Press release
Emerging Trends to Drive Crawler Cranes Market Growth at 6.8% CAGR Through 2029
Crawler Cranes
How Large Will the Crawler Cranes Market Size By 2025?
The market size of crawler cranes has seen significant expansion over the recent years. The market is likely to swell from $3.86 billion in 2024, reaching $4.14 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. The growth during the historic phase is credited to the escalated usage of crawler cranes in applications such as port handling and shipbuilding, an increasing demand for precise lifting in modular construction projects, and the replacement of outdated lifting equipment with more advanced crane models. In addition, the surge in the utilization of crawler cranes for dam and tunnel construction, along with the growing affinity for rental services due to their cost-effectiveness, are contributing factors.
How Big Is the Crawler Cranes Market Size Expected to Grow by 2029?
Expectations are high for robust growth in the crawler cranes market, forecasted to expand to $5.38 billion by 2029, registering a compound annual growth rate (CAGR) of 6.8%. This anticipated growth is attributed to various factors such as the increasing concentration on renewable energy infrastructure projects, soaring demand for high-capacity cranes for offshore construction, burgeoning smart city projects necessitating cutting-edge lifting solutions, increased need for efficient lifting in modular and prefabricated construction, and escalated infrastructure investments via public-private collaborations in burgeoning regions. Key trends expected during the forecast period are improvements in hybrid and electric crawler crane technologies, introduction of lightweight materials to boost crane mobility, integration of telematics and Internet of Things (IoT), advancements in modular crane designs for swift assembly and transport, and pioneering safety functionalities and automated systems.
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Which Key Market Drivers Powering Crawler Cranes Market Expansion and Growth?
The growth of the market is being fueled by an increase in construction activities due to the surge in urbanization and infrastructure development.
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Which Fast-Growing Trends Are Poised to Disrupt the Crawler Cranes Market?
Noteworthy enterprises in the crawler cranes sphere are centering their efforts on innovating cutting-edge offerings like electric telescopic crawler cranes. These innovations aim to boost efficiency, cut down emissions, and grant precise and sustainable lifting solutions. Electric telescopic crawler cranes are unique crawler cranes that have extendable booms powered by electricity, thus ensuring a quiet, power-saving, and robust lifting mechanism. For instance, Marchetti Autogru S.p.A, a prominent crane manufacturing company based in Italy, rolled out the CW25.35HY in April 2024. This brand-new, entirely electric telescopic crawler crane boasts zero-emission operation, a lifting capacity of 25 tonnes, compressed dimensions for outstanding transportability, and augmented mobility for functioning in tight spaces and tough terrains. The model is equipped with a 110-kW electric motor and 210 Ah batteries that come with a range extender, allowing up to eight hours of independent operation. It also makes it possible for quiet operation in emission-limited surroundings. Its compact boom layout and the smallest working radius in its category facilitate operations in a variety of areas, like workshops, tunnels, city sites, and challenging ground conditions.
What Are the Emerging Segments in the Crawler Cranes Market?
The crawler cranes market covered in this report is segmented
1) By Type: Standard Crawler Cranes, Telescopic Crawler Cranes, Railway Crawler Cranes, Heavy Lift Crawler Cranes
2) By Lifting Capacity: Up To 100 Tons, 101 To 250 Tons, 251 To 500 Tons, Above 500 Tons
3) By Fuel Type: Diesel, Electric, Hybrid
4) By End User: Construction And Mining, Oil And Gas, Transport, Utility, Manufacturing, Other End-Users
Subsegments:
1) By Standard Crawler Cranes: Fixed Boom, Lattice Boom, Long Reach Boom
2) By Telescopic Crawler Cranes: Hydraulic Boom, Knuckle Boom, Multi-Section Boom
3) By Railway Crawler Cranes: Track-Mounted Railway Cranes, Dual-Mode (Rail Or Road) Cranes, Overhead Line Maintenance Cranes
4) By Heavy Lift Crawler Cranes: Ring Cranes, Boom Booster Cranes, Modular Counterweight Cranes
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Who Are the Global Leaders in the Crawler Cranes Market?
Major companies operating in the crawler cranes market are Liebherr International AG, Xuzhou Construction Machinery Group Co. Ltd., Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Corporation, LiuGong Machinery Co. Ltd., Palfinger AG, The Manitowoc Company Inc., Tadano Ltd., Kobelco Construction Machinery Co. Ltd., Sennebogen Maschinenfabrik GmbH, Nippon Sharyo Ltd., Kato Works Co. Ltd., Link-Belt Cranes L.P., Action Construction Equipment Ltd., Fuwa Heavy Industry Machinery Co. Ltd., Maeda Seisakusho Co. Ltd., Naugra Machines India, Furukawa UNIC Corporation.
Which are the Top Profitable Regional Markets for the Crawler Cranes Industry?
North America was the largest region in the crawler cranes market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in crawler cranes report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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