Newark, July 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2 billion in 2023 global gantry crane market will reach USD 3.25 billion in 2033. a moving leg system supporting an overhead crane. They may travel on a track or rail system, or they may have wheels. Usually, they are constructed to hold up a bridge. We call this the gantry crane. Their ability to lift and carry huge items makes them invaluable in a variety of industries, particularly the manufacturing, building, and construction sectors. They can be changed or amended to fit the needs of the project. They can be programmed to carry out a multitude of tasks both manually and automatically. When manual labour is required, they are very effective at lifting and moving heavy things, saving time and effort and enhancing safety by lowering the possibility of accidents and injuries. Ports, warehouses, mining, logistics, and transportation all use them as well. They are dependable, strong, and effective. Because they require less labour, they are economical.
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Key Insight of the Global Gantry crane Market
North America will dominate the market during the forecast period.
Gantry cranes are widely used in the region's well-established and sophisticated manufacturing, construction, and industrial sectors. Additionally, the area is at the forefront of technological discoveries and developments that improve gantry cranes. Additionally, it gives consumers easier access to cutting-edge technologies. Gantry cranes are becoming more and more common in these areas because of the strict regulations that force industries to take greater responsibility. The market's expansion is further aided by the noteworthy advancements in infrastructure. Strong industries including mining, logistics, transportation, energy, and warehousing all contribute to the rising need for gantry cranes.
In 2023, the double girder gantry crane segment dominated the market with the largest market share of 40% and revenue of 0.80 billion.
The type segment is divided into single girder gantry crane, double girder gantry crane and portable gantry crane. In 2023, the double girder gantry crane segment dominated the market with the largest market share of 40% and revenue of 0.80 billion.
In 2023, the automated segment dominated the market with the largest market share of 57% and revenue of 1.14 billion.
The operation type segment is divided into manual and automatic. In 2023, the automated segment dominated the market with the largest market share of 57% and revenue of 1.14 billion.
In 2023, the construction segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
The application segment is divided into construction, manufacturing, port and logistics, mining, and others. In 2023, the construction segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
Advancement in market
In a first for the globe, Mitsui OSK Lines (MOL) switched the diesel engine of a rubber-tired gantry crane at a Kobe terminal it manages to a hydrogen engine. To assist with the demonstration project at Kobe International Container Terminal, MOL was awarded funds by the government. under order to achieve decarbonization, hydrogen is identified as the replacement for fossil fuels under Japan's Basic Hydrogen Strategy.
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Market Dynamics
Driver: The expanding building and construction industry.
The need for infrastructure, such as roads, bridges, hospitals, schools, homes, utility spaces, and other facilities, has expanded due to the fast urbanisation and industrialization of the world. Since gantry cranes are essential to these kinds of large-scale infrastructure projects, the government's increasing capital expenditures on infrastructure also contribute to the market's growth. Gantry cranes are becoming more and more necessary in logistics, shipping, and warehousing due to the growing consumer market brought about by the e-commerce boom and globalisation. Thus, the growing infrastructure will support the expansion of the global gantry crane market.
Restraints: The gantry crane's expensive startup costs.
Gantry cranes require a large amount of cash because they are complex, hefty pieces of equipment. The cost of installing a gantry crane is likewise high considering the substantial infrastructure improvements that are required. It is also quite costly to modify the current infrastructure or landscape in order to install and run a gantry crane. In addition, gantry crane installation and operation require experienced workers. Costs are increased by additional equipment needed to support gantry crane operations. Additionally, operators and producers must adhere to regulations, increasing the cost of compliance. Consequently, the market's expansion will be hampered by the gantry crane's high beginning expenditures.
Opportunities: developments in technology.
The demand for gantry cranes in the building and construction industry is rising, which has prompted the creation of new and improved features, methods, procedures, and equipment. For example, modern smart systems allow for automatic control, eliminating the need for human intervention and the chance of human error, which lowers the danger of accidents, injuries, and losses. New features have also been added to failsafe systems to increase safety. The emergence of IoT has increased the uses of gantry cranes across industries and enhanced their performance even further. Thus, improved gantry crane designs and systems will be made possible by technology improvements, which will propel the market's growth throughout the forecast period.
Challenges: Operational limitations.
The fixed position of rails or tracks restricts the movement of cranes which leads to operational delays if they are needed to moved somewhere else on the site other than where the rails allow. The limited navigation adds to the frustration. Defined load-bearing capacity of gantry crane necessitates careful operation and staying within limits, which leads to delays if it needs to be changes for carrying more loads. The lack of stability against extreme environmental conditions also limits operationality. The requirement of skilled labours and the lack of it in the industry also challenges the market’s growth. therefore, the operational limitations of gantry crane will challenge the market’s growth.
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Some of the major players operating in the global gantry crane market are:
• Aicrane Machinery Group
• Doosan Heavy Industries Vietnam Co.
• JASO Industrial Cranes
• Konecranes PLC
• Liebherr Group
• Mammoet Holding BV
• Mi-Jack Products
• SANYGROUP
• Shanghai Zhenhua Heavy Industries Co. Ltd.
• TNT Crane and Rigging
Key Segments covered in the market:
By Type
• Single Girder Gantry Crane
• Double Girder Gantry Crane
• Portable Gantry Crane
By Operation Type
• Manual
• Automatic
By Application
• Construction
• Manufacturing
• Port and Logistics
• Mining
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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