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.
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%
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
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.