Articulating Knuckle Boom Cranes Market Size

Articulating Knuckle Boom Cranes Market Size

Articulating Knuckle Boom Cranes Market was valued at USD 1.3 billion in 2023 and is anticipated to register a CAGR of over 4% between 2024 and 2032, due to the rising investment in infrastructure development. The expansion of megacities, as well as the necessity for new buildings, hospitals, and other structures, has created a demand for cranes at various phases of construction.

The increasing demand for efficient and versatile lifting solutions is a significant growth factor for the articulating knuckle boom cranes market. Unlike standard cranes with fixed booms, knuckle boom cranes have numerous sections that can bend and fold, providing more flexibility and precision while lifting and placing goods. This is especially important in restricted places and crowded work environments like those seen in urban construction, wind farm maintenance, and shipyard operations. Knuckle boom cranes’ compact size and self-propelled design allow for faster setup and deployment than conventional cranes, which need considerable installation. This leads to higher productivity and less downtime on projects.

The high initial cost is a major challenge faced by the articulating knuckle boom cranes market, potentially slowing down its growth. Smaller enterprises with limited funds may encounter challenges due to the high initial investment costs. This may limit their capacity to compete against larger corporations who can afford to buy and operate these cranes, as well as restrict their access to cutting-edge technologies with significant benefits for efficiency and safety. Some projects, particularly those of a smaller size, may struggle to justify the costs of owning or renting a knuckle boom crane due to the high initial cost. Along with this, the high cost of developing and implementing new technologies in knuckle boom cranes can be discouraging for manufacturers.