At 6.5% CAGR, South and Central America Electric Overhead Training (EOT) Cranes Market is Projected to be Worth US$ 334.13 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South and Central America electric overhead training (EOT) cranes market was valued at US$ 201.80 million in 2023 and is expected to reach US$ 334.13 million by 2031, registering a CAGR of 6.5% from 2023 to 2031. Integration of IoT in electric overhead traveling cranes and growing trend of industrialization and infrastructure development are among the critical factors attributed to drive the South and Central 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 the South and Central America electric overhead training (EOT) cranes market.

Based on type, the South and Central America electric overhead training (EOT) cranes market is segmented into bridge cranes, gantry crane, jib crane, and others. The bridge cranes segment held 35.7% market share in 2023, amassing US$ 72.13 million. It is projected to garner US$ 111.41 million by 2031 to register 5.6% CAGR during 2023–2031.

In terms of bridge crane, the South and Central America electric overhead training (EOT) cranes market is bifurcated into single girder crane and double girder crane. The single girder crane segment held 22.3% share of South and Central America electric overhead training (EOT) cranes market in 2023, amassing US$ 44.92 million. It is anticipated to garner US$ 70.56 million by 2031 to expand at 5.8% CAGR during 2023–2031.

By application, the South and Central 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 20.1% share of South and Central America electric overhead training (EOT) cranes market in 2023, amassing US$ 40.64 million. It is projected to garner US$ 64.66 million by 2031 to expand at 6.0% CAGR from 2023 to 2031.

Based on country, the South and Central America electric overhead training (EOT) cranes market is categorized into Brazil, Argentina, and the Rest of South and Central America. Our regional analysis states that Brazil captured 57.3% share of South and Central America electric overhead training (EOT) cranes market in 2023. It was assessed at US$ 115.55 million in 2023 and is likely to hit US$ 196.80 million by 2031, registering a CAGR of 6.9% 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 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.

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