With COVID-19 still raging around the world, how will the crane market change globally? What will be the future outlet and development trend of automated overhead cranes? How these changes will affect the crane market landscape (overhead cranes, gantry cranes, jib cranes, automated and semi-automated cranes) and crane application markets (manufacturing, shipbuilding, metal and steel, etc.)
According to the forecast, the global automated overhead crane market size is expected to grow from USD 1,854.1 million in 2021 to USD 2,928.5 million in 2028, at a CAGR of 6.7% during the period.
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.
Research shows that a lot of demand for automated overhead cranes comes from logistics warehouses and distribution centers around the world.
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 Craness 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 Craness with a lifting capacity of 1 ton, 3 ton, 5 ton, 10 ton, up to 100 ton.
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 Craness, 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 Craness 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 Craness 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 Craness.
At present, the industry segment market has begun to emerge, and refinement is the key direction of the company's future development. Therefore, providing specialized products for customers in different fields to meet their special needs to the greatest extent has become the focus of the next development of most brand enterprises. Not only is the overhead crane industry moving towards a customer-centric marketing concept, but the entire construction machinery industry is constantly improving its sales concept and changing its development model.
With China's national power, petrochemical, steel, transportation and other infrastructure construction reaching a climax, China's domestic automated overhead crane market is rapidly expanding. The trend of large-scale cranes has become an irreversible fact. In addition, crane enterprises can ensure the fulfillment of contracts, realize the delivery of products on schedule, establish maintenance outlets overseas, increase after-sales service for exported products, improve the recognition of overseas customers, and continuously improve the after-sales process by coordinating production and sales. , and use services to drive the increase of market share.
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