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Crawler Crane Market Size By Application (Rental, Construction, Mining, Oil & Gas, Energy), By Capacity (Below 50 Metric Tons, 50 to 250 Metric Tons, 250 to 450 Metric Tons, 450 to 650 Metric Tons), COVID-19 Impact Analysis, Regional Outlook, 2023 – 2032
- Report ID: GMI2960
- Published Date: Mar 2023
- Report Format: PDF
Crawler Crane Market Size
Crawler Crane Market size surpassed USD 2 billion in 2022 and is anticipated to grow at 4% CAGR from 2023 to 2032, owing to increasing investments in infrastructure development globally.
The shifting government focus on infrastructure development, along with rising customer demand for luxury and aesthetically pleasing structures, is expected to fuel industry expansion. The manufacturers are extending their product line and offering sophisticated features for increased lifting capacity and enhanced safety, to meet the requirements from infra development projects, which is anticipated to drive crawler crane market expansion. Additionally, the mounting reliance of construction firms on advanced electronic cranes for economic benefits and carbon footprint reduction has resulted in ongoing investments to modernize building processes with cutting-edge technology is projected to propel business growth by 2032.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Crawler Crane Market Size in 2022: | USD 2 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 4 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 360 |
| Segments covered: | Capacity, Application, and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Lack of trained operators to restrict market development
The expanding construction sector has escalated the need for highly skilled personnel, which may limit the industry's progress. Moreover, some countries have strict safety and equipment handling standards in place to enhance worker safety and prevent machine damage during misuse. However, to increase efficiency, firms are increasing their technological expenditures and are offering training programs for their employees, which is projected to help them overcome this restraint.
Crawler Crane Market Analysis
The below 50 metric crawler crane market is speculated to exceed USD 1 billion by 2032. The sector is projected to witness rapid expansion due to the small dimensions and sizes of these cranes as many construction tasks, such as pile driving and concrete formwork placement for bridge dams and building construction, necessitate the use of tiny crawler cranes. With rising capabilities such types of cranes, there is a growing product demand for their use in limited spaces and difficult maneuvering. In addition, these cranes offer improved safety, easy mobility, and cost savings while being sustainable, thereby stimulating segment growth by 2032.
The industry size from the construction segment accounted for over USD 500 million in 2022 and is said to grow exponentially during 2023 to 2032 on account of the increased government emphasis on infrastructure development and renewable energy growth, which is propelling the use of innovative and technologically advanced crawler cranes. Moreover, there is a significant drive in the construction sector towards zero-emission operations, which has increased the demand for electric crawler cranes, thereby stimulating market development.
The Asia Pacific crawler crane market poised to attain 5% gains between 2023 and 2032 because of the strict environmental sustainability standards in building project tenders, which has raised the demand for new technologies. Manufacturers are creating smart machines to simplify the operation of lifting large loads in numerous industrial sectors. Furthermore, the presence of major industry participants and crane rental service providers will impel regional revenue growth through 2032.
Crawler Crane Market Share
Some of the major companies operating in the crawler crane business scenario are
- Liebherr Group
- Action Construction Equipment Limited
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- Furukawa UNIC Corporation
- Palfinger AG
- The Manitowoc Company
- Böcker Maschinenwerke GmbH
- R&B Engineering
These companies are focusing on strengthening their market presence through partnerships and collaboration. For example, in June 2022, Liebherr Group, the multinational equipment manufacturer, partnered with Thiess, an international mining services company, to provide mining trucks to the Encuentro copper mine in Northern Chile, strengthening its foothold in the U.S. market.
Impact of COVID-19 pandemic
The COVID-19 outbreak had an adverse impact on the global economy as countries around the world implemented measures to impose travel restrictions, which disrupted the supply chain and slowed down economic activity. Construction site closures and event cancellations had serious consequences on the crawler crane industry, including the health and safety of company employees, the suspension or cancellation of construction equipment rental contracts, the management and maintenance of machinery, and the ability to retain and pay employees. However, the market is set to gain traction with the declining COVID-19 infection rate and resumption of construction activities.
This market research report on crawler crane includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD shipment in Units from 2018 to 2032 for the following segments:
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Market, By Capacity
- Below 50 metric tons
- 50 to 250 metric tons
- 250 to 450 metric tons
- 450 to 650 metric tons
Market, By Application
- Rental
- Construction
- Mining
- Oil & gas
- Energy
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Frequently Asked Questions (FAQ) :
Crawler Crane Market Scope
