Overhead Cranes Market

Rising level of automation in various industrial spaces to propel market growth

Few phenomena in the twenty-first century have had the same influence on society, the environment, and the economy as increasing urbanization. In just a few decades, the world's power dynamics have changed due to a continual flow of people leaving the countryside and moving into growing metropolitan areas. The number of people living in cities worldwide has increased nearly six-fold since 1950, from 751 million to 4.2 billion in 2018. The East Coast of the United States and Mexico both exhibit strong urban expansion in the video for North America as a whole.

The need for overhead cranes is driven by the rising level of automation in various industrial spaces. The industrial sector's productivity in the manufacturing process and decrease in lead time for production are both increased by the automation of labor-intensive procedures like lifting and moving heavy objects. The benefits of the overhead crane industry and developments in crane technology give industries more confidence in their utilization because these cranes are affordable and completely safe to use when transporting large items.

For example, 34% of the 123 readers who participated in Modern Materials Handling's 2021 Automation Solutions Study in February 2021 work for organizations with less than $10 million, while 18% work for businesses with revenues of $10 million to $49.9 million. 28% of respondents work in non-manufacturing fields, including warehousing, retail, or third-party logistics, whereas 59% are employed in the manufacturing sector. This year saw an increase in labeling automation from 13% to 16%, and a third of the respondents said they used hoists, cranes, and monorails.

Due to the need for capital-based investment and ongoing expenses, the infrastructure gap is a significant problem in almost every country in the world. According to the Infrastructure Hub (GIH), in 2020, there was a USD 15 trillion investment gap between the current investments in 56 different countries across seven sectors, including energy, telecommunication, airport, road, rail, ports, and water, which were valued at USD 79 trillion and USD 94 trillion, respectively. The GIH is attempting to entice investments from private and public companies through the G20 initiatives to close the infrastructure deficit.

Other emerging nations are concentrating on public-private partnerships (PPPs) to create infrastructure including Mexico, Vietnam, India, and others. The state government of Maharashtra, India, and the US-based real estate company Warburg Pincus inked a contract in November 2020 for the U.S. real estate company to invest USD 578.8 million to build 11 industrial and logistics parks in Pune and Mumbai. Such events are anticipated to increase demand for overhead cranes and considerably propel the market for these devices.

Therefore, the quick move toward urbanization has increased the market CAGR ly in recent years. In developed economies like Europe and North America, the demand for Overhead Cranes Market is anticipated to increase due to urbanization. The income from the overhead cranes market revenue is anticipated to be greatly influenced by these factors.

The Global Overhead Cranes Market Industry is poised for substantial growth in the coming years. Projections indicate that the market will reach 6.38 USD Billion in 2024 and expand to 9.77 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate of 3.95% from 2025 to 2035, driven by various factors such as technological advancements, increasing demand for automation, and the expansion of key sectors like construction and logistics. The market's evolution is indicative of the ongoing transformation within industries that rely heavily on efficient material handling solutions.

Technological advancements significantly influence the Global Overhead Cranes Market Industry, as innovations in design and functionality enhance crane performance. The introduction of smart cranes, equipped with sensors and data analytics capabilities, allows for real-time monitoring and predictive maintenance. These advancements not only improve safety but also optimize operational efficiency. As industries increasingly prioritize safety and productivity, the demand for technologically advanced overhead cranes is expected to rise. This trend is likely to contribute to a compound annual growth rate of 3.95% from 2025 to 2035, reflecting the industry's adaptation to evolving technological landscapes.

The Global Overhead Cranes Market Industry experiences a notable surge in demand for automation across various sectors, including manufacturing and logistics. Automation enhances operational efficiency, reduces labor costs, and minimizes human error. As industries increasingly adopt automated solutions, overhead cranes equipped with advanced technologies, such as IoT and AI, are becoming essential. This trend is projected to contribute to the market's growth, with the industry expected to reach 6.38 USD Billion in 2024. The integration of automated overhead cranes not only streamlines processes but also aligns with the global push towards Industry 4.0, further solidifying their role in modern industrial operations.

The Global Overhead Cranes Market Industry is significantly impacted by the rising focus on workplace safety regulations. Governments and organizations worldwide are implementing stringent safety standards to minimize workplace accidents, particularly in industries that utilize heavy machinery. Overhead cranes, being integral to material handling, must comply with these regulations, leading to increased investments in safer crane technologies. This heightened emphasis on safety not only protects workers but also enhances operational efficiency. As a result, the market is expected to grow, driven by the need for compliant and safe overhead crane solutions that meet evolving regulatory requirements.

The Global Overhead Cranes Market Industry benefits from the ongoing expansion in construction activities worldwide. As urbanization accelerates, the demand for infrastructure development rises, leading to increased investments in construction projects. Overhead cranes play a critical role in these projects by facilitating the efficient movement of heavy materials. The construction sector's growth is anticipated to drive the market, with projections indicating a rise to 9.77 USD Billion by 2035. This growth is underpinned by government initiatives aimed at enhancing infrastructure, which further emphasizes the importance of overhead cranes in meeting the logistical challenges of large-scale construction endeavors.

The Global Overhead Cranes Market Industry is positively influenced by the rapid expansion of the e-commerce and logistics sector. With the increasing demand for efficient warehousing and distribution systems, overhead cranes are essential for optimizing material handling processes. The growth of online retail necessitates advanced logistics solutions, where overhead cranes facilitate the swift movement of goods within warehouses. This trend is expected to bolster the market, as businesses invest in modernizing their logistics infrastructure. The ongoing evolution of the e-commerce landscape underscores the critical role of overhead cranes in ensuring timely and efficient order fulfillment.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Overhead Cranes Market accounted for USD 2587.47 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. A lot of space for growth exists in nations like India, South Korea, Vietnam, and others due to their rapid infrastructural development. In addition, a number of North American corporations have moved their manufacturing outside of China as a result of the US-China trade conflict.

The American Chamber of Commerce claims that because there is a large labor pool and low land costs, investing in this is very beneficial. Gross domestic product (GDP) growth rates in nations like Vietnam, Thailand, Malaysia, Indonesia, and others are strong, as is worker productivity. These factors are anticipated to fuel the Asia-Pacific market overhead cranes market.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  Overhead Cranes Market, by Region, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The Europe Overhead cranes market is currently dominated, which is expected to develop at a CAGR of 4.7% to reach USD 1,340 million by 2030. Overhead crane production is concentrated in Europe. Most of the European market is dominated by four enormous corporations. The demand for overhead cranes in Europe is quite consistent, while the demand from China is lower, which boosts local manufacturers' sales. Additionally, businesses are employing alliances and acquisitions to get a significant portion of the European overhead cranes industry. For instance, the Finnish business Konecranes Plc. Acquired around half of the overhead cranes manufacturer MHE-Demag.

These factors impact the expansion of the overhead cranes market in Europe. Moreover, Germany Overhead Cranes Market held the largest market share, and the U.K. Overhead Cranes Market was the fastest-growing market in this Region.

The third biggest area is found in North America overhead cranes market. One of the main markets for overhead cranes is the U.S. With businesses like Konecranes Inc., Gorbel Inc., American Equipment, Inc., and others, and it has an advanced sales and after-sales market. The US-China trade conflict has hampered the modest expansion of the car manufacturing sector. The need for mobile cranes is anticipated to rise in both the U.S. and Canada due to the increased attention paid to oil and gas development. Investment in Canadian and U.S.

Oil & Gas Sectors, a 2019 Fraser Institute paper, states that the U.S. oil & gas industry has greatly boosted output and capacity. Because of the expansion of the oil and gas sector in North America, the demand for overhead cranes is expanding. Further, the US overhead cranes market held the largest market share, and the Canada overhead cranes market was the fastest-growing market in the North America region.