Extensive Applications in The Construction Industry Will Spearhead Market Growth of Crawler Cranes in Forthcoming Years

Posted on 2022-10-18 by Fact.MR in Automotive // 0 Comments

A recently published Fact.MR reports anticipates the global crawler cranes market to experience a CAGR of 6% from 2021 to 2031, reaching US$ 7 Bn by the end of the forecast period. Short-term outlook also appears promising, with an expected growth rate of 7% until 2024. As of 2021, the market is likely to be valued at US$ 4 Bn. From 2016 to 2020, crawler cranes sales surged at a CAGR of around 5%, closing in at US$ 3.8 Bn by the end of the said historical period. Prospects appeared to decline significantly amidst the COVID-19 pandemic, attributed to recessionary trends unfurling across the global construction and infrastructure industry. By Q4 2020, prospects appeared to rebound as restrictions lifted.

As per the report, manufacturers are capitalizing on the ever broadening reliance on alternative energy resources. The Center for Climate and Energy Solutions (C2ES) establishes that in 2017, nearly 60% of energy demand was sourced from modern renewables, including biomass, geothermal, wind, solar, hydro and biofuels. Hence, extensive infrastructure development to harness the same is rising, paving way for increased demand for crawler cranes.

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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
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%

“Extensive reliance on wind energy as a prominent power source is generating new application avenues for crawler cranes, as new infrastructure projects for constructing windfarms gain momentum,” says the Fact.MR analyst.

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 May 21, 2021, Liebherr cranes introduced the world’s first battery-powered crawler cranes with safety in mind. Additionally, the company unveiled new and improved crawler cranes and launched a mobile all-terrain crane capable of lifting 150 tonnes that continued the company’s initiative to release single-engine models.
On 29th April 2021, Liebherr LR 1250.1 unplugged received the ESTA innovation manufacturer award. The award was presented to the company for its LR 1250.1 battery-powered crawler crane.

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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.

Key Takeaways from the Market Study

Competitive Landscape

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

Key Segments Covered

Key Points Addressed in Crawler Cranes Industry Analysis

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