MRFR Assess COVID 19 Impacts on the Global Overhead Cranes Market Size ; MRFR Releases Insights for 2021-2027
The global Overhead Cranes Market Size is
garnering substantial traction. The market growth attributes to the increasing
automation across manufacturing industries. Besides, the continually increasing
pressure for optimization of resources and energy drives the development of the
market. Moreover, constant innovation in technology, upgrades of manufacturing
plants, and the expansion of manufacturing sectors worldwide escalate the
growth of the market.
According to Market Research Future (MRFR),
the global Overhead Cranes Market Size is projected to reach approximately USD
3,957.0 MN by 2027, growing at around 5% CAGR during the review period (2021
-2027). Overhead Cranes plays a causal role in improving various industrial
processes such as the movement, storage, protection, and distribution of goods.
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Hence, they are extensively used across the
rapidly growing end-use industries, including metal & heavy machinery and
automotive industries. Augmented uptake and demand worldwide encourage
manufacturers to bring more novelties in quality for material handling
equipment. Additionally, substantial R&D investments in product
developments pay off well, bringing about advanced overhead cranes and
increasing the uptake and market sales.
The burgeoning automotive and aerospace
industry and the rising number of shipment companies boost the Overhead Cranes
Market Size . Also, increasing
application areas of Overhead Cranes across the manufacturing sectors
accelerate market growth. Conversely, high capital investment is the major
factor projected to impede the market growth. Nevertheless, the increasing
demand for energy-efficient lifting machinery and quadrupling supply chains
provide impetus to market growth.
Global Overhead
Cranes Market Size - Segments
The report is segmented into three dynamics;
By Product : Single Girder
Overhead Cranes and Double Girder Overhead Cranes.
By End-User : Automotive,
Paper, Utility, Aerospace, Metal & Mining, and others.
By Regions : Europe,
Americas, APAC, and Rest-of-the-World.
Global Overhead Cranes Market Size -
Regional Analysis
North America
dominates the global Overhead Cranes
Market Size . The region is
home to the largest aviation industry in the world. More than 20% of the
economy of this region depends on manufacturing. The largest market share
attributes to the presence of several notable players and fully automated
industries. Besides, the high penetration of overhead cranes in metal &
heavy machinery and automotive industry in the region drive the growth of this
market.
The
well-developed economy and high per capita disposable income of demographics
substantiate the regional market growth. The US & Canada account for the
largest share, providing an enormous impetus to the regional market growth. The
North American Overhead Cranes Market Trends is projected to retain its
dominance throughout the assessment period.
Europe stands
second in the global Overhead Cranes Market Size . The EU has the world’s second-largest industrial
output and a highly automated manufacturing industry. The market growth is
driven by the augmented demand from the rapidly growing end-use industries.
Germany, Italy, and France are key markets for material handling equipment,
expanding the regional market growth. The European Overhead Cranes Market
Size is expected to increase at a steady growth
rate during the review period.
The Asia Pacific
region possesses a sizable share in the global Overhead Cranes Market Size . The region is the largest producer of goods
worldwide due to manufacturing giants such as China, Japan, and South Korea.
Factors such as the rapidly expanding manufacturing industry and the booming
industrial sector in the region boost the growth of the market. Additionally,
the rising safety concerns at workplaces and industrial set-ups drive the
growth of the regional market.
Furthermore, the
spurting rise in the major end-user industries such as automotive and metal
& heavy industries substantiates market demand. The improving economy
fosters the growth of the market, increasing the numbers of production plants
across the region. India and China account for considerable shares in the
regional market, witnessing exponential growth. The APAC Overhead Cranes Market
Trends is projected to create a substantial revenue pocket during the forecast
period.
Overhead Cranes
Market Size - Competitive Analysis
Highly
competitive, the Overhead Cranes Market Size
appears fragmented due to the
presence of several well-established players. To gain a larger competitive
share, industry players incorporate strategic initiatives such as mergers &
acquisitions, collaboration, product launch, and expansion.
Major Players:
Players leading
the Overhead Cranes Market Size include Konecranes Plc (Finland), Cargotec
(Finland), Terex Cranes (US), Eilbeck Cranes (Australia), Ergonomic Partners
(US), Columbus McKinnon Corporation (US), EMH, Inc (US), Weihua Group (China),
ABUS Kransysteme GmbH (Germany), and Sumitomo Heavy Industries Material
Handling Systems Co., Ltd (Japan), among others.
Industry/
Innovation/ Related News:
October 01, 2020
---- Konecranes
Oyj (Finland), a leading player in the fragmented industrial lifting market,
including overhead cranes and marine and industrial crane manufacturer,
announced the acquisition of a Finnish cargo-handling machinery company
Cargotec Oyj. The proposed combination would be implemented as a statutory
absorption merger with Cargotec absorbing Konecranes.
The two companies
signed a combination agreement and a merger plan, combining the material
handling group. The two companies believe that they would have synergies
leading to an annual cost savings of €100 MN within three years of completion.
Cargotec Oyj makes cargo-handling machinery for ships, ports, terminals, and
local distribution. Konecranes also acquired the Demag material handling
business from Terex in 2017 and, the merger changes little.
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Key Questions
Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/
Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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