At 7.3% CAGR, Asia Pacific Electric Overhead Training (EOT) Cranes Market is Projected to be Worth US$ 1,399.07 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific electric overhead training (EOT) cranes market was valued at US$ 797.87 million in 2023 and is expected to reach US$ 1,399.07 million by 2031, registering a CAGR of 7.3% from 2023 to 2031. Rising development of oil & gas industry and growing trend of industrialization and infrastructure development are among the critical factors attributed to drive the Asia Pacific electric overhead training (EOT) cranes market growth.

The demand for energy is skyrocketing across the world with population growth. For instance, according to the Gas Exporting Countries Forum's Global Gas Outlook 2050, demand for natural gas is expected to increase globally by 34%, from 4,015 billion cubic meters in 2022 to 5,360 billion cubic meters in 2050. India is the third largest energy-consuming country worldwide after China and the US, and its energy consumption has doubled since 2000. Additionally, the consumption of natural gas was 5,254 million metric standard cubic meters in India in September 2023. India's natural gas demand is anticipated to grow by over 8% by 2026, owing to development in the fertilizer sector. Natural gas has a potential application in electricity generation, in addition to several other industries. Moreover, due to the increasing energy uncertainties in Europe owing to the Russia–Ukraine war, governments are encouraging the utilization of natural gas.

Countries such as the US, China, India, Vietnam, and South Korea are showcasing massive demand for crude oil owing to continuous developments in their manufacturing sectors, supported by favorable financial landscape and government policies as well as a surge in investments in the oil & gas sector.

An increase in onshore oil & gas exploration activities further bolsters the development of oil and industry infrastructure. For instance:

• In 2023, Woodside announced its plan to raise US$ 12 billion for the Scarborough and Pluto Train 2 LNG projects in Western Australia.
• In January 2023, Masirah Oil, a subsidiary of Singapore-headquartered independent Rex International, announced that it had completed an offshore drilling campaign in Oman’s Block 50. 

Electric overhead traveling cranes are used in the construction activities of oil & gas plants. Thus, the growing number of oil & gas projects and plants are fueling the growth of the electric overhead traveling cranes market across the globe.

On the contrary, the high initial investment requirements hamper the growth of Asia Pacific electric overhead training (EOT) cranes market.

Based on type, the Asia Pacific electric overhead training (EOT) cranes market is segmented into bridge cranes, gantry crane, jib crane, and others. The bridge cranes segment held 37.8% market share in 2023, amassing US$ 301.78 million. It is projected to garner US$ 504.39 million by 2031 to register 6.6% CAGR during 2023–2031.

In terms of bridge crane, the Asia Pacific electric overhead training (EOT) cranes market is bifurcated into single girder crane and double girder crane. The single girder crane segment held 62.5% share of Asia Pacific electric overhead training (EOT) cranes market in 2023, amassing US$ 188.68 million. It is anticipated to garner US$ 316.63 million by 2031 to expand at 6.7% CAGR during 2023–2031.

By application, the Asia Pacific electric overhead training (EOT) cranes market is divided into construction, mining and metals, chemical, shipping industry, automotive and transportation, oil and gas, general manufacturing, and others. The general manufacturing segment held 27.5% share of Asia Pacific electric overhead training (EOT) cranes market in 2023, amassing US$ 219.65 million. It is projected to garner US$ 386.58 million by 2031 to expand at 7.3% CAGR from 2023 to 2031.

Based on country, the Asia Pacific electric overhead training (EOT) cranes market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 45.2% share of Asia Pacific electric overhead training (EOT) cranes market in 2023. It was assessed at US$ 360.48 million in 2023 and is likely to hit US$ 614.19 million by 2031, registering a CAGR of 6.9% during 2023–2031.

Key players operating in the electric overhead training (EOT) cranes market are Dafang Heavy Machine Co., Ltd.; Sumitomo Corp; Spanco, Inc.; ABUS Kransysteme GmbH; Columbus McKinnon Corporation; Konecranes Plc; WHCRANE; VERLINDE SA; Gorbel Inc; American Equipment; Safex Industries Limited; Uesco Cranes; Harrington Hoists, Inc.; K2 Cranes & Components Pvt. Ltd.; and TAWI AB., among others.

• In March 2022, Dafang's LDY-type metallurgical electric single-girder overhead crane is used to work intermittently and periodically to complete the displacement of materials for lifting and transporting in the process of metallurgical production in a timely and rapid manner through lifting hooks or other picking devices.
• In May 2023, Columbus McKinnon Corporation, a leading designer and manufacturer of intelligent motion solutions for material handling, announced that it has closed the previously announced acquisition of montratec® GmbH, a leading automation solutions company that designs and develops intelligent automation and transport systems for interlinking industrial production and logistics processes. The Company has acquired montres in an all-cash transaction for approximately $110 million at current exchange rates. The acquisition includes an earnout in an amount expected not to exceed $14 million based on Montres's future EBITDA performance.

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