New York, June 08, 2023 (GLOBE NEWSWIRE) -- The global crawler cranes market, as analyzed by Consegic Business Intelligence, exhibited robust growth in recent years. With a market value of USD 4,230.14 Million in 2022, the industry is projected to surge to USD 7,026.48 Million by 2030, reflecting a steady CAGR of 6.8%.
The increasing demand of crawler cranes from the construction industry to move heavy materials, equipment, and prefabricated components from one location to another is driving the growth of the market. In addition, crawler cranes are ideal to work on rough terrains and uneven surfaces further increasing the adoption of cranes by the construction industry. Moreover, the improvements in crane technology including the emergence of next-generation engines to meet EU Stage V emission standards to deliver clean-running performance for energy-efficient operation. Furthermore, the emergence of advanced systems namely ECO winch mode and auto idle stop function to enhance safety are also propelling the market growth. For instance, in January 2022, Sumitomo Heavy Industries Construction Cranes Co., Ltd. (HSC) launched the crawler crane SCX1800A-3 with 175 ton lifting capacity powered by a new-generation Cummins B6.7 engine. The crane is equipped with an advanced control system for efficient-energy operation, thus contributing notably in promoting the market growth. Request Sample Now
Access Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1036
The growing trend toward the installation of renewable energy plants, particularly wind power, is anticipated to create opportunities for the growth of the crawler cranes market. Crawler cranes are essential to meet the growing demands for lifting capacity and hoisting height for erecting wind turbines. However, the high cost of production, operation, and maintenance of crawler cranes is restraining the growth of the market.
List of Major Global Crawler Cranes Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- XCMG Group
- The Manitowoc Company Inc.
- Terex Corporation
- Tadano Ltd.
- Sennebogen Erich Holding GmbH & Co. KG
- Sany Group
- PVE Cranes Middle East LLC
- Liebherr-International Deutschland GmbH
- Kato Works Co Ltd
- Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd.
Global Crawler Cranes Market: Report Attributes
| Report Attributes | Report Details |
| Market Size By 2030 | USD 7,026.48 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | XCMG Group, The Manitowoc Company Inc., Terex Corporation, Tadano Ltd., Sennebogen Erich Holding GmbH & Co. KG, Sany Group, PVE Cranes Middle East LLC, Liebherr-International Deutschland GmbH, Kato Works Co Ltd, Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd. |
| By Type | Lattice Boom Crawler Cranes and Telescopic Boom Crawler Cranes |
| By Lifting Capacity | Less than 150 ton, 150 ton to 300 ton, 300 ton to 600 ton, and More than 600 ton |
| By End-User | Oil and Gas, Construction, Transport, Mining, Shipping and Port Building, Agriculture, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| Crawler Cranes Market Growth Drivers | - Construction industry to lift heavy loads - Government investment to improve the infrastructure - Advanced systems namely ECO winch mode and auto idle stop function to enhance safety are accelerating the market growth. |
| Crawler Cranes Market Restraints | - High manufacturing, operating, and maintenance cost of crawler cranes - Crawler cranes to navigate through narrow spaces is hampering the growth |
| Crawler Cranes Market Opportunities | - Growing trend toward the installation of renewable energy plants, particularly wind power |
In-Depth Insights and Access the Complete Report, Including A Comprehensive Table of Contents (TOC), By Clicking @ https://www.consegicbusinessintelligence.com/crawler-cranes-market
Key Market Highlights
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in crawler cranes.
- Globally, crawler cranes are divided based on the type into lattice boom crawler cranes and telescopic boom crawler cranes.
- In the context of Lifting Capacity, the market is separated into Less than 150 ton, 150 ton to 300 ton, 300 ton to 600 ton, and More than 600 ton.
- The End-User segment is classified into oil and gas, construction, transport, mining, shipping and port building, agriculture, and others.
Global Crawler Cranes Market Segmentation Details:
Based on Type, the telescopic boom crawler cranes segment contributed the largest shares to the market growth in 2022 owing to the ability of cranes to extend and retract varying boom lengths and configurations. Additionally, telescopic boom crawler cranes are employed in various industrial settings including bridge construction, building construction, and pile driving during sheet pile installation. In conclusion, the increasing demand for telescopic boom crawler cranes from various industrial settings is contributing notably in accelerating the market growth.
Based on Lifting Capacity, the 150 ton to 300 ton segment offered substantial shares to the global crawler cranes market in the year 2022. The growth of the market is endorsed by the increasing application of mid-range capacity cranes in numerous infrastructure development projects including bridges, highways, and railways. In addition, cranes with a lifting capacity of 150 tons to 300 tons are highly compact and maneuverable, further driving the growth of the market.
Based on End-User, the construction industry segment offered substantial shares to the global crawler cranes market in the year 2022. The growth is attributed to the ability of crawler cranes to work effectively on rough terrains and uneven surfaces further increasing the adoption of cranes by the construction industry. In addition, crawler cranes are also employed in demolition projects for the controlled dismantling of assemblies by safely breaking large sections of buildings. Consequently, the increasing application of crawler cranes in bridge construction and demolition of buildings is contributing notably in driving the growth of the market.
Based on region, North America has been a major contributor to the growth of the crawler cranes market owing to the increasing demand for crawler cranes in various industries including transportation and logistics. In addition, the region is endorsing significant growth in wind energy projects, particularly in the United States and Canada that increase the demand for crawler cranes. Moreover, the presence of key players in the region constantly applies strategic decisions to gain a competitive edge and also to strengthen the market position.
Recent Developments
- In February 2022, SENNEBOGEN introduced 6103 E, a telescopic crane with a loading capacity of 100 tons and a boom length of 62 meters. The crane has a 5-section pin boom to enable the crane operator to work efficiently at heights of up to 50 m.
- In February 2021, Liebherr launched 700-tonne LR 1700-1.0 crawler crane with Quick Connection that reduces the transport weight of the slewing platform to around 42 tonnes.
Request for Inquiry or Customization Request @ https://www.consegicbusinessintelligence.com/request-customization/1036
Key Questions Covered in the Crawler Cranes Market Report
- What will be the potential market valuation for the crawler cranes industry by 2030?
- The market valuation for the Crawler Cranes industry is expected to be approximately USD 7,026.48 Million by 2030 driven by the increasing adoption of cranes in the construction industry.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Crawler Cranes market's growth in the coming years?
- Asia Pacific is anticipated to have the largest impact on the crawler cranes market during the forecast period owing to the expanding construction industry that raises the demand for advanced crawler cranes.
- What specific segmentation details are covered in the Crawler Cranes Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including type, lifting capacity, end-user, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the type segment has witnessed telescopic boom crawler cranes as the dominating segment in the year 2022. The growth is endorsed by the ability of cranes to extend and retract varying boom lengths and configurations.
- What specific segmentation details are covered in the Crawler Cranes market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including type, lifting capacity, end-user, and region. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in the lifting capacity segment, more than 600-ton capacity cranes is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the increasing trend toward the installation of large-scale renewable energy plants.
Discover More Library Of Others Research Reports:-
Polymer Modified Bitumen Market Forecast 2023 - 2030
N-bromosuccinimide Market Forecast 2023 - 2030
Carpooling Market Size 2023 to 2030
Wooden Partition Wall Market Size 2023 to 2030
Marine Propulsion Engines Market Forecast 2023 - 2030
Cardiac Medical Device Market Forecast 2023 - 2030
About Consegic Business Intelligence Pvt Ltd
Consegic Business Intelligence Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.
Press Releases:- https://www.consegicbusinessintelligence.com/press-release/crawler-cranes-market
Contact Us:
Consegic Business intelligence Pvt Ltd
Contact no.: (US) +1 505-715-4344
Email: sales@consegicbusinessintelligence.com
web:- https://www.consegicbusinessintelligence.com
