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Crawler Cranes Market

Crawler Cranes Market

Crawler Cranes Market Forecast, Trend, Analysis & Competition Tracking- Global Review 2021 to 2031

Crawler Cranes Market
FACT2236MR
  • Sep-2021
  • List of Tables : 65
  • List of Figures : 109
  • 170 Pages
  • Automotive

Market Snapshot

Newly published data from Fact.MR establishes that the crawler cranes industry 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.

Key Points Addressed in Crawler Cranes Industry Analysis

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Crawler Cranes and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Revenue Analysis for Crawler Cranes 2016-2020 Vs Outlook for 2021-2031

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%.

How are Crawler Cranes Enhancing Energy Efficiency in Lifting Operations?

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.

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How is Rising Dependence on Renewable Energy Spurring Crawler Cranes Uptake?

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.

Country-wise Analysis

How is the U.S Generating Crawler Cranes Market Demand?

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.

What is the Demand Outlook for Crawler Cranes in Europe?

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.

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Category-wise Insights

Why is Telescopic Boom a Popular Option in the Crawler Crane Industry?

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.

Why is Construction the Dominant End Use Industry for Crawler Cranes?

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.

Competitive Landscape

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 August 19, 2021, Manitowoc acquired the assets of Aspen Equipment, a crane distributor and truck manufacturer based in Bloomington, Minnesota, for $51 million. It is anticipated that the acquisition will be completed by September. Upon closing of this acquisition, Manitowoc will be able to provide direct service and sales to end-users and rental companies in Nebraska and Minnesota.
  • On August 25th, 20201, Tadano Group unveiled the GTC-1600, a 160 tons tele-boom crawler crane. Tadano's GTC-1600 fills a gap in the market for telescopic boom crawlers with a 160-ton capacity and the main boom that can reach more than 200 feet.

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Report Scope

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

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Peru
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • BENELUX
  • Nordics
  • Russia
  • Japan
  • China
  • India
  • ASEAN
  • South Korea
  • GCC
  • Turkey
  • Iran

Key Market Segments Covered

  • Boom Type
  • Maximum Lifting Capacity (Tonne)
  • End Use Industry
  • Region

Key Companies Profiled

  • Tadano Ltd.
  • Zoomlion Heavy Industry Science and Technology Co. Ltd.
  • XCMG Construction Machinery Co. Ltd.
  • Sany Heavy Industry Co. Ltd.
  • KATO WORKS CO. LTD.,
  • Kobelco Construction Machinery Co. Ltd.
  • Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd.
  • The Manitowoc Company Inc.

Pricing

Available upon Request

Key Segments Covered

  • Boom Type

    • Lattice Boom Crawler Cranes
    • Telescopic Boom Crawler Cranes
  • Maximum Lifting Capacity (Tonne)

    • Crawler Cranes for Less than 150 Tonnes
    • Crawler Cranes for 150-300 Tonnes
    • Crawler Cranes for 300-600 Tonnes
    • Crawler Cranes for Greater than 600 Tonnes
  • End Use Industry

    • Crawler Cranes for Construction
    • Crawler Cranes for Oil & Gas Industry
    • Crawler Cranes for Shipping & Port Building
    • Crawler Cranes for Wind Farms
    • Crawler Cranes for Other End Use Industries

Crawler Cranes Market- Scope of Report

A recent study by Fact.MR on the crawler cranes market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering crawler cranes.

The study also provides the dynamics responsible for influencing the future status of the crawler cranes market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the crawler cranes market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of crawler cranes across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account sales of crawler cranes during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative crawler cranes markets?
  • Which factors will impact the growth of crawler cranes?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the crawler cranes industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for crawler cranes are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global crawler cranes market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of crawler cranes during the forecast period.

Country-specific valuation on demand for crawler cranes has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of crawler cranes, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering crawler cranes has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the crawler cranes domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the crawler cranes industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

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

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.