At 4.8% CAGR, Europe Electric Overhead Training (EOT) Cranes Market is Projected to be Worth US$ 645.22 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe electric overhead training (EOT) cranes market was valued at US$ 444.21 million in 2023 and is expected to reach US$ 645.22 million by 2031, registering a CAGR of 4.8% from 2023 to 2031. Shift in application scope to ensure efficiency, automation, and safety in industrial operations and rising development of oil & gas industry are among the critical factors attributed to drive the Europe electric overhead training (EOT) cranes market growth.

The EOT cranes are one of the most useful machines used in factories. End users can control the operation of these cranes with an IR remote, radio, or suspension pendant; they can also 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 helps streamline operational management. These cranes have been extensively used by 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 minimizes the chances 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 any industrial operation and are anticipated to offer lucrative opportunities in the electric overhead traveling cranes market globally over the forecast period.

On the contrary, the high initial investment requirements hamper the growth of Europe electric overhead training (EOT) cranes market.

Based on type, the Europe electric overhead training (EOT) cranes market is segmented into bridge cranes, gantry crane, jib crane, and others. The bridge cranes segment held 35.8% market share in 2023, amassing US$ 158.82 million. It is projected to garner US$ 214.21 million by 2031 to register 3.8% CAGR during 2023–2031.

In terms of bridge crane, the Europe electric overhead training (EOT) cranes market is bifurcated into single girder crane and double girder crane. The single girder crane segment held 23.0% share of Europe electric overhead training (EOT) cranes market in 2023, amassing US$ 102.09 million. It is anticipated to garner US$ 139.85 million by 2031 to expand at 4.0% CAGR during 2023–2031.

By application, the Europe electric overhead training (EOT) cranes market is divided into construction, mining and metals, chemical, shipping industry, automotive and transportation, oil and gas, general manufacturing, and others. The general manufacturing segment held 23.9% share of Europe electric overhead training (EOT) cranes market in 2023, amassing US$ 106.09 million. It is projected to garner US$ 157.64 million by 2031 to expand at 5.1% CAGR from 2023 to 2031.

Based on country, the Europe electric overhead training (EOT) cranes market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 27.2% share of Europe electric overhead training (EOT) cranes market in 2023. It was assessed at US$ 120.81 million in 2023 and is likely to hit US$ 184.40 million by 2031, registering a CAGR of 5.4% during 2023–2031.

Key players operating in the electric overhead training (EOT) cranes market are Dafang Heavy Machine Co., Ltd.; Sumitomo Corp; Spanco, Inc.; ABUS Kransysteme GmbH; Columbus McKinnon Corporation; Konecranes Plc; WHCRANE; VERLINDE SA; Gorbel Inc; American Equipment; Safex Industries Limited; Uesco Cranes; Harrington Hoists, Inc.; K2 Cranes & Components Pvt. Ltd.; and TAWI AB., among others.

• In March 2022, Dafang's LDY-type metallurgical electric single-girder overhead crane is used to work intermittently and periodically to complete the displacement of materials for lifting and transporting in the process of metallurgical production in a timely and rapid manner through lifting hooks or other picking devices.
• In May 2023, Columbus McKinnon Corporation, a leading designer and manufacturer of intelligent motion solutions for material handling, announced that it has closed the previously announced acquisition of montratec® GmbH, a leading automation solutions company that designs and develops intelligent automation and transport systems for interlinking industrial production and logistics processes. The Company has acquired montres in an all-cash transaction for approximately $110 million at current exchange rates. The acquisition includes an earnout in an amount expected not to exceed $14 million based on Montres's future EBITDA performance.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com