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According to the latest research report titled “Automated Overhead Cranes Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to grow from US$ 1,854.10 million in 2021 and is projected to reach US$ 2,928.59 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028.
Rising Development of Automated Shipbuilding Cranes to Drive Market Growth During Forecast Period
The use of cranes in shipbuilding industry has been witnessing a significant surge over the past years, owing to rise in sea-borne trade and various other naval activities. Several automated gantry crane manufacturers operating in the global market are focusing robustly on offering a wide range of products. This has been a key driving factor for the automated overhead crane market. The gantry crane industry is poised to surge during the forthcoming years, as several developments are underway to enhance the capabilities of the machines. Automated shipbuilding cranes is one of the key focus areas of the gantry crane manufacturers. The gantry cranes are actively used for lifting extremely heavy objects, especially in shipyards and ports. The shipbuilding industry deals with the manufacturing of vessels used in offshore industries, merchant fleets, and military applications. It is also associated with other significant sectors such as research, transportation, and security, thereby playing a vital role in national security interests and regional industrial infrastructure. Several governments across the globe are spending heavily on the development of shipyards, which is, in turn, likely to fuel the growth of the gantry crane market.
The players operating in the market have huge opportunity to boost their customer base, product portfolio, and annual revenues by developing and commercializing advanced technologies. GPS-powered and IoT-enabled cranes offer benefits such as enhanced smart operations, higher fuel efficiency, and lower cost of ownership. Therefore, most of the gantry crane manufacturers are investing significantly in their respective R&D teams to enhance their product portfolio.
The North American market suffered substantial economic loss in the first two quarters of 2020 owing to the high count of COVID-19 cases, specifically in the US. Due to various restrictions and limitations, construction, manufacturing, and metal & mining industries witnessed a decline in production. Moreover, the imposition of strict guidelines to perform operations with limited employee count has hampered the production activities in the US. To carry out trade operations, overhead cranes are essentially required at several job sites. These cranes help in moving heavy loads from one place to another, increasing the floor space, efficiency, and safety. With the ongoing restrictions, the region is experiencing a significant decline in the adoption of automated overhead cranes.
Key Findings of Study:
The global automated overhead cranes market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2020, APAC led the market with a substantial revenue share, followed by Europe and North America. Two monorail cranes systems manufactured by Dongqi Cranes are combined to make one long crane system with two bridges that work well in a layout of new premises. In February 2021, Kalmar, a subsidiary of Cargotec, entered into an agreement with Companhia Siderúrgica Nacional (CSN) for supplying nine Kalmar Rubber-Tyred Gantry Cranes (RTGs) to Sepetiba Tecon terminal in Rio de Janeiro, Brazil.
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