Overhead Crane Manufacturing in the US Industry Market Research Report Now Available from IBISWorld

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Continued economic growth is anticipated to lead to higher industrial and freight transportation activity in the United States, resulting in more demand for industry products. For this reason, industry research firm IBISWorld has added a report on the Overhead Crane Manufacturing industry to its growing industry report collection.

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Demand for overhead cranes will rise as industrial and freight transportation activity grows

Over the past five years, the Overhead Crane Manufacturing industry slowly recovered from the recession. Industry operators design and manufacture overhead cranes, gantry cranes, straddle carriers, crane monorail systems and related parts and components. These types of cranes are primarily used in industrial and transportation operations, such as shipyards, steel plants, ports, container hubs and distribution centers. In the early part of the five-year period, industry revenue fell as the recession caused US industrial activity and freight volumes to drop, reducing demand for overhead cranes. However, economic growth in subsequent years caused manufacturing output and freight volumes to begin recovering. Therefore, in the five years to 2014, industry revenue is expected to climb at an annualized rate.

However, despite demand growth, the overall market for overhead cranes has been lackluster. Manufacturing capacity utilization, which measures the ratio of actual manufacturing output to potential full capacity output, has yet to recover to prerecession levels. As a result, even as industrial output recovered, manufacturers had plenty of idle capacity to use up and did not need to invest in capacity increasing capital equipment such as overhead cranes. According to IBISWorld Industry Analyst Maksim Soshkin, “Port demand for overhead cranes also grew slowly as container volumes took time to reach prerecession levels.” Nonetheless, demand growth was strong enough for operators to raise prices, recently increasing industry profit.

Over the five years to 2019, industry revenue is forecast to increase. “Continued economic growth is anticipated to lead to higher industrial and freight transportation activity in the United States, resulting in more demand for industry products,” says Soshkin. Manufacturing capacity utilization is forecast to exceed prerecession levels, forcing many manufacturers to expand capacity and purchase new cranes. Moreover, many ports (especially on the East Coast) are anticipated to expand and order new cranes in order to meet rising shipping traffic due to the completion of the Panama Canal expansion in 2016.

For more information, visit IBISWorld’s Stock & Broth Production in the US industry report page.

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IBISWorld industry Report Key Topics

This industry manufactures overhead cranes, gantry cranes and bridge. Overhead cranes include a hook-and-line mechanism that runs along a horizontal beam, which runs along two widely separated rails.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

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Gavin Smith
IBISWorld
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