Crawler Crane Market Size By Capacity (Below 50 Metric Tons, 50 to 250 Metric Tons, 250 to 450 Metric Tons, 450 to 650 Metric Tons), By Application (Rental, Construction, Mining, Oil & Gas, Energy), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Russia, Italy, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024
Crawler Crane Market is expected to exceed USD 3 billion by 2024. The rising demand for high-capacity lifting solutions coupled with the flourishing construction sector across the globe is anticipated to drive the crawler crane market growth. Heavy lifting and material handling requirements at the construction and mining sites result in huge deployments of these machines. Government initiatives and support to develop the public & private infrastructure in countries including India and Canada drive the industry growth. For instance, in May 2018, Canada’s Federal Government announced the financial support of USD 9.08 billion for various infrastructure projects in Ontario.
Increasing demand for fuel-efficient machines creates an awareness to improvise the crane manufacturing processes. Manufacturers in the crawler crane market are enhancing the production process to offer machines with increased fuel capabilities. Additionally, the need of controlling harmful emissions from high-intensity activities in the energy & power sector, eco-friendly initiatives across various sectors, the crawler crane market is witnessing the production of low fuel consuming machines.
The implementation of innovative control technologies in these machines required to control the heavy lifting operation drives the crawler crane market growth. Intelligent control systems in modern crawler cranes include the combination of hardware and software components to facilitate lifting operations. The functions include display and control instructions for the crane operator, monitoring of all control sensors, and the overload protection. Manufacturers offer increased user-friendliness and operator safety benefits by deploying these control technologies, further developing the crawler crane market. For instance, The Liebherr Group offers its 300 tons crawler cranes implemented with intelligent control systems, which provide several operator control functions such as vertical line finder, user-friendly display, and precise load transport.
The 250 to 450 capacity machines in the crawler crane market are expected to witness a considerable demand due to their utilization in building construction, nuclear power generation, and water conservancy operations. These machines offer powerful lifting capacities and improved traveling traction while carrying heavy loads at the energy generation sites. Additionally, the increasing focus of various governments worldwide on providing enhanced public infrastructure is creating demand for these machines in the crawler crane market. For instance, SANY Group announced the deployment of its machine SCC500 in the Noida Crossroad Project in India by the Delhi Metro Railway Company.
In the crawler crane market, the energy sector is expected to witness a substantial growth due to the essential operations in wind power generation. These cranes are used in the transportation and assembly of wind turbines, mixing plant operations, and lifting works. The high-capacity cranes also perform the erection of wind turbines and provide increased operator safety during these operations. Precision control and high flexibility are the major factors that increase the deployment of these machines in the production of oil & gas, wind energy, and power. For instance, in November 2017, Demag, a Terex Corporation brand, announced the deployment of four crawler cranes in the Beatrice Offshore Windfarm project in Germany.
Asia Pacific crawler crane market is anticipated to witness growth owing to the emerging construction and rental sectors in countries including China and India. The growth of equipment rental providers in the region will lead to a high machinery demand. Global companies are expanding their business operations in the region by collaborating with local manufacturers due to increased commercial and residential construction activities in the region, thereby supporting the industry demand. For instance, in December 2016, Jekko s.r.l. collaborated with Lee Hyun Soo and Dennis Shin for establishing the new subsidiary Jekko Korea in Seoul.
Key players operating in the crawler crane market include Terex Cranes, The Liebherr Group, Komatsu Ltd., Kobelco Construction Machinery Co,. Ltd., Tadano Ltd., SANY Group, The Escorts, Hyundai Construction Equipment, Manitowoc, and ACE. These companies have developed application-specific and high lifting capacity machines that support eco-friendly development initiatives. Furthermore, the major players in the crawler crane market focus on developing long-term supplier and dealer partnerships to address various regional requirements.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook