Over the last few years, crawler crane market share has been growing tremendously owing to the increasing popularity of multifunctional and compact-sized cranes for a wide range of applications. The surging number of infrastructural activities across the globe have also been propelling the demand for crawler cranes on a large scale. Taking into account the revenue generating business opportunities in the crawler crane industry, several crane manufacturers have been investing in research and development activities to bring forth an innovative range of products. Companies equipped with an advanced product portfolio of crawler cranes have been experiencing heavy demand for their products across several geographies that has been lending substantial momentum to crawler crane industry outlook.
China crawler crane market, by application, 2017 & 2024 (USD Million)
Enumerating an instance of the aforementioned, the Belgium based heavy lift and crane rental service company, Sarens has deployed Demag’s crawler cranes in India on a large scale. Currently, in India, the growing urbanization and industrialization have been resulting in surging need for cranes to handle heavy loads at the construction sites. Sarens has been working with various industries and construction companies to carry out engineering, procurement, and construction of projects. Seemingly, it has received projects worth nearly USD 750 million that will be completed by the end of 2018 or early 2019. Demag is popular for its advanced product ranges and continuous modernization of its existing portfolio and is one of the first companies that received a certification for the software integrated cranes which have been upgraded to meet safety requirements. The implementation of safety standards in cranes has thus led to an increase in their demand, stimulating crawler crane industry.
Taking into the increasing demand for crawler cranes equipped with safety features, players in the crawler crane industry have been focusing on the development of advanced cranes integrated with safety regulations. The incorporation of safety features has been proving to be beneficial for the crane owners and operating companies in terms of revenue generation as well. In fact, most of the companies have been providing their cranes on a rental basis to get more profitable returns. Owing to the increasing demand for rental crawler cranes across the transportation, mining, construction, and utility sectors, crawler crane market has witnessed robust growth from rental applications in the last few years.
Pivotal crawler crane market players have lately been introducing new models in order to retain their stance in the industry. For instance, in April 2018, Kobelco Cranes has launched three new models that have been specially designed for North America crawler crane market and Europe crawler crane market. In the newly launched cranes, it has increased the lifting capacity to 300 metric tons for standard cranes and 350 metric tons for other models. The increasing demand for the crawler cranes with a load lifting capacity between 250 to 450 metric tons across U.S. has emerged to be rather fruitful for Kobelco Cranesl latest product launch. As per estimates, over 2018-2024, the demand for crawler cranes between the capacity range of 250 to 450 metric tons will grow at an annual growth rate of more than 10% across the globe.
The constant efforts put in by the manufacturing companies to design cranes with maximum compatibility to provide the best lifting capacity are poised to considerably augment the commercialization landscape of crawler crane industry over the years ahead. In addition, they are also looking forward to increasing the attachments such as heavy fixed jibs, fixed jibs, and luffing jibs for multipurpose works that will also propel the product demand considerably. The surging availability of highly versatile lifting equipment along with the increasing popularity of rental services for cost-effective benefits is slated to enhance the future industry growth. Driven by the rapid investment in the infrastructure developments across the globe, the crawler crane market will surpass a revenue collection of USD 3 billion by the end of 2024.