The crawler cranes market has been witnessing high demand owing to rapid growth in the construction and infrastructure development activities worldwide. Crawler cranes, also known as track-mounted cranes, are mobile cranes that are equipped with a continuous track instead of wheels. They offer greater mobility and stability over rough or soft terrain compared to wheel cranes. Crawler cranes have lifting capacities ranging from 40 to 2,200 tonnes and find applications in heavy lifting operations in industries such as construction, shipping & port, mining, and utility.
The global crawler cranes market size is estimated to be valued at US$ 2.87 billion in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the crawler cranes market are Liebherr, Kobelco, Hitachi, KATO, Terex, Yanmar, Zoomlion, Sany, Link-Belt Cranes, and Tadano.
The construction industry is witnessing high Crawler Cranes Market Growth in emerging economies owing to increasing infrastructure development projects. This is expected to generate significant demand for crawler cranes during the forecast period.
Adoption of telematics systems such as crawler crane monitoring software is helping construction companies optimize crane fleet productivity and reduce operational costs. This is identified as a key trend in the market.
Market Drivers
Growing construction spending worldwide: Global construction spending is expected to grow at an average annual rate of over 4% from 2022 to 2027, driven by infrastructure development projects in emerging economies. This will boost demand for heavy construction machinery such as crawler cranes.
Increasing utilization of rental cranes: Renting heavy equipment has become a preferred option over ownership for many construction companies to avoid high capital cost. This is expected to give a push to the crawler crane rental market.
The rising adoption of advanced technologies such as remote monitoring and telematics to enhance fleet management capabilities of crawler crane fleets will be a key factor driving the market growth over the forecast period.
Current Challenges in Crawler Cranes Market
The crawler cranes market faces several challenges currently. Supply chain disruptions caused due to the Covid-19 pandemic have impacted procurement of raw materials and delivery timelines. Rising prices of steel and iron owing to inflation has increased overall manufacturing costs for OEMs. Difficult economic conditions and uncertainty has weakened demand from end-use industries that utilize crawler cranes like construction and infrastructure development. Strict emissions norms introduced in regions like Europe has necessitated upgrades and technology changes in existing crawler cranes fleet. Shortage of skilled crane operators is another pertinent issue faced across major countries.
SWOT Analysis
Strength: High lifting capacity and mobility on rough terrains gives an edge over other equipment. Crawler design allows operation in congested work sites.
Weakness: Higher initial purchase cost compared to wheeled cranes. Maintenance of undercarriage system adds to overall ownership expenses.
Opportunity: Post pandemic infrastructure stimulus programs worldwide will drive demand. Government support for green buildings and renewable energy projects opens new segments.
Threats: Rising raw material costs can dent profit margins if not passed on. Electric and hybrid technologies gaining traction poses threat to conventional diesel variants.
The Asia Pacific region accounts for the largest share of the crawler cranes market currently in terms of value. Countries like China, India, Japan and South Korea are major markets and have ongoing large-scale infrastructure projects that utilize crawler cranes on a large scale. North America is the second largest region driven by spending on bridges, roads and utility sectors reconstruction activities. The Middle East and Africa region is witnessing the fastest growth currently supported by megaprojects in Gulf countries and investments in rail, ports and urban development across African nations.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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