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Global Crawler Cranes Market growing at a CAGR of 6.8% from 2023 to 2030

Category : Manufacturing and Construction | Published Date : May 2023

Key Market Overview

The Crawler Cranes market is poised for strong expansion and is projected to reach USD 7,026.48 Million by 2030. The market was sized at USD 4,230.14 Million in 2022 and is predicted to grow at a compound annual growth rate of 6.8% during the period 2023-2030.

The report highlights the increasing adoption of crawler cranes in the construction industry for the development of bridges, buildings, and others. Consegic Business Intelligence provides an inclusive research report on the Crawler Cranes market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.

Global Crawler Cranes Market By Overview

Global Crawler Cranes Market

The report analyses significant segments such as type, lifting capacity, end-user, and region, to identify emerging trends and potential opportunities. The lattice boom crawler cranes segment is expected to grow during the forecast period owing to the emergence of advanced systems including the Crane Control System (CCS) to maximize the lifting capacities along with offering improved flexibility. Moreover, the increasing demand for advanced lattice boom cranes with CCS systems in the oil and gas industry and power plants is further contributing to the growth of the segment in the upcoming years.

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Market Dynamics

Driver:

 

  • The increasing demand from the construction industry to lift heavy loads is driving the growth of the crawler cranes market.
  • The increasing government investment to improve the infrastructure is propelling the growth of the market.
  • The emergence of advanced systems namely ECO winch mode and auto idle stop function to enhance safety are accelerating the market growth.

 

Restraints:

  • The high manufacturing, operating, and maintenance cost of crawler cranes is restraining the growth of the market.
  • The inability of crawler cranes to navigate narrow spaces is hampering the growth of the crawler cranes market.

Market Segmentation:

Report Attributes Report Details
By Type Lattice Boom Crawler Cranes and Telescopic Boom Crawler Cranes
By Lifting Capacity Less than 150 ton, 150 ton to 300 ton, 300 ton to 600 ton, and More than 600 ton
By End-User Oil and Gas, Construction, Transport, Mining, Shipping and Port Building, Agriculture, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Competitive Landscape :

The landscape for Crawler Cranes Market is highly competitive with major players including XCMG Group, The Manitowoc Company Inc., Terex Corporation, and Tadano Ltd. that have a strong market position in current market circumstances. Further, the Crawler Cranes market is expected to witness significant growth in coming years owing to the increasing adoption of crawler cranes in the construction industry for the development of bridges, buildings, and others. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the Crawler Cranes market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.

  • XCMG Group
  • The Manitowoc Company Inc.
  • Terex Corporation
  • Tadano Ltd.
  • Sennebogen Erich Holding GmbH & Co. KG
  • Sany Group
  • PVE Cranes Middle East LLC
  • Liebherr-International Deutschland GmbH
  • Kato Works Co Ltd
  • Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd.