May 09, 2019 - The global overhead travelling crane market is projected to grow at stable CAGR over the forecast period (2017 to 2022), according to a report available on Radiant Insights, Inc. Growing requirement for advanced machines to displace heavy loads are anticipated to propel demand for overhead travelling cranes. Such cranes consist of parallel runways with travelling bridge and hoist. The lifting component of such cranes is likely to travel along the bridge. They can be operated manually, through wired pendant station, and using wireless controls.
Benefits such as reduction in labor expense, lower maintenance cost, and safety can drive market growth. Increasing number of construction activities in emerging economies like China and India can propel market expansion. In addition, rising investments by government and private companies in infrastructure development projects like bridges, waterways, railways, and roads can also stimulate growth of market. Moreover, growth of industrialization and automation can stimulate market growth over the forecast period.
For better understanding read more @
https://www.radiantinsights.com/research/global-overhead-travelling-crane-market-outlook-2017-2022
However, installation complexity and high cost can hamper growth of market over the forecast period.
To cater to rising demand for overhead travelling cranes, most companies are likely to invest in R&D activities to develop advanced products. For instance, ABUS crane systems are expected to offer single girder overhead travelling crane. These cranes are likely to offer optimal material flow even in there is a little room for crane systems like production plants. In addition, such cranes are expected to be available with welded box girders and rolled section girders. Both the cranes can be optimized to highest possible hook position and minimum headroom.
The overhead travelling crane market can be segregated on the basis of application and region. Based on application, the market can be categorized into power, transportation, metallurgy & calendaring, and equipment manufacturing. Equipment manufacturing segment is expected to dominate the market and account for highest market share during the forecast period. Rising demand for high efficiency and low downtimes in manufacturing sector can stimulate use of overhead travelling cranes in manufacturing purposes.
In addition, metallurgy & calendaring segment is expected to witness steady growth owing to increasing use of overhead travelling cranes in refinement of steel and other metals like aluminum and copper.
Benefits such as reduction in labor expense, lower maintenance cost, and safety can drive market growth. Increasing number of construction activities in emerging economies like China and India can propel market expansion. In addition, rising investments by government and private companies in infrastructure development projects like bridges, waterways, railways, and roads can also stimulate growth of market. Moreover, growth of industrialization and automation can stimulate market growth over the forecast period.
For better understanding read more @
https://www.radiantinsights.com/research/global-overhead-travelling-crane-market-outlook-2017-2022
However, installation complexity and high cost can hamper growth of market over the forecast period.
To cater to rising demand for overhead travelling cranes, most companies are likely to invest in R&D activities to develop advanced products. For instance, ABUS crane systems are expected to offer single girder overhead travelling crane. These cranes are likely to offer optimal material flow even in there is a little room for crane systems like production plants. In addition, such cranes are expected to be available with welded box girders and rolled section girders. Both the cranes can be optimized to highest possible hook position and minimum headroom.
The overhead travelling crane market can be segregated on the basis of application and region. Based on application, the market can be categorized into power, transportation, metallurgy & calendaring, and equipment manufacturing. Equipment manufacturing segment is expected to dominate the market and account for highest market share during the forecast period. Rising demand for high efficiency and low downtimes in manufacturing sector can stimulate use of overhead travelling cranes in manufacturing purposes.
In addition, metallurgy & calendaring segment is expected to witness steady growth owing to increasing use of overhead travelling cranes in refinement of steel and other metals like aluminum and copper.
Regional segmentation includes Europe, Asia Pacific, Middle East and Africa, North America, and South America. Asia Pacific region is anticipated to account for largest market share owing to increasing number of construction activities in the region in developing countries like China and India. In addition, growth of offshore oil and gas sector in China and India can also influence market growth in this region.
Similarly, in Europe the market is estimated to witness substantial growth owing to rising demand for overhead travelling cranes in the region. Growing number of construction projects can impel regional growth.
In North America, the market is predicted to grow well over the forecast period owing to presence of governing bodies like Hoist Manufacturers Institute (HMI), Crane Manufacturers Association of India (CMAA), and Monorail Manufacturers Association (MMA).
Moreover, South America and Middle East and Africa regions are likely to witness stable market growth during the forecast period. Increasing number of government projects like dams and flyovers in Middle East and Africa can propel regional market growth.
Some of the leading companies operating in the overhead travelling crane market are Cargotec, Henan Mine Crane, ABUS, Weihua Group, and Konecranes. Most companies are likely to adopt business strategies to maintain their market presence and competitive edge over others.
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