Crawler crane market growing at 7% CAGR to reach US$3 billion by 2024
By Global Market Insights
By Global Market Insights
According to a new research report by Global Market Insights, the crawler crane market will exceed US$3 billion by 2024.
The shipments are expected to grow at a CAGR of over 4%. Increasing utilization of crawler cranes in the energy sector is anticipated to drive the crawler crane market growth. These machines offer heavy lifting operations at the nuclear and renewable energy sites and facilitate the operators in handling the materials efficiently. Several manufacturers have developed energy sector-specific machines that witness a high demand. For instance, Manitowoc has launched a wind power crane, Grove GTK1100, that is used for wind turbine operations such as erection and construction. Additionally, the crawler crane market is witnessing growth opportunities due to the increasing infrastructure projects across the globe.
Companies profiled in this report based on business overview, financial data, product landscape, strategic outlook and SWOT analysis are:
1. Liebherr Group;
2. Escorts Limited;
4. Terex Corporation;
5. Link-Belt Cranes;
6. Palfinger AG;
7. Sany Group;
8. Komatsu America Corp.;
9. Jekko s.r.l.;
10. Kobelco Construction Machinery USA, Inc.; and
11. EFFER S.p.A.
Economic growth across the globe, especially in China, India, and Southeast Asian markets, has led to a better infrastructure demand. Growing building and construction spending due to a rise in per-capita disposable income along with enhanced infrastructure in Asia Pacific and Latin America will drive the crawler crane market. Growth in Latin America will be led by an increase in infrastructure spending, mainly transportation and energy, closely followed by spending on non-residential structures. The key areas of construction growth in emerging economies are social, transport, energy, defence infrastructure, and government accommodation.
High maintenance costs and initial investments are the major factors hindering the crawler crane market development. The high cost is discouraging several business manufacturers and OEMs from deploying high-end machines. Companies consider that investments for automated equipment must meet the global quality and manufacturing standards. In addition, the cranes are available on lease from the manufacturers at a lower price than the newer machines. Instead of procuring a new equipment, several customers commonly prefer renting equipment, which is anticipated to hamper the market.
Crawler crane market, by capacity
- Below 50 metric tons
- 50 to 250 metric tons
- 250 to 450 metric tons
- 450 to 650 metric tons
Crawler Crane Market, By Application
- Oil & Gas
The construction application segment in China dominated the industry with a market share of around 40% in 2017. Construction applications offer a huge impetus for growth in the market. The global construction spending registered US$7.2 trillion in 2013 and is anticipated to reach US$15.9 trillion by 2024. Increasing construction spending is a major factor escalating the crawler crane market growth. Rising government focus toward infrastructure development projects along with the consumer preference for luxurious & aesthetic constructions fuels the market demand. Growing necessity for houses and high investment requirements, such as smart city projects and high construction spending, in economically stable countries are expected to contribute to the industry demand.
The crawler crane market is witnessing demand for low-level access units, niche machines, and customized choices. Growing installation and maintenance activities for the upgrade of fire stations, street lights, glasswork, and other associated infrastructure coupled with increasing organization of several events such as concerts, corporate events, and festivals, are driving the need for these machines across several regions.
The Asia Pacific crawler crane market is witnessing a high adoption in the construction and mining sectors and expected to grow at a CAGR of over 5% from 2018 to 2024. Global companies are expanding their business operations in the region by collaborating with local manufacturers. For instance, in December 2016, Jekko s.r.l. collaborated with Lee Hyun Soo and Dennis Shin for establishing a new subsidiary, Jekko Korea in Seoul. Countries including India, China, and Japan are adopting advanced automated technologies in industrial sectors for enhancing their business operations. The escalating infrastructure development projects in countries including India will favor the crawler crane market growth.
Major players in the crawler crane market include Terex Corporation, The Liebherr Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., XCMG Group, The Escorts Group, Komatsu Ltd., Sany Group, and Manitowoc. Companies including The Escorts Group, Furukawa UNIC Corporation, and Terex Corporation sell their equipment through specialized construction equipment distributors and construction firms across the globe.
Browse key industry insights report, “Crawler Crane Market Size By Capacity (Below 50 Metric Tons, 50 to 250 Metric Tons, 250 to 450 Metric Tons, 450 to 650 Metric Tons), By Application (Rental, Construction, Mining, Oil & Gas, Energy), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Russia, Italy, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024”