Crawler Cranes Market Poised to Grow at a Robust Pace Owing to Rising Construction Industry

 

Crawler Cranes Market Demand

Market Overview

Crawler cranes are a type of mobile crane that are mounted on an undercarriage withcrawler tracks. They provide stability, sturdiness and mobility to access tough terrains. Crawler cranes are commonly used in construction activities like building erection, bridge construction, power plant projects etc. where space is limited. They offer all terrain capabilities with higher lifting capacity compared to wheeled mobile cranes. The global crawler cranes market is driven by increasing construction of bridges, highways and other large infrastructure projects.

The market is estimated to be valued at US$ 4.62 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the crawler cranes are Fushun Yongmao Construction Machinery Co., Ltd., Furukawa UNIC Corporation, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., KATO Works Co., Ltd., Kobelco Construction Machinery Co., Ltd., Kobelco Cranes Co., Ltd., Liebherr Group, Link-Belt Cranes (a subsidiary of Sumitomo Heavy Industries), LiuGong Machinery Corporation, Manitowoc Cranes, Palfinger AG, SENNEBOGEN Maschinenfabrik GmbH, Sany Group, Tadano Ltd., XCMG Group. The rising demand from infrastructure projects in developing economies like India and China present key opportunities in the Crawler Cranes Market Demand. Large players are expanding globally by setting up manufacturing plants and enhancing distribution networks to capitalize on opportunities across regions.

The increased public-private partnerships for infrastructure development across regions is fueling demand. Governments are allocating higher budgets for roads, bridges, airports, ports, power projects etc. to drive economic growth. This is positively impacting the crawler cranes market. However, high ownership and transportation costs of crawler cranes restrains market growth. The large size and weight require specialized trailers and permits for transportation leading to higher costs. Fluctuations in raw material prices is another challenge for manufacturers.

Market Drivers

- Rising construction industry worldwide driven by infrastructure development is a major market driver

- Continued government thrust on roads, bridges, housing and energy projects particularly in developing economies propels demand.

Market Restraints

- High initial and transportation costs of crawler cranes due to their size and weight challenges market adoption rates

- Volatility in prices of raw materials like steel impacts profitability of crawler crane manufacturers

Segment Analysis

The Crawler Cranes market is segmented based on lifting capacity into Less than 300 MT, 300-500 MT, and above 500 MT. The 300-500 MT segment dominates the market as cranes in this lifting capacity range are in high demand across construction, mining, and oil & gas industries for medium heavy lifting operations. These cranes can fulfill lifting requirements at standard construction sites and oil rigs at an economical cost as compared to higher and lower capacity cranes.

Regional Analysis

The Asia Pacific region dominates the Crawler Cranes Market Regional Analysis and is expected to grow the fastest during the forecast period. This is due to increasing investments in infrastructure development and construction activities across countries such as China, India. Additionally, the region is witnessing rapid industrialization which is propelling the demand for crawler cranes from end-use industries such as construction, mining, shipping & logistics. Countries like China, India, and Japan are the major markets in the region. Europe is another prominent region owing to the presence of developed economies like Germany, UK, France which are driving the demand for technologically advanced crawler cranes.

Get More Insights on- Crawler Cranes Market

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)



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