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I AgreeAnalysis of Crawler Cranes Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The crawler cranes market surpassed US$ 3.4 Bn in 2018. By 2024, the market will likely swell at a CAGR exceeding 7%. As of 2021, the market will ascend to surpass US$ 4 Bn, expanding 1.8x until 2031. Furthermore, as per the report, top 5 manufacturers are likely to account for over 28% revenue share throughout the forecast period.
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According to Fact.MR, market research and competitive intelligence provider, from 2016 to 2020, the global market for crawler cranes has grown at a CAGR exceeding 5%, reaching US$ 3.8 Bn by the end of the said historical period.
Crawler Cranes are used in various applications such as commercial, industrial, infrastructural, and residential construction. Prospects dipped significantly amidst the COVID-19 pandemic, given the lull in the global construction sector experienced due to the imposition of stringent lockdowns. According to a study published in the Journal of Physics: Conference Series, countries such as India and the U.S experienced a contraction of 23.9% and 4.8% respectively in their GDPs in 2021 and 2020 respectively due to cessation of construction activities.
Fortunately, this impact was short-lived, as economies opened up to pave the way for a post-pandemic recovery, thereby restoring crawler crane demand projections to a significant extent. From 2021 to 2031, Fact.MR expects worldwide demand for crawler cranes to expand at a CAGR exceeding 6%.
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Mounting environmental sustainability concerns are prompting key industries to opt for energy efficient solutions. Therefore, demand for battery-powered crawler cranes has increased substantially in the past few years. Additionally, conventional crawler cranes running on fossil fuels are also incorporating energy saving solutions to ensure optimum workflow.
For instance, Kobelco Cranes Co. Ltd. offer cranes which have been conditioned to reducing power consumption during no-load operations. Minimizing the running torque decreases the amount of energy expended during lightweight lifting operations. Likewise, Liebherr offers highly energy efficient cranes for the cargo handling industry, which can be equipped with electric drives to reduce emissions.
As concerns regarding noxious emissions from conventional fossil fuel sources mount, governments across the world are reorienting their energy consumption requirements, preferring alternative sources including solar, hydel and wind power. Consequently, deployment of crawler cranes across this sector has increased.
Since the dawn of the 21st century, green energy has acquired center stage. This requirement is being fulfilled by Liebherr, which manufactures crawler cranes for onshore installations of wind turbines across difficult terrain such as mountains and other elevated surfaces.
For instance, in 2016, the company deployed its LR 11350 crawler crane while erecting a large near-shore wind farm at Lake IJessel in the north of the Netherlands. The crawler crane erected the complete "Westermeerwind" wind farm from a massive jack-up platform.
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The U.S is one of the largest users of crawler cranes in the construction industry. The demand for renovations of old infrastructure and buildings has fueled steady growth for this industry. Crawlers with a capacity of 200 tons or more are highly popular in this region. As per Fact.MR, crawler cranes will likely yield a revenue share worth 45% until 2031.
A growing number of consumers with disposable incomes is increasing the demand for technologically advanced crawler cranes on the market. To meet market demand, several companies made significant investments in their production. For instance, Maxim Crane Works has the largest fleet of crawler cranes in North America with 505, which is up 10 units from last year.
Growing number of infrastructure and bridge construction projects in these regions, crawler cranes are in high demand. Some prominent ones include the Crown Bridges Tramway Project (Finland), the London Crossrail Project and the Fehmarn Belt Fixed Link (Denmark) among others.
Crawler cranes are becoming increasingly popular in the market as tunneling works for underground railway systems increase. Germany is the largest producer of crawler cranes in Europe and the leading supplier of all-terrain cranes globally, which makes this region the leading market for crawler cranes. The region is expected to surge at a CAGR of 6% from 2021 to 2031.
A comprehensive control system and a full-color display are standard features of the smart technologies telescopic booms that enable operators to monitor all aspects of the crane easily. It is equipped with hydraulic booms instead of lattice booms, which significantly reduce transportation costs.
Telescopic cranes have been widely adopted on the market for their ease of transferring objects. In terms of ports, they provide one of the best services. Due to their ability to adjust heights according to circumstances, these cranes are widely used by firms and are widely used in rescue operations. Fact.MR expects the market for crawler cranes to surge at a rate of 7% until 2031.
The market for construction cranes will be driven in the long run by fast-emerging requirements for versatile lifting in the residential and industrial construction sectors. The industry is adopting a variety of improvements to its product line as a result of the growing demand for crawler cranes in the market.
While international crane manufacturers plan to introduce high-capacity cranes to various regions in the future on an equal basis with those currently sold on global markets. The trend toward multistory buildings in growing metropolitan areas is driving a rise in demand for crawler cranes globally. Fact.MR expects crawler cranes demand in the construction industry to account for 60% of the overall market.
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.
Attribute |
Details |
Market size value in 2020 |
USD 4 Billion |
Market forecast value in 2031 |
USD 7 Billion |
Growth Rate |
CAGR of 6% from 2021 to 2031 |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value & ‘000 Units for Volume |
Key Regions Covered |
|
Key Countries Covered |
|
Key Market Segments Covered |
|
Key Companies Profiled |
|
Pricing |
Available upon Request |
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The global crawler cranes market size is worth US$ 3.9 Bn as of 2020
From 2016 to 2020, crawler cranes demand surged at over 5% CAGR
By 2024, demand for crawler cranes is likely to expand at a CAGR of 7% according to Fact.MR
By 2031, Fact.MR expects the crawler cranes industry to reach 7 Bn in value terms
Extensive applications in the construction industry will spearhead market growth of crawler cranes in forthcoming years
The top 5 crawler cranes manufacturers will capture 28% of the market share
Crawler cranes sales will account for 45% revenue across the U.S market
Europe is anticipated to register a CAGR of 6% across the 2021-2031 assessment period
Construction will emerge as the dominant end use industry, capturing 3/5th of total demand
Telescopic boom is the most preferred, expanding at a CAGR of 7% until 2031