At 6.1% CAGR, North America Electric Overhead Training (EOT) Cranes Market is Projected to be Worth US$ 600.78 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America electric overhead training (EOT) cranes market was valued at US$ 373.89 million in 2023 and is expected to reach US$ 600.78 million by 2031, registering a CAGR of 6.1% from 2023 to 2031. Integration of IoT in electric overhead traveling cranes and growing importance in mining industry are among the critical factors attributed to drive the North America electric overhead training (EOT) cranes market growth.

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 gathering and assessing 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. IoT technology incorporation increases safety, makes proactive maintenance feasible, and extends insightful data for process advancements. A radio remote control is used to manage the operations of the EOT cranes wirelessly. It has two units—a transmitter and a receiver—to facilitate communications. The working principle involves the generation of artificial radio waves by the crane's remote control and its transmission to the receiver end. By tapping the transmitter devices for long travel, cross travel, and hoist, end users can move the electric overhead cranes in different directions as per requirement. Thus, advanced electric overhead traveling cranes integrated with IoT are expected to emerge as key market trends over the forecast period.

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

Based on type, the North America electric overhead training (EOT) cranes market is segmented into bridge cranes, gantry crane, jib crane, and others. The bridge cranes segment held 34.5% market share in 2023, amassing US$ 128.83 million. It is projected to garner US$ 192.51 million by 2031 to register 5.1% CAGR during 2023–2031.

By application, the North America 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 automotive and transportation segment held 24.5% share of North America electric overhead training (EOT) cranes market in 2023, amassing US$ 91.59 million. It is projected to garner US$ 156.53 million by 2031 to expand at 6.9% CAGR from 2023 to 2031.

Based on country, the North America electric overhead training (EOT) cranes market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.6% share of North America electric overhead training (EOT) cranes market in 2023. It was assessed at US$ 293.73 million in 2023 and is likely to hit US$ 463.80 million by 2031, registering a CAGR of 5.9% 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 September 2022, American Equipment Holdings (“American Equipment”), a Rotunda Capital Partners portfolio company, has acquired Industrial Hoist & Crane (“Industrial Hoist”), a leading provider of overhead crane maintenance, repair and overhaul (MRO) field services headquartered in Rock Springs, Wyoming, with operations throughout the Intermountain West.
• In April 2024, Konecranes has acquired the industrial and nuclear crane and crane service operations of privately held Whiting Corporation, strengthening its presence in the strategically important North American market. Whiting Corporation is a well-recognized, respected player in North America. For over 100 years, Whiting has served a variety of customers, including steel mills, automotive plants, fossil fuel plants, metal service centers, and hydroelectric and nuclear power plants.

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