Electric Overhead Traveling (EOT) Cranes Market is expected to reach US$ 3,291.90 Million by 2031

Growing Trend of Industrialization and Infrastructure Development Driving Electric Overhead Traveling (EOT) Cranes Market Growth

According to our latest study on "Electric Overhead Traveling (EOT) Cranes Market Analysis to 2031 – Geography Analysis – by Type, Bridge Crane, and Application," the market was valued at US$ 2,026.50 million in 2023 and is projected to reach US$ 3,291.90 million by 2031; it is anticipated to record a CAGR of 6.3% from 2023 to 2031. The report includes electric overhead traveling (EOT) cranes, market which are commonly used in the construction, oil & gas, automotive, and shipbuilding industries, among others, to lift and manage heavy materials and objects that cannot be lifted manually. Electric Overhead Traveling (EOT) Cranes market trend is increasing adoption and development of the advanced technology based electric girder cranes by the major cranes manufacturers.

Rising Development of Oil & Gas Industry

The demand for energy is increasing across the world with population growth. India is the third largest energy-consuming country worldwide after China and the US, and its energy consumption has doubled since 2000. As per the US Energy Information Administration (EIA), US energy consumption is anticipated to grow by 2050 owing to economic and population development. Natural gas has a potential application in electricity generation, in addition to several other industries. Moreover, due to the increasing energy uncertainties in Europe owing to the Russia–Ukraine war, governments are encouraging the utilization of natural gas. For instance, governments of France and Germany announced their plans to initiate a 100 km hydrogen pipeline project in 2024. As a part of this project, GRTGaz, a prime gas supplier in France, is set to authorize the installation of a hydrogen pipeline linking France and Germany, marking a substantial step toward the decarbonization of heavy industries. In 2023, governments of Germany and Italy joined forces to form a projected gas pipeline. The proposed pipeline is a 3,300 km project and is anticipated to incorporate four European transmission system operators, including Trans Austria Gasleitung, Snam, Bayernets, and Gas Connect Austria in Germany. Electric overhead traveling (EOT) cranes market size is growing with increasing suh government investment for the infrastructure developments.

Electric Overhead Traveling (EOT) Cranes Analysis — by Geography

Source: The Insight Partners Analysis

Countries such as the US, China, India, Vietnam, and South Korea are showcasing massive demand for crude oil owing to continuous developments in their manufacturing sectors, supported by favorable financial landscape and government policies, as well as a surge in investments in the oil & gas sector. As per the US Energy Information Administration (EIA), seven giant shale basins in the US are anticipated to ramp up their natural gas production capacities in 2024. With such advancements, the share of shale production is anticipated to increase from ~23% of total gas production in 2010 to ~49% by 2035 in the US. an increase in onshore oil & gas exploration activities bolsters the development of oil and industry infrastructure electric overhead traveling (EOT) cranes market growth

• In December 2022, Eni, Chevron, Shell, TotalEnergies, and other leading oil & gas companies announced their plan to invest more than US$ 58 billion in the oil & gas sector to meet the growing demand for oil in the UK.
• In 2023, TotalEnergies, an oil & gas company, invested ~US$ 10 billion in the Lake Albert oilfield development project in Uganda. The company will supply the East African Crude Oil Pipeline.
• In 2023, Woodside announced its plan to raise US$ 12 billion for the Scarborough and Pluto Train 2 LNG projects in Western Australia.
• As per the Oxford Energy data, in December 2019, the Brazilian Petroleum, Gas and Biofuels Institute (IBP), an industry association representing oil and natural gas producers, is expected to invest US$ 135 billion in exploration, drilling, and production till 2030, with a peak of ~US$ 19 billion in 2024–2025. Such, increase in the investment related to the oil and gas sector have created massive demand for the Electric Overhead Traveling (EOT) Cranes market during the forecast period. Electric Overhead Traveling (EOT) Cranes market size is increasing at rapid pace with growing construction related investment in the developing countries such as India, Mexic, Brazil, and Argentina.

The oil & gas sector has been playing a significant role in the overall economy of the Middle East and Africa. Saudi Arabia, Nigeria, Angola, and other countries in the region are investing significantly in various oil & gas projects. There are more than 240 large, upcoming oil & gas projects in the Middle East and Africa, with a total valuation of ~US$ 911 billion. Electric overhead traveling cranes are used in construction activities of oil & gas plants. Thus, the growing number of oil & gas projects and plants are fueling the electric overhead traveling (EOT) cranes market growth across the globe.

The global electric overhead traveling (EOT) cranes market is segmented into type, bridge crane, application, and geography. Based on type, the electric overhead traveling cranes market is segmented into bridge cranes, gantry cranes, JIB cranes, portal cranes, and others. The market for bridge cranes is subsegmented into single-girder cranes and double-girder bridge cranes. In terms of application, the market is divided into construction, mining, chemical, shipping industry, automotive, oil & gas, and others. By geography, the electric overhead traveling (EOT) cranes market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.

The geographic scope of the electric overhead traveling (EOT) cranes market report offers a detailed regional and country analysis. The electric overhead travelling (EOT) crane market report includes assessment of market performance in North America, Europe, Asia Pacific, Middle East and Africa, and South & Central America. North America, Europe, and Asia Pacific are the major regions contributing to the growing electric overhead traveling (EOT) cranes market size.

The construction and infrastructure sector in Asia Pacific is undergoing strong expansion and development initiatives, propelled by the region's surging economic growth and increasing population. Key infrastructure developments include a growing number of railway stations, commercial spaces, buildings, residential housings, airports, and water treatment facilities.

The government of New Zealand is emphasizing infrastructure development, such as water and wastewater systems, road and rail networks, electricity transmissions, and telecommunication infrastructures. Growing population and increasing urbanization are boosting the need to expand and upgrade essential infrastructure facilities in the country. The government plans to offer ~US$ 47 billion for infrastructure development over the coming five years 2023-2027.  The growing focus on infrastructure development is anticipated to propel the growth of construction activities and the application of electric overhead traveling cranes across the country in the coming years.

The increasing airport facility modernization projects, including Singapore Changi, Beijing Capital International, and Incheon International, are positively impacting the overall construction and infrastructure sector. Countries such as Indonesia and Thailand are also investing in domestic infrastructural development with more focus on regional airports to improve connectivity. Out of 425 airport and airport infrastructure development projects across the globe, 155 projects are under development in Asia Pacific with an investment of US$ 209 billion. One of the largest airport development projects in Asia Pacific is Long Thanh International Airport in Vietnam, which has an investment of US$ 14.5 billion and is expected to be completed by 2025. In addition, the expansion of terminal 5 at Changi Airport, Singapore, is a US$ 10 billion project and is expected to be completed by 2030.

Dafang Heavy Machine Co.,Ltd.;  Sumitomo Corp;  Spanco, Inc.;  ABUS Kransysteme GmbH; Columbus McKinnon Corporation;  Konecranes Plc; WHCRANE;  VERLINDE SA;  Gorbel Inc;  American Equipment;  Uesco Cranes;  Safex Industries Limited;  Harrington Hoists, Inc.; K2 Cranes & Components Pvt. Ltd.; and TAWI AB are among the key companies functioning in the electric overhead traveling cranes market. These key players emphasize adopting geographical expansion, innovative product launches, and joint venture strategies to be competitive in the market.

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