Crawler Crane Market to cross $4 Bn by 2032

Crawler Crane Market size is anticipated to reach USD 4 billion by 2032, according to the latest research report by Global Market Insights Inc.
 

Demand for lifting equipment has increased as a result of developing nations' need for modern infrastructure across all sectors, including oil & gas, wind energy, chemicals, transportation, and so on. Infrastructure building necessitates the use of cranes to lift heavy goods. To fulfill the rising number of project deadlines by simplifying the building method, construction companies are adopting modern technologies such as crawler cranes with increased weightlifting capacity, maximum reach, and improved safety.
 

Furthermore, the growing preference of construction industry leaders for process automation has compelled equipment rental companies to regularly upgrade their machinery fleet with the most up-to-date models and technology available, thereby fueling the crawler crane market demand by 2032.
 

High and low range performance capacity to foster demand for 250 to 450 metric tons

The industry share from the 250 to 450 metric tons crane type is projected to grow at 5% CAGR from 2023 to 2032, owing to its ease of integration and transportation benefits. Due to the high demand from various markets, several manufacturers are utilizing crawler cranes with this capacity range and are also establishing a strong network to cater to the growing number of infrastructure development projects in South Asian countries, which is likely to boost market outlook.
 

Rising demand for mobile cranes in Middle Eastern countries to favor the oil & gas sector

The crawler crane market from the oil & gas segment is estimated to amass USD 300 million by 2032. Cranes are important equipment for safe and easy oil rigging and for secure transportation of gas canisters from gas extraction units. In December 2022, Gulf Haulage Heavy Lift Company (GHHL), a Saudi Arabian heavy lift and transportation expert, placed an order with Liebherr for 18 mobile cranes to extend its fleet with the inclusion of cranes with a lifting capability of 100 to 300 tons. The need for mobile cranes in the oil sector is increasing, particularly in Middle Eastern countries, which is foreseen to drive industry expansion.
 

Browse key industry insights spread across 220 pages with 321 market data tables & 39 figures & charts from the report, “Crawler Crane Market Size By Application (Rental, Construction, Mining, Oil & Gas, Energy), By Capacity (Below 50 Metric Tons, 50 to 250 Metric Tons, 250 to 450 Metric Tons, 450 to 650 Metric Tons), COVID-19 Impact Analysis, Regional Outlook, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/crawler-crane-market
 

Ongoing infrastructure development driven by rapid urbanization in North America

The North America crawler crane industry surpassed a valuation of USD 500 million in revenue in 2022 and will witness exponential growth during 2023-2032 due to the growing need for infrastructure, along with rapid urbanization and the emergence of new commercial impulses throughout American countries. Additionally, R&D investments by leading players to deploy more dependable and secure solutions are expected to contribute to regional revenue growth. Moreover, in November 2022, Illinois-based company ATLAS Crane Service, LLC bought new mobile and crawler cranes at Bauma 2022 in Germany, to grow its North American fleet and support the ongoing engineering and commercial construction projects.
 

Incorporation of advanced technologies to define the industry outlook

leading companies engaged in the crawler crane market are Action Construction Equipment Limited, Liebherr Group, Palfinger AG, Furukawa UNIC Corporation, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Böcker Maschinenwerke GmbH, The Manitowoc Company, and R&B Engineering. These businesses focus largely on advancing and developing cutting-edge technologies to improve their product offerings and are implementing growth strategies in order to maintain their market position.