Crawler Cranes Market Inching Closer to Lattice Boom Ubiquity, Finds Fact.MR Study
Published : 12 Nov 2018 Industry: Automotive
The crawler cranes market is projected to expand at a modest pace with global sales of crawler cranes crossing US$ 3,400 Mn by end of 2018, according to a new report by Fact.MR. The growth of the crawler cranes is largely influenced by a cohort of macroeconomic and industry-related aspects. Growth in new construction projects coupled with rising urbanization remain instrumental in driving the demand for crawler cranes worldwide.
Substantial growth in the power distribution industry coupled with increasing port maintenance activities are likely to influence the sales of crawler cranes in the forthcoming years. In addition, wind industry has picked up steam on the back of favorable tax credits. In wind farms, demand for large crawler cranes has been witnessed which is expected to fuel growth of the overall crawler cranes market, says the report.
A Significant Lattice Boom in the Crawler Cranes Market
The demand for lattice boom type crawler cranes is projected to expand at a significant rate during the period of forecast, 2018-2028. Lattice boom type crawler cranes offer various advantages including higher stability, greater lifting capacity (more than 300 tons) and safe movement of crawler cranes. In addition, convenient self assembling system and cost efficient transport provided by lattice boom type crawler cranes is further enhancing their sales worldwide.
“Sales of lattice boom type crawler cranes across various end use industries are estimated to witness a significant spike in the forthcoming years. The crawler cranes with lattice boom are likely to witness huge demand, particularly in the construction industry. Market valuation of crawler cranes with lattice boom is estimated to touch US$ 3,100 Mn by end of 2018, accounting for a major revenue share of the overall crawler cranes market.”– Lead Analyst at Fact.MR, Construction Equipment Domain
Crawler cranes with telescopic boom demand is projected grow at a modest pace, particularly in applications where frequent changes in boom length is required. Further, higher price of crawler cranes with telescopic boom as compared to those of lattice counterparts continue to challenge their adoption in turn confining their sales.
Construction Industry to Cement Dominance in the Crawler Cranes Market
The demand for crawler cranes in construction industry is projected to expand at a significant pace throughout the period of assessment, 2018-2028. Growing need for high lifting capacity for applications involving greater heights continues to push the sales of crawler cranes in the construction sector worldwide.
Sales of crawler cranes across the construction sector, especially in the construction of power plants are expected to boom in the years to follow. Overall crawler cranes sales projections in the construction sector are likely to remain positive with an above average growth rate through 2028.
Sales of crawler cranes are projected to remain concentrated emerging economies of the Asia Pacific excluding Japan (APEJ) region, particularly in China and India. Largely pushed by new projects in these countries, such as the Highway Super System in India, the region is expected to present potential growth avenues for crawler cranes manufacturers. Against this backdrop, manufacturers of crawler cranes are largely concentrating their efforts in tapping APEJ in a bid to enhance their global footprint and profitability.
Apart from construction activities in APEJ, the region is likely to witness significant growth in shipping and port building. Port building activities require use of medium to high capacity crawler cranes. In addition, mining outlook in APEJ is likely to add to the lucrativeness of the region apropos to growth demand and sales of crawler cranes in the years to follow.
Crawler cranes with capacity less than 150 tons are expected to witness an upswing in sales during the forecast period. Convenient loading and assembling, less fuel consumption and relatively low pricing and high value for money quotient of less than 150 tons capacity crawler cranes have accelerated their adoption across regions worldwide.
Overall the outlook of crawler cranes market is expected to remain on an optimistic path, with global demand for crawler cranes expanding at a CAGR of 3.6 % in terms of value throughout the forecast period, 2018-2028.