Overhead Cranes Market to Reach $5.77 Bn, Globally, by 2025 at 3.6% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 5, 2018 /PRNewswire/ --
Increased investment by government bodies for the development of domestic infrastructure and surge in demand for overhead cranes due to their high efficiency and reliability would boost the growth of the market.
Allied Market Research recently published a report, titled, "Overhead Cranes Market by Solution (Product and Services) and End User (Automotive, Metal & Mining, Paper, Aerospace, Utility, Shipyards, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025" The study provides in-depth analyses of the value chain, market size & estimations, drivers & opportunities, strategic developments, key market segments, and competitive landscape. According to the report, the global overhead cranes market accounted $4.36 billion in 2017 and is expected to reach $5.77 billion by 2025, registering a CAGR of 3.6% from 2018 to 2025.
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Increased government investment for infrastructure development and augmented need for workplace safety in the industrial sector drive the growth of the global overhead cranes market. Moreover, benefits of overload cranes such as higher time optimization and reduction in labor cost supplement the market growth. However, limited availability of skilled workforce and high lead time in supply chain hamper the growth of the market. On the contrary, increasing investment in the manufacturing sector is expected to create lucrative opportunities for the market players in future.
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Product segment to manifest fastest CAGR by 2025
The product segment is expected to portray the fastest CAGR of 3.7% during the study period, owing to the ability of overhead cranes to lift heavy goods as well as reduce the overall cost of material lifting in industries. In 2017, the services segment held the largest share, contributing more than half of the total market revenue, as this segment includes maintenance & repair of these machines, which is less costly that the actual cost of the product.
Automotive segment to generate highest revenue through 2025
The automotive end user segment held the largest share in 2017, contributing about one fourth of the total market revenue, as overhead cranes can be used instead of traditional cranes to lift heavy components. However, the utility end user segment is expected to portray the fastest CAGR of 5.2% during the forecast period. The report analyzes several end user segments including automotive, metal & mining, paper, aerospace, shipyards, and others.
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Asia-Pacific to remain lucrative through 2025
The Asia-Pacific overhead cranes market garnered the largest share, contributing about 38% of the total revenue in 2017. This region is expected to continue its dominance throughout the study period, registering the fastest CAGR of 4.1% through 2025, as several manufacturing companies have been expanding their businesses in the region, which require overload cranes to lift heavy and bulky loads. The other regions analyzed in the report include North America, Europe, and Latin America, Middle East and Africa (LAMEA).
Key market players in the industry
The major market players analyzed in the report include ABUS Kransysteme GmbH, Eilbeck Cranes, GH Cranes & Components, KITO CORP., Sumitomo Heavy Industries Ltd., ABUS Kransysteme GmbH, Engineered Material Handling Inc., CARGOTEC, Konecranes Plc., Gorbel Cranes, and Weihua Group. These market players have adopted various market strategies such as partnerships, new product launches, and collaborations to maintain their stronghold in the industry.
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