by The crawler cranes market has been gaining significant traction over the past few years owing to extensive usage of these cranes in various heavy construction projects such as ports, mines, power plants, nuclear plants, commercial buildings and others. Crawler cranes are all-terrain mobile cranes equipped with crawler tracks instead of wheels. The crawler feature enables them to move and function smoothly even in tough terrains. Their ability to easily navigate and operate in confined spaces without any need for assembly or disassembly makes them highly suitable for various construction applications. The demand for crawler cranes has been rising sharply with increasing investments in infrastructure development globally.
The global crawler cranes 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 market 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 major players are focusing on new product innovations and developments to cater to growing application areas.
There is tremendous growth opportunities in power and utility sector with increasing investments towards renewable energy projects, transmission line installations and power distribution infrastructure developments globally. Additionally, mining sector which requires mobility and operability in difficult terrains is also offering significant opportunities for Crawler Cranes Market Demand.
The growing infrastructure developments especially in emerging countries of Asia Pacific and Middle East countries is fueling the demand for advanced and specialized construction equipment including crawler cranes. Many global construction equipment manufacturers are investing and expanding their footprint in these high growth regional markets.
Market drivers
One of the key drivers for the crawler cranes market is the significant rise in government and private investments towards development of roads, bridges, ports, power plants and other industrial infrastructure globally. Large scale infrastructure modernization projects especially in developing economies is propelling the demand for material and equipment handling cranes such as crawler cranes which can maneuver easily in confined project sites. Additionally, robust mining sector growth is also boosting the crawler cranes adoption across major mineral extracting countries.
PEST Analysis
Political: Government support and investment in infrastructure development projects such as roads, railways, ports etc. will drive demand for crawler cranes. Stringent emission norms may impact older models.
Economic: Growth in construction sector owing to rising urbanization and industrialization will boost the crawler cranes market. Volatile raw material prices may affect manufacturers.
Social: Increasing spending power will increase demand for residential and commercial construction and modernization of public infrastructure which requires crawler cranes. Safety awareness is growing.
Technological: Adoption of advanced technologies like remote monitoring, IoT and telematics is improving productivity and efficiency. Use of hybrid-electric models is gaining traction to reduce environmental impact.
The Crawler Cranes Market Regional Analysis is concentrated in terms of value are Asia Pacific and Europe. Asia Pacific accounts for the largest share mainly due to high ongoing infrastructure projects in China, India and other developing nations. Europe holds the second largest share due to penetration of technically advanced crawler cranes from German and other European manufacturers.
The fastest growing geographical region for the crawler cranes market is expected to be Asia Pacific. Factors such as strong economic growth in developing countries, rising urbanization, increasing focus on modernizing infrastructure will drive demand for crawler cranes in the region. China and India serve as major markets in Asia Pacific due to large scale projects in transportation, energy and other sectors.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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