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

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.

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.