Jul 14, 2020 1:20 PM ET
iCrowd Newswire – Jul 14, 2020
The overhead cranes market 2020 is supposed to scale a decent valuation. Overhead cranes are used in construction and industrial applications mostly for the loading and unloading processes. The efficiency of the product highly depends on its speed and its ability to move in all directions. Report offered by Market Research Future (MRFR) has asserted that the global overhead cranes market is supposed to mark a 5% CAGR over the review period 2019 to 2025. The overhead cranes market size, in terms of revenue, is estimated to touch USD 3,957 Mn by the close of the forecast period.
Overhead cranes are used extensively in the manufacturing industries. Governments are focusing on the development of the industry for the economy to thrive. Also, the investments in the technological innovations of the industry are supposed to generate revenues in the overhead cranes market in the coming years. Industrial automation adoption in the manufacturing sector is supposed to impact the overhead cranes market positively.
The product lines by key manufacturers are being innovated with the integration of Internet of Things (IoT), Artificial Intelligence (AI), etc. These factors are further set to boost the growth of the overhead cranes market in the years to come. Increasing use in the automotive industry is likely to accelerate revenue creation for the overhead cranes market growth. Key players are investing in technologies to ensure overhead crane safety. It is supposed to open new growth avenues over the next couple of years. The product is likely to witness demand rise from industry domains owing to its productivity. It is presumed to increase the growth rate of the market.
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On the basis of end-user, the segmentation of the overhead cranes market covers paper, automotive, aerospace, utility, metal & mining, and others.
The product-based segments of the overhead cranes market assessed in this MRFR study are double girder overhead cranes and single girder overhead cranes.
The geographical assessment of the global overhead cranes market is added in this MRFR report, which presents the evaluation of four regional segments. These segments profiled are – North America, Europe, Asia-Pacific, and the Rest of the World (RoW). These regions are then further assessed on the basis of countries to provide an in-depth analysis. North America poses a key position in the market place on the global front. The region houses the largest aviation industry in the world. It is set to support the growth of the overhead cranes market in the foreseeable future. Also, more than 20% of the economy of the region is dependent on the manufacturing sector. It is expected to drive the growth of the overhead cranes market in the foreseeable future. Europe is also supposed to play a remarkable role in market development. European Union accounts for a major industrial output. The expansion of the industrial sector of the region can be attributed the growth of the overhead cranes market.
Konecranes Plc (Finland), Terex Cranes (US), Cargotec (Finland), Eilbeck Cranes (Australia), Columbus McKinnon Corporation (US), Ergonomic Partners (US), EMH, Inc (US), ABUS Kransysteme GmbH (Germany), Weihua Group (China), ABUS Kransysteme GmbH, and Sumitomo Heavy Industries Material Handling Systems Co., Ltd (Japan) are few of the key players of the global overhead cranes market. These players are supposed to invest in the sophistication of technologies to boost competition in the market place. Regional expansion of the companies is also presumed to intensify the competitive in the upcoming years.
In November 2019, Anand Systems Engineering, based out of Mumbai, India, has announced the announced the launch of Industrial Internet of Things (IIoT) platform for overhead cranes.
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