South and Central America Electric Overhead Training (EOT) Cranes Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 164 | Report Code: BMIRE00031811 | Category: Manufacturing and Construction
No. of Pages: 164 | Report Code: BMIRE00031811 | Category: Manufacturing and Construction
The South and Central America Electric Overhead Training (EOT) Cranes Market size is expected to reach US$ 334.13 million by 2031 from US$ 201.80 million in 2023. The market is estimated to record a CAGR of 6.5% from 2023 to 2031.
The growing construction sector and increasing government initiatives for upgrading infrastructure development are anticipated to drive the demand for electric overhead traveling cranes across Brazil, Argentina, and other South American countries. The increasing construction of airports, bridges, and metro stations also has a positive impact on the electric overhead traveling cranes market in the region. The burgeoning demand for residential and commercial buildings with urbanization and rising population further benefits the electric overhead traveling cranes market in South America.
In July 2023, Argentina's Government announced and sanctioned US$ 115 million for the development and extension of a wastewater treatment plant in Buenos Aires. In February 2021, The World Bank Board of Directors sanctioned a US$ 300 million loan to develop and further expand water and sanitation services in Metropolitan Buenos Aires, Argentina. Moreover, an additional US$ 120 million was approved for the development of social housing, which is anticipated to benefit ~10,000 residents of Buenos Aires Province. The rising focus on developing smart facilities to meet the growing requirements of urban and rural populations boosts the growth of the construction sector in Brazil, which favors the electric overhead traveling cranes market progress in South America.
Natural gas consumption in South America is anticipated to expand at an average annual rate of 0.6% in the coming years, adding ~5 bcm/year by 2025. The energy sector is a prominent contributor to natural gas consumption, driven by a mounting electricity demand and a need for fuel switching. The rising energy demand in South America is attributed to population growth and the evolution of industrialization, which results in an increased need for gas production. Thus, the oil and gas industry in South America attracts significant investments from domestic and foreign companies. Investments in natural gas and crude oil infrastructure are on the rise in South America due to the surging focus on energy transition toward clean sources. Thus, several major oil and gas projects in Argentina, Brazil, Bolivia, Chile, Colombia, Peru, Venezuela, and Uruguay have a positive impact on the electric overhead traveling cranes market, as the oil and gas sector is one of the major application areas for these cranes.
Key segments that contributed to the derivation of the electric overhead training (EOT) cranes market analysis are type, bridge crane, and application.
Construction industries are expanding globally with the rising number of low-to-medium-priced residential housing projects, commercial infrastructures; and government-backed infrastructure initiatives, including roads, bridges, and highways. The rise in construction activities is mainly driven by rising urbanization, increasing population, and a growing economy. According to the data published by the Word Bank in 2023, ~56% of the total population (or 4.4 billion people) were living in urban areas in 2022, which was 3.5 billion in 2010.
Growing demand for residential and commercial complexes, rising government initiatives, and surging high-rise constructions are attributed to the increasing government focus on infrastructure development. For instance, Brazil plans to expand and upgrade its airport capacity over the next five years. This development will involve 130 airports across the country and will be the largest airport investment in Brazil's history. In December 2024, Brazil's Minister of Ports and Airports announced the first phase of the Universalization of Air Transport Programme. This program aims to lower airfares and reduce operating costs in Brazil by 2024. Moreover, in July 2024, as a part of a modernization and expansion project, Vinci Airports announced improvements to Las Américas International Airport, which caters to the Dominican Republic's capital city, Santo Domingo. With an investment of more than US$ 30 million, the project incorporates the upgrades and renovation of the airport's arrivals area; renovation of the façades, roofs, information systems, lighting, and air conditioning; and the development and renovation of the vehicle parking lot. In September 2024, Santo Domingo Water Utility (CAASD) announced a bunch of projects to address challenges posed by water shortages and lack of sewers in the capital city of the Dominican Republic, promoting the number of construction and infrastructure development activities in the country.
Brazil seeks to attract US$ 100 billion in investments in 2024 to improve its water and sewage infrastructure. This initiative aims to provide all citizens with access to quality sanitation services, regardless of their income levels.
Thus, strategic government initiatives, rapid industrialization, and infrastructure development are driving the electric overhead traveling cranes market.
Based on country, the South and Central America electric overhead training (EOT) cranes market comprises Brazil, Argentina, and the Rest of South and Central America. Brazil held the largest share in 2023.
The construction and infrastructure sector in Brazil is experiencing significant growth, driven by its economic development and a growing population. Advancements in airport, railway, and commercial infrastructures propel the demand for electric overhead traveling cranes in Brazil. Several expansion and modernization projects are in progress at Sao Paulo and Rio de Janeiro airports to accommodate the rising number of passengers. Campinas Viracopos International Airport Modernization, Lucas do Rio Verde-Vilhena Railway Link, Feijao Hybrid Wind and Solar Power Plant, and Pedra de Ferro Iron Ore Processing Plant are among the major construction projects in Brazil. The Government's commitment to privatization is attracting investments from both domestic and international players to facilitate infrastructural development in the country, which benefits the electric overhead traveling cranes market.
The Brazilian Government has been encouraging vehicle manufacturers to initiate new investments for modernizing their manufacturing facilities to move toward the production of hybrid and electric vehicles to meet its long-term sustainability goals. As per the Brazilian Association of Vehicle Manufacturers, ~US$ 22 billion has been announced in investments in 2024, which would be executed in stages until 2032. The flourishing automotive sector provides a boost to the electric overhead traveling cranes market in the country.
Brazil is one of the top exporters of gas across the world. Several Brazilian companies are planning to establish new onshore rigs in the future. In September 2023, Petrobras, a Brazilian oil and gas company, announced its plans to install 11 new drilling platforms across Brazil. Thus, a rise in oil and gas exploration activities bolsters the development of gas exploration infrastructure, propelling the application of electric overhead traveling cranes in Brazil. In 2022, the New Development Bank sanctioned US$ 300 million for the development of 727,000 smart water supply systems in the state of Sao Paulo. It also encourages environmental protection by extending wastewater treatment capacity, among other development outputs. The rising focus on developing smart facilities to meet the developing needs of urban and rural populations propels the number of construction activities in Brazil, in turn driving the electric overhead traveling cranes market in the country.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 201.80 Million |
| Market Size by 2031 | US$ 334.13 Million |
| Global CAGR (2023 - 2031) | 6.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Business Market Insights’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The South and Central America Electric Overhead Training (EOT) Cranes Market is valued at US$ 201.80 Million in 2023, it is projected to reach US$ 334.13 Million by 2031.
As per our report South and Central America Electric Overhead Training (EOT) Cranes Market, the market size is valued at US$ 201.80 Million in 2023, projecting it to reach US$ 334.13 Million by 2031. This translates to a CAGR of approximately 6.5% during the forecast period.
The South and Central America Electric Overhead Training (EOT) Cranes Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South and Central America Electric Overhead Training (EOT) Cranes Market report:
The South and Central America Electric Overhead Training (EOT) Cranes Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South and Central America Electric Overhead Training (EOT) Cranes Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South and Central America Electric Overhead Training (EOT) Cranes Market value chain can benefit from the information contained in a comprehensive market report.
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