The new report by Expert Market Research titled, ‘Global Crawler Crane Market Size, Price, Trends, Analysis, Growth, Industry, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Crawler Crane market, assessing the market based on its segments like capacity, application and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2023-2028)
• Historical Market Size (2022): USD 2.17 billion
• Forecast CAGR (2023-2028): 6.1%
• Forecast Market Size (2028): USD 3.04 billion
The global crawler crane market has been growing as a result of its high lifting capacities which is one of the key technology characteristics driving demand. Another significant advantage over most other forms of cranes is their ability to operate quickly, especially on soft ground, which has also driven the demand in the historical period.
Crawler Crane Industry Definition and Major Segments
A crawler crane is defined as a versatile class of multipurpose lifting equipment that comprises of an upper carriage mounted on an under-carriage. The upper deck and attachments can be rotated 360 degrees. A crawler crane is capable of safely lifting extremely heavy objects. They are being used extensively in mining operations. Rental, manufacturing, oil and gas, and energy are some of the other major end-use industries in the crawler cranes industry.
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Based on capacity, the market is segregated into:
• Below 50 Metric Tons
• 50 to 250 Metric Tons
• 251 to 450 Metric Tons
• More than 450 Metric Tons
The market is segmented in terms of application, into:
• Construction and Mining
• Oil and Gas
The regional market for Crawler Crane is:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Crawler Crane Market Trends
The Asia Pacific region accounts for a sizable portion of the global crawler crane industry. Increasing construction activity, road network improvements, and increased investment in new infrastructure projects in emerging economies such as China and India are expected to drive demand for crawler cranes in the Asia Pacific region. With the global pandemic affecting every single field, the crawler crane market also felt its brunt. Several e-commerce services and retail outlets were shut down to curtail the spread of the virus. In reality, at the time of the lockout, construction-related product production and service distribution were restricted to permitted units. Crane production was also negatively impacted, resulting in a global supply-demand imbalance. However, industry players are expected to increase their production capacity as the demand stabilises during the forecast period. The global construction sector is expected to rise steadily in the coming months, which is expected to affect demand for cranes and related items globally. The market is expected to be boosted further by the implementation of government plans to improve manufacturing and infrastructure, especially in the Asia Pacific region. Concerns about safety often push the use of advanced technology in mining operations. The growing demand for crawler cranes in the energy sector is boosting the market’s prospects. Crawler crane rental models are also being introduced in developing regions around the world. End-user sales and deployment of crawler cranes have certainly increased as a result of this.
Key Market Players
The major players in the market are Böcker Maschinenwerke GmbH, Escorts Limited , Effer S.P.A , The Manitowoc Company, Inc., XCMG Group, Liebherr-International Deutschland GmbH and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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