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The electric overhead traveling (EOT) cranes market size is projected to reach US$ 3,291.90 million by 2031 from US$ 2,026.50 million in 2023. The market is expected to register a CAGR of 6.3% during 2023–2031. The increased investment in the oil & gas sector across the globe is a major driving factor for the electric overhead traveling (EOT) cranes market
Electric Overhead Traveling (EOT) Cranes Market Analysis
Manufacturing has been identified as a major sector that significantly contributes to a nation’s GDP growth and economic well-being. The manufacturing sector contributed ~15.3% to the global GDP in 2023. Manufacturing promotes innovation, productivity, and trade more than growth and employment. Significant investment and a rising number of manufacturing units are fueling the growth of the manufacturing sector. Factors such as the rise in demand for infrastructure development, an increase in the need for renovation and repair work, and rapid urbanization impact the market in the North America region. In October 2023, governments of Canada and British Columbia financed more than US$ 10 million for all the work related to 3 new water and wastewater facilities for municipalities of Fraser Lake, Burns Lake, and the District of Mackenzie, to provide purified water and more consistent municipal services in the country. Such investments drive the growth of the construction sector in the country, propelling the demand for electric overhead traveling cranes.
Electric Overhead Traveling (EOT) Cranes Market Overview
Electric overhead cranes are employed as an essential piece of equipment in the automotive industry. It is employed for lifting car parts, heavy machinery, and vehicles, among others. The use of electric overhead cranes in this industry is crucial for propelling efficiency and productivity. Companies such as Ford Motor Company, Tesla Inc., The General Motors Company, and Lucid Group Inc. are bolstering the automotive sector in North America. In 2023, Toyota announced its plans to begin the assembly of an all-new, three-row, battery electric SUVs at Toyota Kentucky; the operation will be commenced in 2025. Batteries fabricated by Toyota North Carolina would power these battery electric vehicles (BEVs). A new battery plant is under construction in North Carolina, and Toyota is anticipated to secure an additional US$ 2.1 billion investment to support its initiative toward carbon neutrality. Such progress in the automotive sector due to the proliferation of electric vehicle manufacturing and the increasing number of automotive parts and vehicle assembly plants are projected to drive the growth of the electric overhead traveling cranes market in North America in the coming years.
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Electric Overhead Traveling (EOT) Cranes Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Electric Overhead Traveling (EOT) Cranes Market: Strategic Insights
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Electric Overhead Traveling (EOT) Cranes Market Drivers and Opportunities
Growing Trend of Industrialization and Infrastructure Development
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. In March 2023, the Canadian Kelowna City Council approved the funding of US$ 90 million for the Kelowna Airport terminal expansion project. In 2023, six new airports were under construction in the US. In 2018, the Civil Aviation Administration of China (CAAC) stated its target to build ~216 new airports by the end of 2035. This plan is likely to boost the total number of airports to ~450 by 2035. Additionally, in 2022, the government of India announced its plans to establish 220 airports by the end of 2025. In 2023, the government also approved a funding of US$ 3.93 billion for 7 transformative railway projects to expand connectivity. In 2023, Kerala Water Authority and the city corporation initiated a project to utilize decentralized wastewater treatment plants in Japan, known as Johkasou. In 2023, governments of British Columbia and Canada invested US$ 24.3 million in the building of a water treatment plant.
Shift in Application Scope to Ensure Efficiency, Automation, and Safety in Industrial Operations
The EOT cranes are one of the most useful machines used in factories. End users control the operation of these cranes using an IR remote, radio, or suspension pendant. Moreover, they can operate it from a cabin attached to the crane. Electric overhead traveling cranes are crucial in improving safety and efficiency in industrial operations. This leads to optimized production processes and increased productivity of industries. With an EOT crane, end users can make industrial transportation and production automated and well-mechanized, which streamlines operational management. These cranes have been extensively used for industrial firms, mining enterprises, port and terminal, railway transport, iron and steel plants, logistics, and oil & gas, among others.
Electric overhead traveling cranes contribute to a safe working environment. Automated lifting and traveling minimize the chance of hazards caused by accidents or strain. The advanced safety features of modern cranes, such as overload protection mechanisms and collision avoidance systems, lead to improved workplace safety. With their competence to boost automation, efficiency, and safety, electric overhead traveling cranes are considered a necessary asset for industrial operations and are anticipated to offer lucrative opportunities in the electric overhead traveling cranes market globally over the forecast period.
Electric Overhead Traveling (EOT) Cranes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electric overhead traveling (EOT) cranes market analysis are type, bridge crane, and application.
- Based on type, the electric overhead traveling cranes market is segmented into bridge cranes, gantry cranes, JIB cranes, portal cranes, and others. Bridge cranes have proven applications in heavy industries, wherein they offer the most efficient and safest way to lift and move materials. Bridge cranes improve the workflow in warehouses or large-scale industrial facilities, such as coil handling, steel fabrication, railroad manufacturing, defense equipment manufacturing, automotive, mining, and paper milling. Bridge cranes primarily consist of two overhead runways, a crane bridge, a trolley, and a hoist. A standard design primarily features one or two load-bearing girders, which are placed at either the top or bottom of the runway.
- The market for bridge cranes is sub-segmented into single-girder cranes and double-girder bridge cranes.
- In terms of application, the market is classified into construction, mining, chemical, shipping industry, automotive, oil & gas, and others. Growing developments in shipping and logistics, as well as the rising number of ports across the world, generate an immense demand for gantry cranes. Gantry cranes are used in outdoor yards, docks, storage, power stations, railway stations, and ports, among others. The primary function of these cranes is to lift and handle heavy materials and equipment and move them to other places. Furthermore, they are also employed to load and unload ships, trucks, and trains. Larger gantry cranes are generally used in shipyards and stockyards.
Electric Overhead Traveling (EOT) Cranes Market Share Analysis by Region
The geographic scope of the electric overhead traveling (EOT) cranes market report offers a detailed regional and country analysis. North America, Europe, and Asia Pacific are major regions witnessing significant growth in the electric overhead traveling (EOT) cranes market.
Asia Pacific held the largest share in 2023, owing to the increasing investment in infrastructure developments. The increasing airport facility modernization projects, such as 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 currently under development in Asia Pacific with an investment of US$ 209 billion. One of the largest airport development projects in Asia Pacific is the 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.
Europe is the second largest market for electric overhead traveling cranes owing to its infrastructure development in the construction, oil & gas, manufacturing, and petrochemical industries. The UK, Ireland, Germany, France, and Italy are a few noteworthy markets for electric overhead traveling cranes. Commercial and industrial sectors have shown a positive outlook due to the growing government intervention. The oil & gas industry has also experienced positive demand to reduce dependency on Russia and emphasizing domestic production and renewable energy. The growing infrastructure development in the oil & gas industry in terms of power plants, oil refineries, and gas stations is driving the electric overhead traveling cranes market in Europe.
Electric Overhead Traveling (EOT) Cranes Market Report Scope
Electric Overhead Traveling (EOT) Cranes Market News and Recent Developments
The electric overhead traveling (EOT) cranes market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric overhead traveling (EOT) cranes market are listed below:
- Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and Chief Executive Officer: Masayuki Hyodo) announced its subsidiary, Sunstate Equipment Co., LLC (Head Office: Phoenix, Arizona CEO: Chris Watts) (Sunstate), has acquired 100% of assets and operations of Trench Shore Rentals, Inc. (Head Office: Phoenix, Arizona) (TSR), a leading US trench safety equipment rental company. (Sumitomo Corporation, Company Website, March 2024)
Electric Overhead Traveling (EOT) Cranes Market Report Coverage and Deliverables
The "Electric Overhead Traveling (EOT) Cranes Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Electric Overhead Traveling (EOT) Cranes market size and forecast at country levels for all the key market segments covered under the scope
- Electric Overhead Traveling (EOT) Cranes market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Electric Overhead Traveling (EOT) Cranes market analysis covering key market trends, country framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Electric Overhead Traveling (EOT) Cranes market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The electric overhead traveling (EOT) cranes market was estimated to be valued at US$ 2,026.50 million in 2023 and is anticipated to grow at a CAGR of 6.3% over the forecast period.
The electric overhead traveling (EOT) cranes market is expected to reach US$ 3,291.90 million by 2031.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
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.
Companies in the electric overhead traveling cranes market are highly focused on the development of cranes integrated with intelligent, networked systems along with the Internet of Things (IoT). Actuators, sensors, and data transfer capabilities of these smart cranes allow for real-time monitoring, predictive maintenance, and operational optimization. Through the gathering and assessment of information on crane performances, load weights, and environmental parameters, intelligent EOT cranes are expected to optimize the usage of energy and decrease the risk of equipment breakdowns, along with enhancing overall effectiveness
The bridge crane segment led the electric overhead traveling (EOT) cranes market with a significant share in 2023.
The key players operating in the Electric Overhead Traveling (EOT) Cranes 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, Uesco Cranes, Safex Industries Limited, Harrington Hoists, Inc., K2 Cranes & Components Pvt. Ltd., and TAWI AB.
The List of Companies - Electric Overhead Traveling (EOT) Cranes Market
- 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.
- TAWI AB
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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