by The crawler cranes market has seen significant growth over the past decade owing to the increased demand from the construction industry. Crawler cranes are versatile mobile cranes equipped with a continuous track or tracks instead of wheels. They offer high lifting capacities ranging from 100 to over 1000 tons and can traverse any terrain including soft soil and marshland. Some key advantages of crawler cranes include stable lifting capacities across variable ground conditions, minimal ground bearing pressure, and all-terrain mobility.
The growing construction of buildings, bridges, pipelines, and other infrastructure projects across both developed and developing countries has been a major factor driving the demand for crawler cranes.
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 of 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 market provides significant opportunities for manufacturers with increasing investments in infrastructure projects, nuclear power plants, and wind farms. Technological advancements like hybrid-electric drive systems, remote-controlled operation, and IoT integration are further enhancing the performance and functionality of Crawler Cranes Market Demand.
Market drivers
The major factor driving the growth of the crawler cranes market is the surge in construction activities across both commercial and residential sectors. Rapid urbanization and increasing investments in public infrastructure like roads, bridges, airports, and rail networks are propelling the demand for mobile cranes especially in developing countries. Other key factors include rising power generation capacities using non-conventional energy sources and redevelopment of aging structures. Government initiatives to modernize and expand urban transport networks are also boosting the crawler cranes market.
Current Challenges in the Crawler Cranes Market:
The crawler cranes market is facing several challenges currently. The ongoing Covid-19 pandemic has disrupted global supply chains and affected construction activities worldwide, thereby impacting demand. Raw material shortages and price volatility have inflated production costs for manufacturers. Stringent emission norms in developed markets require upgrades to crawler crane engines, increasing costs. A shortage of skilled operators also plagues the industry. With ongoing urbanization and infrastructure development projects, these challenges need to be addressed to ensure smooth growth of the market.
SWOT Analysis
Strength: Crawler cranes offer excellent mobility and maneuverability at construction sites due to their tracked chassis. They can clear obstacles and operate across rough terrain easily.
Weakness: Frequent maintenance and high fuel consumption increase operational costs. Crawler cranes have a bulkier design and require more space for movement compared to wheeled variants.
Opportunity: Growing investments in energy, transport and social infrastructure globally will boost demand. Technological advancements in crane automation and battery power can present new opportunities.
Threats: Rising geopolitical tensions and trade conflicts pose risks to global supply chains. Shortages of raw materials and electronics components can threaten production schedules. Strict emission norms may render older crane models obsolete prematurely.
Geographical Regions of Concentration
The Asia Pacific region accounts for a Crawler Cranes Market Regional Analysis value-wise, led by China, India and other developing countries undertaking massive infrastructure projects. Western Europe and North America are also significant markets driven by ongoing investments in roads, railways and utility networks.
Fastest Growing Geographical Region
The Middle East and Africa region is expected to witness the fastest growth in demand for crawler cranes over the coming years. Ambitious development plans across the Gulf Cooperation Council nations and investments under development agendas in African countries are driving the rising need for heavy construction equipment in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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)
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. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
