Report : South 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 4.4% CAGR, the South America Overhead Cranes Market is speculated to be worth US$ 273.84 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America overhead cranes market was valued at US$ 211.89 million in 2022 and is expected to reach US$ 273.84 million by 2028, registering an annual growth rate of 4.4% 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 South 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$1.2 billion in the developments in the solar industry, where a new factory and expansion will take place to boost the manufacturing footprint. Thus, such investments in expansion and setting up new manufacturing facilities using overhead cranes propel the demand for the cranes. Therefore, rising investments in manufacturing sectors drive the growth of the South America overhead crane market.
On the contrary, fluctuations in prices of steel hurdles the growth of South America overhead cranes market.
Based on type, the South America overhead cranes market is segmented into bridge crane, gantry crane, monorail crane, jib crane, and others. The gantry crane segment held 40.8% market share in 2022, amassing US$ 86.54 million. It is projected to garner US$ 128.42 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on installation, the South America overhead cranes market is bifurcated into mobile crane and fixed crane. The fixed crane segment held 76.1% market share in 2022, amassing US$ 161.34 million. It is projected to garner US$ 211.63 million by 2028 to expand at 4.6% CAGR during 2022–2028.
Based on operation type, the South America overhead cranes market is segmented into hydraulic, electric, and hybrid. The electric segment held 84.6% market share in 2022, amassing US$ 179.20 million. It is projected to garner US$ 233.59 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on verticals, the South America overhead cranes market is segmented into automotive, logistics, utilities, marine, and others. The logistics segment held 45.8% market share in 2022, amassing US$ 97.08 million. It is projected to garner US$ 131.20 million by 2028 to expand at 5.1% CAGR during 2022–2028.
Based on country, the South America overhead cranes market is segmented into Brazil, Argentina, and the Rest of MEA. Our regional analysis states that Brazil captured 74.5% market share in 2022. It was assessed at US$ 157.79 million in 2022 and is likely to hit US$ 208.29 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players dominating the South America overhead cranes market are ABUS Kransysteme GmbH, Cargotec Corp, Demag Cranes & Components GmbH, Gorbel Inc, Konecranes Plc, Liebherr-International Deutschland GmbH, and Sumitomo Heavy Industries Ltd., among others.
- In 2021, Gorbel has introduced its New hybrid workstation crane launched. The new innovative product is introduced for the market for improved installation flexibility.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com