Crawler cranes have sturdy structures and robust undercarriages comprising tracks, making them ideal for heavy lifting and construction applications. They offer high lifting capacity, long reaches, and mobility for transporting heavy loads.
Global crawler cranes market is estimated to be valued at US$ 2.87 Bn in 2024 and is expected to reach US$ 4.62 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7% from 2024 to 2031.
Key Takeaways
Key players operating in the crawler cranes market are Fushun Yongmao Construction Machinery Co., Ltd., Furukawa UNIC Corporation, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., KATO Works Co., Ltd., Kobelco Construction Machinery Co., Ltd., Kobelco Cranes Co., Ltd., Liebherr Group, Link-Belt Cranes (a subsidiary of Sumitomo Heavy Industries), LiuGong Machinery Corporation, Manitowoc Cranes, Palfinger AG, SENNEBOGEN Maschinenfabrik GmbH, Sany Group, Tadano Ltd., XCMG Group.
Key opportunities in the Crawler Cranes Market Trends include rising demand from infrastructure and construction sectors. Developing economies are investing heavily in infrastructure development which will propel demand. Adoption of autonomous crane technology can also open new opportunities by improving operational efficiency.
Some key technological advancements include development of autonomous cranes equipped with technologies like AI, IoT, and advanced sensors. These can perform repetitive or dangerous tasks safely without human intervention. Hybrid-electric powertrains are also gaining traction to improve fuel efficiency and reduce emissions.
Market Drivers
Growing investments in infrastructure development across the world is a key driver for the crawler cranes market. Mega projects in sectors such as roads, bridges, airports, seaports, power and energy are increasing demand. Governments are focused on improving connectivity and building modern infrastructure for sustainable economic growth. Additionally, rising urbanization is boosting construction of residential and commercial buildings which require heavy lifting and material handling equipment like crawler cranes. This rising construction activities will continue driving market revenues over the forecast period.
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