Overhead Cranes Market Size, Share & Trends Analysis Report By Crane Type (Single Girder, Double Girder, Bridge Cranes, Gantry Cranes, Monorail Cranes, Jib Cranes, Others), By Lifting Mechanism (Electric Wire Rope Hoist Crane, Electric Chain Hoist Crane), By Loading Capacity (Light Duty ( up to 10 tons), Medium Duty (10-50 tons), Heavy Duty (50-200 tons), Very Heavy Duty (Over 200 tons)), By Business Type (Original equipment manufacturer (OEM), Aftermarket), By End Use Industry (Automotive, Manufacturing, Aerospace, Construction, Logistics and Transportation, Mining, Food and Beverage, Utilities, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Overhead Cranes Market Size

The global overhead cranes market size was valued at USD 4.15 billion in 2023 and is projected to reach from a value of USD 4.25 billion in 2024 to USD 6.40 billion by 2032, registering a CAGR of 4.93% during the forecast period (2024-2032). 

The increased overhead cranes market share during the forecast period is related to increased government funding and growing demand for workplace safety in Industry applications.

Overhead cranes, also called industrial cranes or bridge cranes, are predominantly employed in industrial settings to lift and transport large, heavy objects. It is equipped with a single or double girder system that enables the movement of hoists and trolleys. The hoist is limited to vertical movement, while the carriage is restricted to horizontal movement. Furthermore, overhead cranes are frequently employed in various industries, including aerospace, automotive, shipbuilding, and metal and mining.

The global market is experiencing growth due to the increasing demand for these devices. These sectors comprise manufacturing, transportation, logistics, warehousing, and storage facilities. Infrastructure development initiatives, such as constructing roads, dams, bridges, railroads, and waterways, are funded by government and corporate entities. It is not uncommon for heavy products to require lifting and transportation using large overhead cranes with exceptional loading capacities. Consequently, the demand for overhead cranes in these emerging industries is rising. Additionally, these cranes are constructed with specialized instruments enhance the precision of work. Due to these factors, the demand for these cranes is expected to increase during the projection period.

Highlights

• The single girder segment is the highest contributor to the market 
• Electric wire cable hoists primarily dominate the global market by lifting mechanisms.
• Medium-duty overhead cranes (10-50 tons) dominate the hoisting capacity segment.
• The OEM segment is the highest contributor to the market by business type.
• Automotive is the dominant segment in the end-use industry.

Overhead Cranes Market Growth Factors

Increased Government Spending

The infrastructural gap is an essential issue in nearly all countries globally, owing to capital-based investment and recurrent expenditure requirements. According to the Global Infrastructure Hub (GIH) in 2020, the current investment in 56 global countries across seven sectors, including energy, telecommunication, airport, road, rail, ports, and water, was valued at USD 79 trillion, whereas the investment needed was USD 94 trillion, creating a gap of USD 15 trillion. Through the G20 initiatives, the GIH is trying to attract investments from private and public firms to shrink the infrastructure gap.

Other developing countries, such as India, Vietnam, and Mexico, focus on public-private partnerships (PPPs) to build infrastructure. In November 2020, the real estate firm Warburg Pincus, based in the US, signed an agreement with the state government of Maharashtra, India, to invest USD 578.8 million to develop 11 industrial and logistics parks across the two urban cities, Pune and Mumbai. Such developments are expected to boost the demand for overhead cranes, significantly driving the market.

Growing Demand for Workplace Safety in Industrial Applications

Overhead cranes can lift huge, bulky goods in industrial settings, where improper lifting techniques for heavy loads and containers can compromise workplace safety and harm the product. Multiple forklifts can be replaced by a single overhead crane, which lowers product damage. Furthermore, these cranes are less likely to transfer cargo to people, walls, machinery, or other obstructions than forklift traffic because they operate in an overhead space. These elements fuel an increase in demand for these cranes. Additionally, fewer human interventions lower labor and production costs. Consequently, the need for these cranes is increased due to the reduction of overall operational costs in the manufacturing process and improved worker safety.

Restraining Factors

Lead Time in Supply Chain

When receiving components from their suppliers at the needed rate, producers of overhead cranes may need help. Additionally, to produce the crane, manufacturers of these cranes require skilled labor. However, skilled labor is limited, which naturally limits the amount of equipment that can be sold. These kinds of problems have a significant impact on the lead times encountered in production processes, which in turn hinders the expansion of the global market.

Market Opportunities

Increased Investments in the Manufacturing Sector

The low manufacturing costs and supporting policies implemented by regional governments significantly impact the expansion of end-user industries in a number of emerging countries. In addition, several developing countries, such as India and Sri Lanka, are investing in domestic manufacturing. This is expected to provide small and new overhead crane manufacturers with appealing opportunities to expand their firm capacity during projection.

Regional Insights

Asia-Pacific: Dominant Region with a 5.6% market share

Asia-Pacific is the largest shareholder and is estimated to expand at a CAGR of 5.6% during the forecast period. China holds the maximum share in the overhead crane industry in the Asia-Pacific region, followed by Japan. Countries such as India, South Korea, Vietnam, and others possess high growth opportunities owing to rapid infrastructural development. In addition, the US-China trade war has resulted in various North American manufacturers shifting their production outside China. According to the American Chamber of Commerce, this is highly profitable for investors due to the abundant human workforce and low land prices. Countries such as Vietnam, Thailand, Malaysia, Indonesia, and others are at the forefront regarding worker productivity and have high gross domestic product (GDP) growth rates. Such factors are anticipated to propel the growth of the overhead crane market in Asia-Pacific.

Europe: Fastest growing region with 4.7% growth rate

Europe is the second-largest region and is projected to grow at a CAGR of 4.7%. Europe is a central hub of global overhead crane manufacturers, where four significant manufacturers have the largest market share in the region. The overhead crane industry is highly consolidated in Europe, whereas the demand from China is lower to promote the sales of local manufacturers. Furthermore, companies are adopting acquisition and partnership strategies to gain a significant market share in the European market. 

• For instance, the company Konecranes Plc., based in Finland, acquired around 50% stake in the MHE-Demag, a global manufacturer of overhead cranes. These factors affect the growth of the overhead crane industry in Europe.

North America is the third largest region. The US is among the most significant users of overhead cranes. It has a sophisticated sales and aftersales market with various local and international players such as Konecranes Inc., Gorbel Inc., American Equipment Inc., and others. Although the automotive manufacturing industry growth has been slow-paced since the US and China trade war, the increasing focus on oil & gas extraction is expected to bolster the demand for mobile cranes in the US and Canada.

Additionally, according to a report on Investment in Canadian and the US Oil & Gas sectors published in 2019 by the Fraser Institute, the US oil & gas industry has expanded production and capacity significantly. In November 2018, the US Energy Information Agency announced that shale oil output was more than the target and was expected to hit records in December 2018. Such immense growth in the oil & gas industry in North America drives the development of the market.

Overhead Cranes Market Segmentation Analysis

By Crane Type

The market is further segmented by crane type into single girder, double girder, bridge cranes, gantry cranes, gantry cranes, monorail cranes, jib cranes, and others. The single girder segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.4% during the forecast period. Single girder cranes are very cost-effective and are highly suitable for medium- to light-duty applications or when the facility has less floor space or headroom. Further, single-girder cranes also use less construction and are more compact and lightweight than double-girder cranes. This also results in a reduction of costs in materials, installation, and freight. Single girder cranes are available in maximum lifting capacities of 5 tons to 35 tons. Such advantages of single-girder cranes boost the growth of the global market.

The Double Girder segment is growing significantly. Double girder cranes are highly recommended for heavy-duty applications such as in heavy automotive industries, oil & gas, shipbuilding, steel production, and others. These cranes have a more complex design and are more expensive than single-girder cranes. They require more material for the runway system and bridge beams. They also have a greater hook height, typically 18" to 36" more than single girder cranes.

Additionally, the inclusion of automation technologies is also boosting the productivity of these cranes, which will likely attract more consumers to double overhead girder cranes. 

• For instance, Condra Cranes and Hoists, based in South Africa, developed a fully automated overhead crane for South African platinum group metals operation. It is an electric double girder crane with a span of 16 meters and a lifting capacity of 16 tons. The crane is fully automated and can be monitored remotely from a control room. Such developments are expected to boost the market growth during the forecast period.

By Lfting Type

The market is further segmented by lifting mechanisms into electric wire rope hoist cranes and electric chain hoist cranes. Electric wire cable hoists primarily dominate the global overhead crane market. Electric wire rope hoists have a greater lifting capacity, typically from 0.5 to 50 tons. Conversely, electric chain hoists are restricted to lower capacities. Wire rope hoists are more lightweight and compact than chain hoists, making them more straightforward to install on overhead platforms. This lifting mechanism has a longer lifecycle and necessitates less maintenance than chain hoists. Wire rope hoists are more versatile than chain hoists, which are restricted to approximately 4 m/min. They can be operated on various crane types, including single-girder, double-girder, gantry, and jib cranes. They can achieve higher lifting velocities, typically 3.5 to 8 m/min. The primary application of chain hoists is in light-duty single-girder cranes.

By Loading Capacity

The market is further segmented by loading capacity into light duty (Up to 10 tons), medium duty (10-50 tons), heavy-duty (50-200 tons), and very heavy duty (Over 200 tons). The global overhead crane market is dominated by medium-duty overhead cranes (10-50 tons) in the hoisting capacity segment. Medium-duty cranes are well-suited for diverse material handling applications in warehousing, manufacturing, and other industries due to their ability to balance maneuverability, reach, and lifting capacity. The demand for medium-duty overhead cranes is fueled by the expansion of industries such as automotive, metals, machinery, and infrastructure development, which necessitate efficient material handling solutions in the 10-50 ton volume range. The manufacturers' primary focus is to meet end-users requirements by developing advanced medium-duty cranes with predictive maintenance, collision avoidance, and remote operation features. Due to its extensive application in various industries and the ongoing investments in infrastructure, construction, and manufacturing projects worldwide, the medium-duty overhead crane segment is anticipated to maintain its dominance in the global market.

By Business Capacity

The market is further segmented by Business Type into Original equipment manufacturer (OEM) and aftermarket.

The OEM segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.7% during the forecast period. Most overhead crane manufacturers, including Weihua Group, Konecranes Plc., and others, are involved in original equipment manufacturing (OEM) activities; however, they also outsource various equipment parts from other companies. These companies produce the highest revenue in the global market. The automation software providers, engine manufacturers, and other part manufacturers assist OEMs by providing the latest technologies. Furthermore, China is a significant manufacturer of overhead cranes and contributes significantly to global demand. Including" Industry 4.0" and automation in the manufacturing process has proven advantageous for propelling OEM companies' growth in the global market.

The Aftermarket segment is the fastest growing. Major players in the industry focus on providing efficient aftersales services to increase the working life of overhead cranes. These cranes are expensive equipment, and routine maintenance is necessary to avoid downtimes and accidents. In addition, the aftermarket overhead cranes market has lucrative opportunities in the rental industry. Due to the high overhead crane cost, contractors mainly rent equipment for small job sites. The demand for rental business propels the growth of the aftermarket mobile crane industry.

By End Use

The market is further segmented by end-use industry into automotive, manufacturing, aerospace, construction, logistics and transportation, mining, food and beverage, utilities, and others. Automotive is the dominant segment and is estimated to grow at a CAGR of 5% during the forecast period. Overhead cranes are highly efficient for applications in the automotive industry. It is used for lifting and transporting automobile parts to an entirely assembled car, depending upon the requirement and lifting capacity of the crane. This reduces the dependence on human power and the traffic on the work floor, which optimizes the process. Moreover, employee safety has been a significant trend within automotive manufacturers, bolstering the use of overhead lifting equipment such as overhead cranes, vacuum lifters, and hoists.

Furthermore, according to the manager of handling systems applications engineer for Schmalz GmbH based in Germany, an automotive manufacturer has different concerns and return on investment (ROI) calculations than any other industry. More automotive manufacturers are focusing on overhead cranes, even for small weights, as this equipment lifts numerous units daily to sustain the production cycle. This drives the demand for these cranes in the automotive industry, thereby boosting the growth of the global market.

The Utility segment is the fastest growing. The aging power generation infrastructure and the need for digitization are the major drivers for the growth of the utility industry. In addition, the changing landscape of electricity generation from non-renewable to renewable resources will likely be lucrative for the industry's growth during the forecast period. Moreover, constructing grid systems for electric vehicle charging, solar-based public lighting systems, smart city metal & mining, and others can significantly grow the market.

Similarly, various utilities and power sector private companies offer products and services for the changing public metal and mining landscape. 

• For instance, Siemens AG, based in Germany, provides the VersiCharge AC series hardware and software products for electric vehicle charging. This changing scenario of public utilities will likely drive the demand for overhead cranes, which will drive the global expansion of global these cranes.

Recent Developments

• March 2024- Cargotec's Kalmar brand expanded its portfolio by acquiring a smaller, specialized crane manufacturer to enhance its product offerings in automated and electric overhead cranes. This move is expected to bolster Cargotec's market share in the Asia-Pacific region.
• February 2024- KITO Corporation has focused on expanding its presence in North America. It announced a strategic partnership with a leading U.S.-based crane service company to enhance its regional distribution and service capabilities.
• January 2024- Liebherr remained at the forefront, focusing on sustainable technology. The company introduced a new series of energy-efficient overhead cranes for the automotive and aerospace industries. These cranes have regenerative drives that can recover and reuse energy, reducing overall power consumption.