Report : North America 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 7.3% CAGR, the North America Overhead Cranes Market is speculated to be worth US$ 1,558.94 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America overhead cranes market was valued at US$ 1,020.54 million in 2022 and is expected to reach US$ 1,558.94 million by 2028, registering an annual growth rate of 7.3% from 2022 to 2028. Increasing investment in the manufacturing sector and growing need for workplace safety in industrial applications are the critical factors attributed to the North America overhead cranes market expansion.
With the introduction of Industry 4.0, there are constant practices to introduce automation, mass customization according to customer demand and need, and improve operational efficiency. Increasing investments in the manufacturing sector help boost economic growth and job creation, which acts as a global competitive advantage. Manufacturing sectors are shifting to automated and process-driven manufacturing processes. First Solar announced an investment of US$1.2 billion in the developments in the solar industry, where a new factory and expansion will take place to boost the manufacturing footprint. Thus, such investments in expansion and setting up new manufacturing facilities using overhead cranes propel the demand for the cranes. Therefore, rising investments in manufacturing sectors drive the growth of the North America overhead crane market.
On the contrary, fluctuations in prices of steel hurdles the growth of North America overhead cranes market.
Based on type, the market is segmented into bridge crane, gantry crane, monorail crane, jib crane, and others. The gantry crane segment held 44.1% market share in 2022, amassing US$ 450.52 million. It is projected to garner US$ 739.69 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on installation, the North America overhead cranes market is bifurcated into mobile crane and fixed crane. The mobile crane segment held 72.6% market share in 2022, amassing US$ 740.53 million. It is projected to garner US$ 1,150.89 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on operation type, the North America overhead cranes market is segmented into hydraulic, electric, and hybrid. The electric segment held 76.3% market share in 2022, amassing US$ 778.69 million. It is projected to garner US$ 1,208.05 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on verticals, the North America overhead cranes market is segmented into automotive, logistics, utilities, marine, and others. The logistics segment held 43.2% market share in 2022, amassing US$ 441.19 million. It is projected to garner US$ 712.80 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on country, the North America overhead cranes market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.7% market share in 2022. It was assessed at US$ 741.92 million in 2022 and is likely to hit US$ 1,159.07 million by 2028, exhibiting a CAGR of 7.7% during the forecast period.
Key players dominating the North America overhead cranes market are ABUS Kransysteme GmbH, Ace world Co, American Crane & Equipment Corp, Cargotec Corp, Demag Cranes & Components GmbH, Gorbel Inc, Konecranes Plc, Liebherr-International Deutschland GmbH, Sumitomo Heavy Industries Ltd, and Whiting Corp 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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