Automated Overhead Cranes Market Worth US$ 2928.59 Million by 2028 at a CAGR of 6.7% Globally, COVID-19 Impact and Analysis by The Insight Partners

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Aug 26, 2021, 09:30 ET

NEW YORK, Aug. 26, 2021 /PRNewswire/ -- According to new research study on "Automated Overhead Cranes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Level of Automation, Industry and Geography," market is projected to reach US$ 2928.59 million by 2028 from US$ 1854.10 million in 2021; it is expected to grow at a CAGR of 6.7% during the forecast period of 2021 to 2028.

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The rising demand for omnichannel distribution and supply chain strategy by the retail stores to fulfil the demand of their customers at anytime from anywhere is boosting the number of warehouses and distribution centers globally. The constant growth in e-commerce, 3PL, fast moving consumer goods (FMCG), fast moving consumer durable (FMCD), retail, and manufacturing industries is supporting the rising number of organized warehousing spaces in the country. The e-commerce and 3PL market players are the biggest adopters of organized warehousing spaces. For instance, the constant growth in the Indian e-commerce industry is boosting the development in the number of warehouses and distribution centers across the country. The e-retailers are now more strongly looking forward in opening warehouses in tier I and tier II cities. Thus, the demand for automated overhead cranes across warehouse and distribution centers for lifting heavy equipment and material handling will increase. The warehouse crane usually consists of single girder overhead crane, double girder overhead crane, and electric hoist gantry crane for lifting purpose. Majority of the warehouses and distribution centers use automated overhead cranes with the lifting capacity of 1 ton, 3-ton, 5 ton, and 10 ton up to 100 ton. Therefore, the commodities or material substances can be lifted and transferred to other places easily.

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Russia, France, the UK, Italy, Germany, and Spain are among the worst hit countries in Europe due to the COVID-19 pandemic. The region witnessed notable decline in revenue from various industries as the government enacted various containment measures. Due to growing e-commerce activities, Europe had large scale import–export trade operations before the pandemic started. Managing a large warehouse demands shifting and storing of large and heavy crates throughout the warehouse safely and quickly. A network of overhead cranes helps warehouse employees to keep the inventory organized and accessible so their containers and crates can be found and accessed seamlessly whenever required. Since e-commerce activities were reduced to a drastic extent, the demand for various overhead cranes decreased considerably in Europe.

Count of new businesses and start-ups that need equipment such as factory equipment, industrial HVACs, and other large machinery was very less. Repair shops use both gantry cranes and bridge cranes to unload products, shift them around the shop and reload them. As the operations were decreased intensely, the demand for gantry cranes and bridge cranes declined immensely across Europe. As the supply chain of several industries was disrupted, including automated overhead cranes, the automated overhead cranes market players experienced severe hardships in selling various types of cranes in 2020. Moreover, as major ports in Europe were experiencing low traffic of vessels, the automated overhead cranes market witnessed decline from demand side in 2020.

Adoption of Industry 4.0 for Smarter Lifting Equipment to Propel Automated Overhead Cranes Market Growth in Coming Years

The manufacturers of overhead cranes are focusing on designing a smarter lifting equipment by following the trends to develop smarter factories in high-end manufacturing industries. The implementation of automation, smart technology, digital communications, smart factories, the Internet of Things, networks, and cloud-based storage are some of the features offered with the adoption of Industry 4.0 as a part of the fourth industrial revolution. The integration of industry 4.0 with the overhead cranes upgrades the automation within the factory and allows intelligent connectivity of smart devices such as machine to product communication, and machine to machine communication. The implementation of smart technology with the overhead cranes permits them to collect the data from the operation of the cranes. Also, the growing trend of smart technology for maintenance purpose by reviewing the historical maintenance data and technical information of the crane, is boosting the adoption of automated overhead cranes.

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Automated Overhead Cranes Market: Industry Overview

Based on industry the automated overhead cranes market is segmented into manufacturing, shipbuilding, metals and steel, and others. These industries use cranes to lift the materials, containers, and many more, and place it on specific location accurately. The industry demands the manufacturers to customize the cranes as per there requirement or else they hire these cranes on rent for performing specific tasks. The automated overhead cranes play a vital role in enhancing the safety and operating efficiency of several industries. These automated overhead cranes are customized for any space—which includes challenging environments where space is limited—and they greatly boost the manufacturing abilities. The automated overhead console is used across manufacturing units of several industries, including automotive, aerospace, concrete manufacturing, and power plants.

Automated Overhead Cranes Market: Competitive Landscape and Key Developments

DONGQI GROUP; Konecranes Oyj; EMH, Inc; EntsorgaFin S.p.A; Henan Clescrane System Co., Ltd.; Hoist UK, Kundel Industries Inc.; Weihua Group; Sumitomo Heavy Industries Material Handling Systems Co., Ltd.; and Acculift are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global Automated Overhead Cranes Market and its ecosystem.

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In 2021, Kalmar, a subsidiary of Cargotec, has entered into an agreement with Companhia Siderúrgica Nacional (CSN) for the supply of nine Kalmar Rubber-Tyred Gantry Cranes (RTGs). The cranes will be delivered to Sepetiba Tecon terminal in Rio de Janeiro, Brazil.

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