Asia-Pacific Automated Overhead Crane Market
Asia Pacific is the largest producer of advanced machinery worldwide. While China and India provide lower-tech equipment for the global market, South Korea and Japan are among the key players in high-end special-purpose machinery. The countries in the region are witnessing a rise in the population and urbanization of the middle class, which offers ample opportunities for key players in the automated overhead cranes market. APAC is the world's largest continent, and it is known for its technological innovations. Rapid technological advances and policy support, as well as economic digitization and the middle-income class community's growing disposable income, are among the factors that help the economy grow from developing to developed phase. The major regional trends are burgeoning foreign investment for local manufacturing facilities accompanied by fused improvisation in shipbuilding and metals & steel industry. Moreover, shipbuilding industries in the region are witnessing immense growth due to rising government initiatives to develop ports and support sea construction projects. For instance, in 2019, the government of China made several announcements to boost the construction activities in the country, such as investing CNY 1.8 trillion in waterway projects and road construction. It is mainly for a number of major water conservancy projects. The government planning to speed up the construction of the Sichuan-Tibet railway. Thus, surging number of sea construction projects and seaports and rapidly growing shipping industry are significantly driving the automated overhead crane market in APAC.
In case of COVID-19, APAC is highly affected specially India. Many countries in Asia are still in developing stage and are not completely developed. This region has experienced a significant decline in various economic activities since the government imposed strict lockdowns, travel bans, and business shutdown. One of the worst effects of this pandemic is the hard economic hit that it gave to the middle class of the society. Due to mass layoffs and pay cuts, purchasing power of consumers reduced to a drastic extent in many Asian countries. Spending on non-essentials was also decreased. Owing to these factors, a few of the worst hit industries are concrete manufacturing, automotive, and metal & manufacturing. Auto assembly lines involves moving their product from one station to another station. Bridge cranes are widely utilized for this kind of movement. Auto repairs also need smaller gantry cranes for jobs such as lifting car bodies and pulling engines. Due to very less demand, the production of automated overhead cranes dropped significantly. For moving the crucibles of molten ore and loading rolls of finished sheet, overhead cranes are required to handle such weight. Thus, sales of automated overhead cranes suffered further as production in metal factories contracted. Moreover, with respect to international trade operations, Hong Kong, China, South Korea, and Japan are top Asian exporting countries that observed negative impact in their cargo shipment. Thus, with lower trade volumes coupled with disrupted supply chain of various industries, an overall negative impact is observed on the growth of the automated overhead cranes market in 2020.
Strategic insights for the Asia-Pacific Automated Overhead Crane provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 602.23 Million |
| Market Size by 2028 | US$ 1,031.03 Million |
| Global CAGR (2021 - 2028) | 8.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Automated Overhead Crane refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The APAC automated overhead crane market is expected to grow from US$ 602.23 million in 2021 to US$ 1,031.03 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028. With the rising advancements in technology, almost every operation in the end-to-end industrial and manufacturing environment is becoming connected, intelligent, and smart. There are new forms of discrete and process manufacturing—sensors, connected objects and smart machines—that are evolving and changing the ecosystem of how exchange and collaboration between people, machines, data, and technologies were done earlier. Today’s digital plant of smart manufacturing heavily relies on collecting, sorting, and analyzing the data and information, and turning them into business values. The automation of cranes helps end users to gain sustainable competitive advantage, by enabling them with the ability to alter or change the material handling process with respect to market change on a real-time basis. The automated overhead cranes consist of a hoist and a trolley connected to a support structure which is also called a girder. The girder attached with the cranes permits the trolley and the hoist to travel from side-to-side along the length of the crane. The overhead cranes used in the manufacturing industry are distinguished into two main types – single girder crane and double girder crane. They have applications in manufacturing units of automotive, shipyards, aerospace, utility, and other industries. The rising adoption of automation in manufacturing industries is anticipated to drive the overhead cranes industry. The growing advancements in manufacturing processes support is creating high requirement for advanced machinery such as automated overhead cranes across APAC region.
In terms of type, the gantry cranes segment accounted for the largest share of the APAC automated overhead crane market in 2020. In terms of level of automation, the semi-automated segment held a larger market share of APAC automated overhead crane market in 2020. Further, the manufacturing segment held a larger share of the APAC automated overhead crane market based on industry in 2020.
A few major primary and secondary sources referred to for preparing this report on the APAC automated overhead crane market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are DONGQI GROUP; EMH, Inc; Henan Clescrane System Co., Ltd.; Konecranes Oyj; Sumitomo Heavy Industries Material Handling Systems Co., Ltd.; and Weihua Group.
The Asia-Pacific Automated Overhead Crane Market is valued at US$ 602.23 Million in 2021, it is projected to reach US$ 1,031.03 Million by 2028.
As per our report Asia-Pacific Automated Overhead Crane Market, the market size is valued at US$ 602.23 Million in 2021, projecting it to reach US$ 1,031.03 Million by 2028. This translates to a CAGR of approximately 8.0% during the forecast period.
The Asia-Pacific Automated Overhead Crane Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Automated Overhead Crane Market report:
The Asia-Pacific Automated Overhead Crane Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Automated Overhead Crane Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Automated Overhead Crane Market value chain can benefit from the information contained in a comprehensive market report.
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