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2019 – 2024 | Crawler Crane Market is Slated to Witness a Renewed Momentum from Construction Applications

Author : Rahul Varpe | Published Date : 2019-09-12 

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.

Aided by a powerful application spectrum, crawler crane industry stands to gain substantial profits in the subsequent years. As per Global Market Insights, Inc., crawler crane market size is expected to cross $3 billion by 2024.

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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.

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.

Crawler Crane Market, by Application:

  • Rental
  • Construction
  • Mining
  • Oil & Gas
  • Energy

Important pointers encompassed pertaining to the application spectrum:

  • Substantial details about the application spectrum are provided in the report.
  • The study mentions about the valuation estimate of each of the application categories in detail, by the end of the forecast period.
  • The market share that each of the application segments account are mentioned in the study.
  • The trends that the application landscape is defined by are also contained in the report.

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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.

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.

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

Other important pointers encompassed pertaining to the Crawler Crane market:

  • The report includes major details regarding the market.
  • The study mentions information about the revenue estimate of the market by the end of the forecast duration.
  • The market share accounted for each of the segments are discussed in the report.
  • The study also discusses the ongoing and future trends defining the Crawler Crane market.

Related News: https://www.marketwatch.com/press-release/2019---25-hoist-controller-market-is-expected-to-generate-a-huge-demand-from-construction-sector-2019-09-12

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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Corporate Sales, USA

Global Market Insights, Inc.

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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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