSIGHTS

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"Europe to dominate the Market due to Increase in Investment and Government Backup"

Europe stands as the foremost region dominating the Overhead Cranes and Components market, poised to experience substantial growth. This trajectory is anticipated due to increasing investments and robust governmental backing aimed at fostering the expansion of various industries.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through continuous Innovation and Collaboration"

Key industry players wield significant influence in shaping the Overhead Cranes and Components market share through their innovations, technological advancements, and strategic collaborations. These influential players drive market growth by introducing cutting-edge solutions, investing in research and development, and establishing strategic partnerships to enhance product portfolios and meet evolving consumer demands. Their proactive approaches in introducing efficient, technologically advanced, and customized solutions significantly impact market trends and set benchmarks for quality, safety, and operational excellence within the industry.

List of Market Players Profiled

• Demag Cranes (Germany)
• Street Crane (U.K)
• GIS AG (Germany)
• LIFTKET (Germany)
• SWF Krantechnik (Germany)

INDUSTRIAL DEVELOPMENT

June 2023: Based in Germany, Heimann GmbH & Co. KG is a renowned manufacturer specializing in steel structures catering to diverse sectors like special plant construction, mechanical engineering, and municipal utilities, along with offering complete industrial building solutions. Recently, the company has significantly expanded its primary facility, now boasting an extensive 18,000m2 production space. This expansion focuses primarily on steel sheet preparation, involving multiple processes like cutting, grinding, and straightening to ensure precise fabrication for subsequent installation purposes.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.