The rise in governmental investment for the development of infrastructural activities drives the growth of the overhead cranes market.
PORTLAND, OR, UNITED STATES, October 5, 2021 /EINPresswire.com/ — The inclusion of automation technologies has increased the efficiencies of overhead cranes. These technologies allow remote operation as well as predictive maintenance of the equipment. Moreover, major players in the overhead cranes industry have focused on acquisition strategies to gain maximum share in the market. This also results in consolidation of the global overhead cranes market.
The global overhead cranes market size is expected to reach $5.0 billion in 2027 from $3.8 billion in 2019, growing at a CAGR of 4.9% from 2020 to 2027.
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Overhead cranes also known as bridge cranes or industrial cranes are utilized for material handling applications in industrial spaces. It constitutes of parallel runways with a traveling bridge and a hoist. The lifting component of a crane moves in multiple directions through the overhead space in the facility. Further, overhead cranes find applications in automotive, aerospace, shipyards, paper, utility, and other industries.
Covid-19 Impact Analysis
The COVID-19 pandemic has negatively affected the overhead cranes market mainly due to halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others, are also facing financial impacts due to halted production, which is expected to hinder the growth of the overhead cranes market during 2020.
Key Market Players
ABUS Kransysteme GmbH, Columbus McKinnon Corporation (CMCO), EMH, Inc., GH Cranes & Components, Gorbel Cranes, Kito Corporation, Konecranes Plc, Ralf Teichmann GmbH, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., and Weihua Group.
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Key Market Segmentation
By Business Type
Original Equipment Manufacturers (OEM)
Metal & Mining
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