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Crawler Crane Market Trends

Report ID: GMI2960
Published Date: Nov 2024
Report Format: PDF

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Crawler Crane Market Trends

The offshore oil and gas sector is increasingly utilizing crawler cranes for the installation and maintenance of drilling rigs and platforms. As exploration and production activities expand, these cranes are essential for lifting heavy equipment and components in challenging marine environments. Their robust design and stability make them ideal for the complex logistics involved in offshore operations, thereby enhancing operational efficiency and safety.

High initial costs associated with purchasing crawler cranes can limit adoption among smaller projects and contractors, impacting overall market growth. These expenses include not only the cranes themselves but also maintenance, transportation, and operational training. Additionally, safety concerns surrounding crane operations can increase liability and operational risks for companies. Accidents may lead to significant financial repercussions, including insurance claims and downtime, deterring potential buyers who fear the financial impact of such incidents. Addressing these issues is critical for fostering broader market acceptance and ensuring a sustainable growth trajectory in the industry.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The global market for crawler crane was reached USD 3 billion in 2024 and is projected to grow at a 5.2% CAGR from 2025 to 2034, driven by increasing urbanization and infrastructure development.

The segment for crawler cranes below 50 metric tons accounted for 34% of the market share in 2023 and is expected to exceed USD 1.4 billion by 2034, due to their versatility and ease of transport in urban construction and small-scale projects.

The construction segment held 32% of the market share in 2024, led by the adoption of crawler cranes with enhanced lifting capacities and safety features for high-rise and complex infrastructure projects.

The North America crawler crane market accounted for a 36% share in 2024 and is set to cross USD 1.9 billion by 2034, led by rising investments in renewable energy projects and infrastructure revitalization plans.

Key players in the crawler crane market include Hyundai Construction Equipment, Kobelco, Liebherr, Manitowoc, Palfinger, SANY, Sumitomo Heavy Industries, Terex, XCMG, and Zoomlion.