DUBLIN--(BUSINESS WIRE)--The "Global Automated Overhead Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Bridge Crane, Gantry Crane, Monorail Crane, Jib Crane, and Others), Level of Automation, and Industry" report has been added to ResearchAndMarkets.com's offering.
The global Automated Overhead Cranes market is expected to grow from US$ 1,854.1 million in 2021 to US$ 2,928.5 million by 2028; it is estimated to grow at a CAGR of 6.7% during 2021-2028.
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 India. The e-commerce and 3PL market players are among the major adopters of organized warehousing spaces. For instance, the growing Indian e-commerce industry is propelling the number of warehouses and distribution centers across the country. The e-retailers are now looking forward to opening warehouses in tier I and tier II cities. Thus, the demand for Automated Overhead Cranes is expected to increase across warehouses and distribution centers for lifting heavy equipment and material handling. The warehouse crane usually consists of a single girder overhead crane, a double girder overhead crane, and an electric hoist gantry crane for lifting purpose. Majority of the warehouses and distribution centers use Automated Overhead Cranes with a lifting capacity of 1 ton, 3 ton, 5 ton, 10 ton, up to 100 ton.
The Automated Overhead Cranes market is segmented into type, level of automation, industry, and geography. Based on type, the Automated Overhead Cranes market is subsegmented into bridge crane, gantry crane, monorail crane, jib crane, and others. The gantry segment represented the largest share of the overall market in 2021. In terms of level of automation, the Automated Overhead Cranes market is further segmented into semi-automated and fully automated.
In 2021, the semi-automatic segment accounted for a larger share of the market. Based on industry, the Automated Overhead Cranes market is segmented into manufacturing, shipbuilding, metals and steel, and others. In 2021, the manufacturing segment dominated the Automated Overhead Cranes market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for the largest share in the global market.
The COVID-19 outbreak has affected the world severely and its impact is still being felt in several countries across the globe. Until the outbreak of COVID-19, the crane industry was witnessing considerable growth in many regions; however, the pandemic led to notable decline in the adoption of Automated Overhead Cranes, including bridge cranes, gantry cranes, monorail cranes, and jib cranes. Owing to the containment measures such as business shutdown, lockdowns, and travel restrictions, the production and supply chain of Automated Overhead Cranes was adversely impacted. As many countries strictly implemented containment measures to control the surging number of COVID-19 cases, the trading activities were majorly affected, which further impacted the manufacturing of Automated Overhead Cranes from the supply side till 2020. However, over the last quarter of 2020, many trade operations have started picking pace and the market players have begun experiencing some growth in the demand for Automated Overhead Cranes.
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Market Dynamics
Drivers
- Growing Automation in Manufacturing Sector
- Rising Development of Automated Shipbuilding Cranes
Restraints
- High Upfront Costs Involved in Installation, Upgradation, and Maintenance
Opportunities
- Rising Number of Distribution Centers and Warehouses
Future Trends
- Adoption of Industry 4.0 for Smarter Lifting Equipment
Companies Mentioned
- 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.
- Acculift
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