Fort Collins, Colorado, April 19, 2024 (GLOBE NEWSWIRE) --
Rise in infrastructure projects to boost the industry growth.
The all-terrain crane market is witnessing remarkable expansion, propelled mainly by the upsurge in infrastructure development projects worldwide. Governments worldwide are making substantial investments in constructing roads, bridges, airports, and other crucial infrastructure to foster economic growth and enhance connectivity. For example, according to the Wosrld Bank, global infrastructure investment requirements are projected to hit USD 97 trillion by 2040. This heightened focus on infrastructure development directly correlates with the growing demand for all-terrain cranes, vital for lifting heavy materials and equipment in demanding terrains.
Another crucial driver behind the growth of the all-terrain crane market is the increasing focus on safety and efficiency in construction and industrial environments. All-terrain cranes are specifically engineered to deliver exceptional lifting capabilities while prioritizing the utmost safety for operators and on-site workers. According to the Occupational Safety and Health Administration (OSHA), the construction industry accounts for a significant proportion of workplace fatalities, with falls and struck-by incidents being the primary causes. The integration of all-terrain cranes, equipped with advanced safety features and enhanced control systems, mitigates these risks and improves overall worksite safety. Moreover, the efficiency of these machines, in terms of setup time and mobility, contributes to accelerated project completion and minimized downtime.
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Segmentation Overview:
The all-terrain crane market has been segmented into capacity, application, and region.
The construction segment registered massive growth in 2023.
- Based on the market segmentation by application, the construction sub-segment dominated the market in 2023. The construction industry is one of the primary users of all-terrain cranes, as these machines are essential for lifting and moving heavy materials, such as steel beams, concrete blocks, and prefabricated components. The ongoing urbanization and increasing investments in infrastructure projects worldwide will likely sustain the demand for all-terrain cranes in the construction sector.
The 200-500 Tons capacity is the largest segment.
- Based on the market segmentation by capacity, the 200 - 500 Tons segment will be the largest subsegment in 2023. Cranes with this capacity range are versatile and can be used for a wide variety of construction and industrial projects. They balance lifting capacity and mobility, making them suitable for most job sites.
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All-terrain Crane Market Report Highlights:
- The all-terrain crane market growth is anticipated at a CAGR of 5.3% by 2032.
- The surge in infrastructure development drives the all-terrain crane market in the forecast period.
- The Asia-Pacific is a fast-growing market that, due to infrastructural development, will likely influence the global industry in the coming years.
- Some prominent all-terrain crane market report players include Liebherr, Terex, XCMG, Zoomlion, Tadano, Sany, Manitowoc, Grove, Kato Works, and Kobelco Cranes.
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