Overhead Crane Market Size, Share, Opportunities, And Trends By Type (Gantry Crane, Jib Crane, Others), By Application (Warehouses, Shipyards, Power Plants, Others), And By Geography - Forecasts From 2023 To 2028

The overhead crane market is projected to grow at a CAGR of 3.4% to reach US$6.426 billion in 2028 from US$5.085 billion in 2021.

An overhead crane is a type of crane that operates from an elevated track or runway system, and it is typically used in industrial settings to move heavy loads. Overhead cranes are operated by a trained operator using a remote-control pendant or from a control booth located near the crane. Different types of overhead cranes, such as gantry and jib cranes, find applicability in warehouses, shipping yards, and power plants as they can lift and move heavy loads efficiently and safely. Major factors such as increasing warehouse capacity, the surge in demand for material handling equipment in various industries,  growing shipbuilding, technological advancements in crane design and automation, and the need for operational efficiency and cost reduction are driving the overhead crane market growth.

The increasing investments in boosting the warehouse capacity are augmenting the market growth. 

Warehouses require efficient and safe material handling solutions to manage the movement of goods within their facilities. Overhead cranes are well-suited to this task, as they can lift and move heavy loads quickly and easily while minimizing the risk of damage or injury to workers. Overhead cranes are essential for reaching high shelves and efficiently moving inventory within the warehouse. The increasing number of larger and taller warehouses is boosting the demand for overhead cranes for such applications, accelerating the overall market growth. According to the India Brand Equity Foundation (IBEF) report in 2023, the warehousing industry grew by 45% in the first nine months of FY 2022. It pushed the net absorption to around 43 million square feet by the end of 2022. The China Federation of Logistics and Purchasing (CFLP) reported in 2021 that the total warehouse space in China increased by 9.9% in 2020, reaching 785.83 million square meters.

Growing shipbuilding activities are accelerating the demand for overhead cranes.

Overhead cranes play a critical role in shipyard operations, as they allow efficient movement of large, heavy components such as ship hulls and engines. They are also used for the maintenance and repair of ships, including removing and replacing engines and other large components. The increase in shipbuilding and repairing activities in shipyards will boost the overhead cranes market. The Korean Shipbuilders' Association (KSA) reported in 2022 that South Korean shipyards received orders for 2.11 million CGT in 2020, representing 55% of global shipbuilding orders. In 2022, according to the Beijing-based China Association of the National Shipbuilding Industry (CANSI), the country's shipbuilding output hit 20.85 million deadweight tons in January-July, accounting for 44.4 percent of the world's total.

The Asia Pacific is expected to hold a significant market share throughout the forecast period.

The Asia Pacific region will account for a major market share due to rapid industrialization, increasing warehouse capacity, and the region being home to some of the world's largest economies, including China and India, where shipbuilding is growing. In 2022, under the Shipbuilding Assistance Policy (SBFA), the Indian Government approved financial aid of $20.13 million (Rs1.55 billion) for building 47 ships. In 2021, the Chinese government encouraged traditional trading companies, cross-border e-commerce businesses, and logistics service providers to participate in developing overseas warehouses. By 2025, China will have cultivated about 100 high-caliber overseas warehousing businesses. Such developments will boost the demand for overhead cranes used in warehouses and shipbuilding activities, thereby boosting regional market growth.

Market Developments:

• September 2021: An overhead crane system known as a "gantry," longer than a Boeing 747 and nearly the length of a football field, will be used to rebuild the CTA Red Line in Uptown and Edgewater.
• August 2021: Demag is planning to design and build a process overhead crane with a record span of 106 meters that will be used to assemble the new Airbus A321XLR long-range jet in Hamburg-Finkenwerder.
• May 2019: VerveTronics Imagineering, an Embedded & IoT product development startup, launched a fully indigenous overhead crane monitoring solution with alerts for overload, brake gap, usage-based preventive maintenance, electric consumption, etc.

Overhead Crane Market Scope:

Market Segmentation:

• By Type
  • Gantry Crane
  • Jib Crane
  • Others
• By Application
  • Warehouses
  • Shipyards
  • Power Plants
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Others