Crawler Crane Market Trend Forecast to 2024 by Leading Players: Liebherr Group, Konecranes, XCMG Group, PALFINGER Group, Terex Corporation

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.

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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 industry 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 industry is witnessing the production of low fuel consuming machines.

Crawler Crane Market Growth Drivers: --

1. Increasing infrastructure investments globally
2. Implementation of advanced technologies
3. Rising demand from the energy sector
4. Growing rental companies in Asia Pacific and North America
5. Increasing rate of urbanization in the North America & Europe
6. Emergence of new manufacturing companies in Europe
7. Rapid infrastructure development in BRIC countries
8. Recovering construction sector in Latin America
9. Rising number of public private partnership projects in MEA
10. High demand for crawler cranes from the utility sector in MEA

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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 industry focus on developing long-term supplier and dealer partnerships to address various regional requirements.

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.

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