3/5th of Crawler Cranes Sales Spurred by the Construction Industry- Mostly Renewable Energy Infrastructure: Fact.MR Report
Published : 02 Sep 2021 Industry: Automotive
A recently published Fact.MR reports anticipates the global crawler cranes market to experience a CAGR of 6% from 2021 to 2031, reaching US$ 7 Bn by the end of the forecast period. Short-term outlook also appears promising, with an expected growth rate of 7% until 2024. As of 2021, the market is likely to be valued at US$ 4 Bn.
From 2016 to 2020, crawler cranes sales surged at a CAGR of around 5%, closing in at US$ 3.8 Bn by the end of the said historical period. Prospects appeared to decline significantly amidst the COVID-19 pandemic, attributed to recessionary trends unfurling across the global construction and infrastructure industry. By Q4 2020, prospects appeared to rebound as restrictions lifted.
As per the report, manufacturers are capitalizing on the ever broadening reliance on alternative energy resources. The Center for Climate and Energy Solutions (C2ES) establishes that in 2017, nearly 60% of energy demand was sourced from modern renewables, including biomass, geothermal, wind, solar, hydro and biofuels. Hence, extensive infrastructure development to harness the same is rising, paving way for increased demand for crawler cranes.
Key Takeaways from the Market Study
- Global crawler cranes demand to expand 1.8x from 2021 to 2031
- By boom type, telescope boom cranes likely to surge at 7% CAGR through 2031
- Construction to remain key end use industry, accounting for 60% of global demand
- U.S to emerge as an opportunistic market, accounting for over 2/5th of total sales
- Extensive infrastructure development projects to push crawler cranes demand in Europe at a CAGR of 6%
“Extensive reliance on wind energy as a prominent power source is generating new application avenues for crawler cranes, as new infrastructure projects for constructing windfarms gain momentum,” says the Fact.MR analyst.
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from products that are eco-friendly by nature.
- On May 21, 2021, Liebherr cranes introduced the world's first battery-powered crawler cranes with safety in mind. Additionally, the company unveiled new and improved crawler cranes and launched a mobile all-terrain crane capable of lifting 150 tonnes that continued the company's initiative to release single-engine models.
- On 29th April 2021, Liebherr LR 1250.1 unplugged received the ESTA innovation manufacturer award. The award was presented to the company for its LR 1250.1 battery-powered crawler crane.
More Insights Available
Fact.MR's, in its new offering, presents an unbiased analysis of the crawler cranes market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on boom type (lattice boom and telescopic boom), maximum lifting capacity (tonne) (less than 150, 150-300, 300-600 and greater than 600) and end use industry (construction, oil & gas industry, shipping & port building, wind farms and others) across seven major regions of the world (North America, Latin America, Europe, East Asia, CIS & Russia, Japan, APEJ, MEA).
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Consultant - Industrial Goods and Automotive