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Crawler Crane Market is estimated to hit $3 BN revenue | 2019 - 2024

Author : Rahul Varpe | Published Date : 2019-08-14 

The rental system is likely to gain traction in the Crawler Crane Market sphere. Manufacturers in the construction and mining industries are considering renting heavy cranes over buying new cranes, owing to which notable players in the machine manufacturing industry are supplying crawler cranes on lease.

Fueled by the rising demand for moving heavy loads safely as well as economically, crawler crane market, in 2017, was worth USD 1.8 billion and is projected to depict a CAGR of almost 7% over 2018-2024. The vast expanse of this industry can be aptly demonstrated by the recent instance of Sarens, a renowned global engineered transport, heavy lift, & crane rental services company, being recruited to undertake an array of challenging lifts adhering to the development of Ramagundam Fertilizer Plant based in India.

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A brief outline of the market with respect to the application spectrum has been outlined below: -

Construction: -

Construction applications are anticipated to witness promising growth in the ensuing years, owing to industrialization and urbanization in developing economies, the intensifying prevalence of sky-high structures, and favorable government policies across the globe to push infrastructure development. For instance, the government of Japan is working in full swing to facelift its existing infrastructure for the approaching 2020 Summer Olympics, which has surged the demand for gigantic construction machines, like crawler cranes, in the region.

Incidentally, a report by Global Market Insights, Inc., claims Japan crawler crane market size from construction applications to register a CAGR of 5.8% over 2018-2024, while construction applications seemingly dominated China crawler crane industry in 2017, with a share of 40% in 2017.

Mining:

Mining applications are expected to garner commendable returns in the forthcoming years, attributed to the growing number of mining and excavation activities, labor safety and security concerns, and stringent government regulations deployed for worker safety. Moreover, it is nearly impossible to perform mining operations manually, due to human capacity constraints, which necessitates the demand for machines like crawler cranes, to ease as well as fast-track the mining process, thereby stimulating the crawler crane market growth rate.

Recently, Mitsubishi and Anglo American unveiled plans to spend nearly $5 billion on a newfangled copper mining project based in Peru, taking advantage of one of the largest mineral deposits of the world, with more than 1.1 Bn tonnes of ore at 0.55 percent copper claimed to be underneath this project. By virtue of such colossal mine developments, which intensifies product requirement, the crawler crane market from mining will experience rapid growth over the next few years.

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Interesting development pertaining to the construction sector, the world’s longest sea crossing bridge connecting China, Zhuhai, Hong Kong, and Macau has recently been inaugurated officially. According to the CNN, the $20 billion & 34 miles long bridge, that spans the Pearl River Delta, would possibly reduce travel times between the locations to only 30 minutes, down from three hours. Such intricate developments that bank on efficient and high capacity construction machines, are expected to fuel crawler crane market size from construction applications.

Key players operating in the crawler crane market include:

  • Terex Cranes
  • The Liebherr Group
  • Komatsu Ltd.
  • Kobelco Construction Machinery USA, Inc.
  • Tadano Ltd.
  • SANY Group
  • The Escorts
  • Hyundai Construction Equipment
  • The Manitowoc Company
  • ACE

Related News: https://www.marketwatch.com/press-release/apac-construction-equipment-market-2019-by-regional-industry-trend-revenue-growth-forecast-to-2025-2019-08-14

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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