Report : Asia-Pacific Overhead Cranes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Gantry Crane, Bridge Crane, Jib Crane, Monorail Crane, and Others), Installation (Mobile Crane and Fixed Crane), Operation Type (Electric, Hydraulic, and Hybrid), and Verticals (Logistics, Automotive, Marine, and Others)
At 8.2% CAGR, the Asia-Pacific Overhead Cranes Market is projected to be worth US$ 3,140.21 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific overhead cranes market was valued at US$ 1,954.34 million in 2022 and is expected to reach US$ 3,140.21 million by 2028, registering an annual growth rate of 8.2% from 2022 to 2028. Growing warehousing and distribution centers and technological advancements in overhead crane are the critical factors attributed to the Asia-Pacific overhead cranes market expansion.
Overhead cranes are widely used for material lifting operations in warehouses and distribution centers. The cranes transport heavy loads in warehouses, production halls, logistics centers, and production and storage facilities. They reduce labor intervention, improve operation efficiency, and minimize downtime and adapting automation of operations. According to Entrepreneur Media, Inc., the Indian warehouse industry changed from storage spaces to highly sophisticated warehousing and logistics systems with changing customer behaviors. The rise in the e-commerce sector propels the constant need for expanding storage for inventories, which accelerated the demand for warehousing and distribution warehousing spaces. According to Russell and Dawson, the North American warehousing & distribution sector developed due to the rising e-commerce sector and surging interest in outsourced warehousing. Manufacturers of overhead cranes reported a rise in production and functions due to the increase in the need for storage and outsourced warehousing, which will bolster the adoption of overhead cranes for material handling in the coming years. Thus, the growth in warehousing and distribution centers is expected to provide ample opportunities for the overhead cranes market during the forecast period.
On the contrary, fluctuations in prices of steel hurdles the growth of Asia-Pacific overhead cranes market.
Based on type, the market is segmented into bridge crane, gantry crane, monorail crane, jib crane, and others. The gantry crane segment held 41.4% market share in 2022, amassing US$ 809.68 million. It is projected to garner US$ 1,413.96 million by 2028 to expand at 9.7% CAGR during 2022–2028.
Based on installation, the Asia-Pacific overhead cranes market is bifurcated into mobile crane and fixed crane. The fixed crane segment held 69.8% market share in 2022, amassing US$ 1,364.10 million. It is projected to garner US$ 2,237.84 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on operation type, the Asia-Pacific overhead cranes market is segmented into hydraulic, electric, and hybrid. The electric segment held 80.1% market share in 2022, amassing US$ 1,564.55 million. It is projected to garner US$ 2,542.92 million by 2028 to expand at 8.4% CAGR during 2022–2028.
Based on verticals, the Asia-Pacific overhead cranes market is segmented into automotive, logistics, utilities, marine, and others. The logistics segment held 43.2% market share in 2022, amassing US$ 844.21 million. It is projected to garner US$ 1,435.52 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on country, the Asia-Pacific overhead cranes market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that China captured 38.3% market share in 2022. It was assessed at US$ 748.71 million in 2022 and is likely to hit US$ 1,292.77 million by 2028, exhibiting a CAGR of 9.5% during the forecast period.
Key players dominating the Asia-Pacific overhead cranes market are ABUS Kransysteme GmbH, Cargotec Corp, Demag Cranes & Components GmbH, Gorbel Inc, Konecranes Plc, Liebherr-International Deutschland GmbH, and Sumitomo Heavy Industries Ltd., among others.
- In 2022, The Demag DRS range has gained a reputation as a reliable wheel block system – not only in cranes but also in several applications. Demag launched new generation DRS-M wheel block. Among other benefits, the new wheel blocks feature a rugged, modular design and versatile connection possibilities on five sides. Also new is the optional mechanical wear measurement of the wheel.
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