Crawler Cranes Market
Crawler Cranes Market Analysis By Type (Lattice Boom Crawler Cranes, Telescopic Boom Crawler Cranes), By Capacity (Up to 150 Metric Tons, 151 to 300 Metric Tons, 301 to 600 Metric Tons, More than 600 Metric Tons), By End Use (Construction, Oil & Gas, Transport, Utility, Manufacturing) & Region – Global Market Insights 2023 to 2033
Analysis of Crawler Cranes Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Crawler Cranes Market Outlook (2023 to 2033)
The global crawler cranes market is projected to expand at a CAGR of 4.7% and reach a valuation of US$ 7.19 billion by 2033, up from US$ 4.54 billion in 2023.
A crawler crane is a movable, heavy-duty crane utilized in various construction and industrial applications. Unlike other types of cranes, crawler cranes are mounted on tracks, allowing them to travel around a site simply and rapidly, especially on rough or uneven terrain.
Crawler cranes are widely utilized in large-scale projects such as bridge construction, high-rise building construction, and other infrastructure construction. They are highly preferred for their tremendous lifting capability and stability, which enables them to raise and move huge items precisely and controllably.
Many countries are investing in infrastructure development, such as road, bridge, airport, and port construction, among other large-scale projects. Crawler cranes are essential in projects requiring heavy lifting and maneuverability on difficult terrain. Heavy lifting capabilities are required to develop energy infrastructure, including power plants (nuclear, thermal, and renewable), wind farms, and oil and gas installations.
Crawler cranes are frequently employed in the installation of huge components such as turbines, boilers, generators, and other large components. The rise of the crawler cranes market is aided by the growth of the energy industry, which is driven by rising energy consumption and the switch to renewable energy sources.
These cranes are used in a variety of industrial projects, including petrochemical facilities, mining operations, and shipyards. Heavy lifting machinery is required in these industries to handle massive equipment, materials, and structures. The demand for crawler cranes is projected to rise as industrial developments expand around the world.
Technological improvements in the crawler crane business are resulting in the development of more efficient and powerful devices. Manufacturers are concentrating on expanding lifting capacity, improving fuel efficiency, and implementing modern control systems. These technological advances attract customers looking for modern and dependable crawler cranes for their projects.
Concerns about environmental sustainability are pushing leading industry players to seek energy-efficient solutions. As a result, the demand for battery-powered crawler cranes is growing. Furthermore, traditional crawler cranes powered by fossil fuels are adopting energy-saving alternatives to ensure optimal workflow.
- For example, Kobelco Cranes Co. Ltd offers cranes that have been conditioned to reduce power consumption during no-load operations. Keeping the operating torque as low as possible reduces the amount of energy consumed during lightweight lifting activities.
Crawler Cranes Market Size (2023)
US$ 4.54 billion
Projected Market Value (2033)
US$ 7.19 billion
Global Market Growth Rate (2023 to 2033)
China Market Value (2033)
US$ 1.71 billion
Telescopic Boom Crawler Cranes Segment Growth Rate (2023 to 2033)
Key Companies Profiled
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Why is the Market for Crawler Cranes Expanding Steadily?
“Booming Construction Industry across Regions”
The construction industry is expanding rapidly in both developing and developed countries.
- According to the AGC (Associated General Contractors), the construction industry in the United States employs over 7.8 million people and generates about US$ 1.8 trillion in revenue each year.
- As per Invest India, by 2025, India's construction industry is anticipated to be worth US$ 1.4 trillion.
Crawler cranes are crucial in construction tasks such as lifting heavy materials, erecting tall buildings, and installing structural components. Crawler cranes are predicted to be in high demand as construction projects continue to increase.
Rising urbanization in developing and developed countries is pushing the demand for innovative infrastructure and building projects. Rapidly expanding urban areas necessitate the construction of new buildings, transportation networks, and utilities, all of which require the usage of crawler cranes. The demand for crawler cranes to help urban growth grows as cities expand in size and population.
Which Countries are Fostering Market Expansion in Asia Pacific?
“China, India, and Japan Driving Regional Market Growth”
The Chinese market is anticipated to reach US$ 1.71 billion by 2033. Rapid urbanization in China has raised the demand for residential and commercial buildings. Crawler cranes are crucial in the construction of big buildings and in handling heavy goods, contributing to the increasing demand. Moreover, China is a manufacturing behemoth, and its industrial expansion necessitates the usage of crawler cranes in industries such as power generation, petrochemicals, and shipbuilding.
China's Belt and Road Initiative (BRI) intends to connect countries through infrastructure development. Consequently, crawler cranes are widely used in the development of ports, highways, and other infrastructure projects along the BRI routes.
Sales of crawler cranes in India are projected to hit US$ 805.95 million by 2033. India is witnessing significant infrastructure development, including the construction of highways, railways, metro systems, and smart cities. Crawler cranes are vital for managing high-lifting activities in these projects.
Furthermore, the construction sector in India is expanding rapidly, fueled by residential and commercial development projects. Crawler cranes are in great demand for a variety of construction projects, including high-rise buildings, bridges, and industrial complexes. Moreover, India has been investing in port infrastructure to improve maritime trade, boosting the demand for crawler cranes.
The market in Japan is estimated to touch US$ 438.95 million by 2033. Japan continues to engage in building and urban renewal projects, such as the rehabilitation of metropolitan areas and transportation infrastructure. Crawler cranes are required for a variety of construction tasks, including building renovations, bridge construction, and infrastructure enhancements.
Moreover, Japan is prone to natural disasters, including earthquakes and typhoons. Crawler cranes are essential in disaster recovery tasks such as debris clearance, infrastructure repair, and building reconstruction.
What Makes the United States a Major Contributor to the Worldwide Market?
“Thriving Construction and Oil & Gas Sectors in the Country”
The construction business in the United States is expanding, propelled by residential, commercial, and industrial developments. The need for crawler cranes is increasing as construction projects develop across the country. Moreover, the United States is a major player in the oil and gas business. Crawler cranes are crucial for the building and operation of oil refineries, LNG terminals, and offshore platforms.
Expansion of the oil and gas industry, particularly in Texas and the Gulf of Mexico, is raising the demand for crawler cranes. As a result, the United States crawler cranes market is set to achieve US$ 1.31 billion by 2033.
Why is Germany exhibiting High Demand for Crawler Cranes?
“Increasing Installation of Wind Turbines and Focus on Urban Renewal & Construction Projects”
The German market is anticipated to garner US$ 654.84 million by 2033. Germany has been at the forefront of renewable energy transition, particularly wind energy. Crawler cranes are required for the installation of wind turbines on wind farms, both onshore and offshore.
The need for crawler cranes is increasing as Germany expands its renewable energy capacity. Moreover, Germany is currently engaged in urban renewal and construction projects, particularly in places such as Munich, Berlin, and Frankfurt, increasing the demand for crawler cranes.
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Why are Telescopic Boom Crawler Cranes Gaining Ground?
“Widely Used in Development of High-rise Structures and Large-scale Infrastructure Projects”
According to Fact.MR, a market research and competitive intelligence provider, global demand for telescopic boom crawler cranes is forecasted to rise at a CAGR of 5.2% during the study period.
Telescopic boom crawler cranes have greater reach and flexibility than other types of cranes. The telescopic boom can be extended to various lengths, allowing the crane to access higher elevations and reach over obstructions. Their versatility makes them appropriate for a wide range of construction and lifting activities, adding to their expanding popularity.
Globally, the development of high-rise structures is growing as a result of urbanization and population expansion. Telescopic boom crawler cranes are well-suited for these projects because they can reach the required heights and handle huge loads during the construction of large structures.
Moreover, large-scale infrastructure projects, including airports, bridges, stadiums, and industrial complexes, require cranes with extended reach. Telescopic boom crawler cranes can reach across vast distances and into hard-to-reach areas, making them excellent for infrastructure development projects.
What Makes the Use of Crawler Cranes Crucial in the Construction Industry?
“Heavy Lifting Capacity, Maneuverability, and Stability”
Lifting and transporting heavy materials, equipment, and structural components is common in construction projects. Crawler cranes are designed to handle enormous loads ranging from a few tons to several thousand tons, making them suited for the most difficult lifting tasks in construction. The demand for crawler cranes from the construction industry is anticipated to develop at a CAGR of 4.9% from 2023 to 2033.
Crawler cranes provide outstanding maneuverability on construction sites. Their crawler tracks let them move and rotate in narrow locations, making them ideal for working in confined situations where other types of cranes may be limited.
To enable safe lifting operations on construction sites, cranes with high stability are required. Crawler cranes feature a broad base and a low center of gravity, which improves their stability during lifting duties. They can also use outriggers or counterweights to provide stability and prevent tipping.
Due to these benefits, crawler cranes have been a popular choice in the construction industry, where their capabilities match the lifting requirements and obstacles that are common in construction projects.
Key players in the crawler cranes market are focusing on R&D operations, product developments, and strategic alliances such as joint ventures, mergers and acquisitions, collaborations, and partnerships to obtain a strong foothold in the worldwide market.
- Manitowoc paid US$ 51 million in August 2021 for the assets of Aspen Equipment, a crane distributor and truck manufacturer situated in Bloomington, Minnesota. Manitowoc will be able to offer direct service and sales to end-users and rental firms in Nebraska and Minnesota as a result of this acquisition.
- Tadano Group launched the GTC-1600, a 160-tonne tele-growth crawler crane, in August 2021. Tadano's GTC-1600 fills a void in the market for telescopic growth crawlers with a capacity of hundred and sixty tons and a direct lift of more than two hundred feet.
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Key Segments of Crawler Cranes Industry Research
By Type :
- Lattice Boom Crawler Cranes
- Telescopic Boom Crawler Cranes
By Capacity :
- Up to 150 Metric Tons
- 151 to 300 Metric Tons
- 301 to 600 Metric Tons
- More than 600 Metric Tons
By End Use :
- Oil & Gas
By Region :
- North America
- Latin America
- Asia Pacific & China
- Middle East & Africa
- FAQs -
The global crawler cranes market stands at US$ 4.54 billion in 2023.
Worldwide demand for crawler cranes is predicted to rise at a CAGR of 4.7% from 2023 to 2033.
The market for crawler cranes is set to garner US$ 7.19 billion by 2033.
The United States market is forecasted to reach US$ 1.31 billion by 2033.
Global demand for telescopic boom crawler cranes is set to swell at a CAGR of 5.2% during the forecast period.