CRAWLER CRANES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Crawler Cranes Market Size and Trends

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.

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Factors such as increasing construction activities worldwide like infrastructure projects, commercial buildings, and residential buildings can boost demand for crawler cranes. Rapid urbanization and growing need for efficient construction equipment can drive the market growth. Moreover, growing need for modernizing old infrastructure and development of smart cities provides huge growth opportunity for key market players. Adoption of crawler cranes fitted with latest technology and increase in investments in renewable energy sector especially in wind and solar energy can drive the crawler cranes market growth during the forecast period.

Infrastructure Development Projects

Global construction industry has witnessed significant growth over the past few years due to large scale infrastructure development projects being undertaken worldwide. Governments across both developed and emerging economies have substantially increased their spending on development of transportation, energy and utility infrastructure. Megaprojects such as highways, bridges, power plants, dams, ports, and others require heavy lifting and material handling equipment during both their construction as well as maintenance phases. Crawler cranes is an indispensable part of such large infrastructure projects, considering their ability to operate even in tight and constrained work sites. Their crawler undercarriage provides good mobility for transportation of heavy components within the project site. The rising global infrastructure investment is driving substantial opportunities for crawler crane manufacturers and rental service providers, as infrastructure projects often have long gestation periods that ensure continuous demand for crawler cranes throughout the project duration.

Fo instance, in August 2021, Manitowoc, a providers of lifting equipment for the global construction industry, including lattice-boom crawler cranes completed the acquisition of Aspen Equipment, a diversified crane dealer and truck upfitter, thus, expanding its direct-to-customer footprint in Iowa, Nebraska, and Minnesota through new sales, used sales, parts, and services to various end crawler cranes market.

Market Concentration and Competitive Landscape

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Oil and Gas Industry Activity

Growing oil and gas industry is expected to boost demand for crawler cranes. The sector has experienced a resurgence in capital expenditure over the past few years, driven by the recovery in global crude oil prices from their lows. Major investments are being made by companies in exploration and production of both conventional and unconventional oil and gas reserves. Deepwater and offshore extraction requires specialized heavy lifting equipment to facilitate activities like rig installation, platform construction, pipeline laying, and others. Crawler cranes are hugely deployed in offshore projects, considering their amphibious abilities. These can operate both on land as well as be transported over water for performing lifting duties. Numerous onshore extraction and pipeline projects spanning large distances and terrains create ongoing demand. Rebound in spending by oil producers boosts significant demand for crawler cranes suitable for heavy duty oilfield applications. Growing complexity and depth of reserves also warrants advanced crane technology with higher payloads and outreach capabilities.

Key Takeaways from Analyst:

Global crawler cranes market can witness growth due to increased spending on infrastructure development projects especially in emerging economies like Asia Pacific.. Many countries are focusing on modernizing their roads, bridges and building new metro lines, which will require heavy lifting and material handling equipment like crawler cranes. Growing construction of power plants, dams and ports also requires cranes for various applications.

Volatility in raw material prices can negatively impact the margins of OEMs. Fluctuations in steel and iron ore prices affects the production costs. Protectionist policies by major economies makes import and export of heavy machinery challenging  for Canadian and European crane makers who export significantly.

The Asia Pacific region, particularly China, India, and Southeast Asia, is expected to experience significant demand for cranes due to their large-scale infrastructure development. China, the world's largest construction equipment market, will continue to dominate sales, while countries like India are implementing projects under the National Infrastructure Pipeline to drive market growth over the next few years.

Market Challenges: Dearth of skilled operators

The shortage of skilled crane operators can hamper the global crawler cranes market growth. Crawler cranes require highly trained and experienced operators as theseare complex equipment that can lift very heavy loads and operate in difficult terrains. However, there is a lack of skilled workforce available globally that can efficiently operate these huge cranes.

Training new crane operators is a long process that requires hands on practice and certification. Due to rising infrastructure development activities, there has been huge demand for crawler cranes  in the past few years.

Market Opportunities: Emerging economies pushing demand

Countries across Asia Pacific, Latin America, Middle East and Africa are experiencing rapid industrialization and infrastructure development. With growing urbanization and construction activities, there is increasing need for material and equipment handling on large project sites. Crawler cranes are perfectly suited for such applications due to their mobility and higher load capacities as compared to stationary or truck mounted cranes.

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Insights, By Type- Stability and load capacity boosts Telescopic boom crawler cranes segment growth

In terms of type, Telescopic boom crawler cranes segment is estimated to contribute the highest market share of 62.1% in 2024, due to their stability and ability to lift heavy loads. Telescopic boom cranes feature open construction that provides excellent stability even under heavy loads and adverse conditions such as high winds. The open framework distributes weight evenly to absorb stresses without distortion, making Telescopic booms well-suited for applications requiring long reaches. Many cranes with Telescopic booms can achieve lengths of over 150 feet, thus, providing them versatility for jobs like bridge construction, material handling at ports, and assembly of large power plant components. Their stable and robust build also makes Telescopic boom cranes preferable for lifting very heavy items weighing several hundred tons without risk of tipping or damage to the crane structure itself. Materials distribution centers and manufacturing plants relying on precise, heavy-duty lifting regularly choose Telescopic boom cranes to maximize uptime and productivity.

Insights, By Capacity- Versatility in capacities boosts 50 to 250 metric ton segment growth

In terms of capacity, 50 to 250 metric ton segment is estimated to contribute the highest market share of 38.7%,owing to its versatility across diverse industrial applications. Crawler cranes in this capacity range can efficiently handle loads ranging from 50 to 250 metric tons, thus, finding usage in construction of multi-story buildings, industrial plants, fabrication of large machines and equipment, and energy infrastructure projects. Their capabilities enable tasks ranging from positioning I-beams and pre-cast concrete sections to the final assembly and installation of heavy machinery. The 50 to 250 metric ton class is also well-suited for utility work like setting transformer banks, winding coils on generators, and handling turbine components. As jobsites often involve an array of lifting needs, medium-capacity crawler cranes prove highly flexible to changing requirements without limiting productivity.

Insights, By Application- Construction sector boosts demand for crawler cranes

In terms of application, construction segment is estimated to contribute the highest market share of 32.3% in 2024. Developing nations ramping up infrastructure along with post-pandemic stimulus spending on commercial and residential building projects can boost demand for crawler cranes. Their mobility, stability during lifting, and ability to access tight spaces make crawler cranes pivotal equipment for multi-story structure assembly. These can efficiently place floor decks, walls and trusses as well as hoist glass, HVAC units and other heavy fixtures into place. Crawler cranes are also used for excavation tasks like removing debris and installing sewer lines prior to a build. Mega construction ventures such as building new urban centers, highways and bridges require numerous heavy-lift cranes to expedite project timelines.

Regional Insights

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North America dominate the global crawler cranes market with estimated market share of 37.5% in 2024. While the United States continues to be the largest individual market, demand has been expanding rapidly in Canada and Mexico in recent years, driven by the increasing priority given to infrastructure investment by governments across all three countries. Projects such as new roads, bridges, pipelines, and large civil construction works require heavy lifting capability provided by crawler cranes. Leading North American manufacturers including Link-Belt, Terex, and Kobelco Cranes have been benefiting from growth. Several European brands are gaining market share through their established distribution networks and collaborative partnerships in the region.

Asia Pacific crawler cranes market is currently the fastest growing regional market, with China as the market leader. China has a very large construction industry that has been growing rapidly over the past decade due to  massive investments in infrastructure projects across the country. The ongoing expansion of Chinese cities through new housing projects and commercial developments has boosted demand for crawler cranes. Chinese manufacturers such as XCMG and Sany are major suppliers in their domestic crawler cranes market. However, these are also increasing exports to other Asian markets as well as the Middle East, Africa, and Europe through competitive pricing.

The Gulf region has ambitious plans for continued diversification away from oil dependence through industrialization and tourism-led development. Mega projects ranging from new airports and seaports to entire new towns boosts demand for cranes. Various Gulf Cooperation Council countries also have plans for expanding construction of office and residential space to meet rising urban populations. The massive construction pipeline in the region presents robust near- to medium-term growth opportunities for crawler crane suppliers that can establish a local presence and provide services.

Market Report Scope

Crawler Cranes Industry News

• In December 2023, Kobelco Construction Machinery Co., Ltd., offering a wide range of products including excavators and cranes introduced its new G-4 series hydraulic crawler cranes, featuring three models: the CKE900G-4 with a maximum lifting capacity of 100 metric tonnes at 3.6 meters, the CKE1350G-4 with a maximum lifting capacity of 150 metric tonnes at 4.4 meters, and the CKE2500G-4 with a maximum lifting capacity of 250 metric tonnes at 4.6 meters
• In December 2023, Sumitomo Heavy Industries Construction Cranes Co., Ltd. (HSC), a leading manufacturer of construction equipment, particularly crawler cranes launched the SCX2800A-3 crawler crane, which has a maximum lifting capacity of 275 metric tonnes and complies with EU Stage V exhaust emissions regulations
• In October 2022, MYCRANE, a digital platform that simplifies the process of global crane rental procurement partnered with PV-E Cranes, a company that specializes in the development and supply of emission-free, electric crawler cranes of the Netherlands to offer a range of zero-emission crawler cranes globally. These electric cranes, engineered and manufactured in the Netherlands with high-quality components, operate on battery power and can run for 10-12 hours on a single charge. The product line includes models with lifting capacities of 80, 100, 160, and 250 tons, along with various boom options to cater to different project needs.
• In June 2022, Liebherr, a manufacturer of construction equipment, including mobile and crawler cranes and Thiess, an international mining services company collaborated to deliver five of the eleven T 264 mining trucks to the Encuentro copper mine in northern Chile, enhancing Liebherr's presence in the Americas
• In August 2021, Tadano Group, a leading manufacturer of construction equipment, including cranes and aerial work platforms launched the GTC-1600, a 160-tonne tele-boom crawler crane, designed to fill the market gap for telescopic boom crawlers with capacities above 160 tons and capable of lifting loads over 200 feet

*Definition: Global crawler cranes market consists of mobile hydraulic crawler cranes that are often equipped with tracks and feature a removable telescoping boom. Crawler cranes provide excellent mobility and stability even on rough terrain and soft ground conditions. These are widely used for heavy lifting applications in construction, manufacturing, shipbuilding, and other industries. The global crawler cranes market includes companies that manufacture and sell these versatile mobile lifting machines across international borders.

Market Segmentation

•  Type Insights (Revenue, US$ Bn, 2019 - 2031)
  • Lattice Boom Crawler Cranes
  • Telescopic Boom Crawler Cranes
•  Capacity Insights (Revenue, US$ Bn, 2019 - 2031)
  • Below 50 Metric Ton
  • 50 to 250 Metric Ton
  • 251 to 450 Metric Ton
  • More than 450 Metric Ton
•  Application Insights (Revenue, US$ Bn, 2019 - 2031)
  • Construction
  • Mining
  • Transport
  • Oil & Gas
  • Energy
  • Others
• Regional Insights (Revenue, US$ Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • South Africa
    • Rest of Middle East & Africa
• Key Players Insights
  • 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