The global crawler crane market size reached US$ 3.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2032, exhibiting a growth rate (CAGR) of 6% during 2024-2032. Growing infrastructure development, rising complex structure construction, rapid technological advancements, and increasing demand for eco-friendly and efficient models, particularly in sectors like energy and petrochemicals are some of the major factors propelling the market.
Market Size in 2023
|US$ 3.1 Billion
Market Forecast in 2032
|US$ 5.2 Billion
|Market Growth Rate 2024-2032
A crawler crane is a heavy-duty construction machine currently utilized in various construction and industrial applications. It is characterized by its continuous tracks, similar to those found on tanks, which enable it to move steadily across rough or unstable terrain. Crawler cranes are equipped with a lattice boom or telescopic boom that can be extended or retracted, making them suitable for lifting and moving exceptionally heavy loads to great heights. They are widely used in activities like building and bridge construction, shipyard work, and even in off-road areas where stability and lifting capacity are crucial.
The global crawler crane market is experiencing robust growth, mainly driven by the increasing demand for versatile and high-capacity lifting solutions across diverse industries. In line with this, the ongoing expansion of infrastructure and construction projects across the globe, particularly in emerging economies, has significantly propelled the demand for heavy lifting equipment such as crawler cranes, creating a favorable outlook for market expansion. Moreover, the emerging trends towards urbanization and the need for taller and more complex structures are contributing to a greater requirement for crawler cranes, which offer superior lifting capacity and stability at height. Additionally, significant advancements in technology and engineering leading to the development of more efficient and eco-friendly crawler crane models, attracting both construction companies and rental service providers, are bolstering the market growth. Furthermore, the growing adoption of crawler cranes in industries beyond construction, such as energy, manufacturing, and shipbuilding, is presenting lucrative opportunities for market expansion.
Crawler Crane Market Trends/Drivers:
Infrastructure development and construction boom
One of the prime factors impelling the growth of the global crawler crane market is the continual expansion of infrastructure and construction activities worldwide. Developing and emerging economies are witnessing a surge in infrastructure projects, such as the construction of roads, bridges, tunnels, airports, and high-rise buildings. Crawler cranes are indispensable in these projects due to their ability to handle large volumes of loads and operate efficiently on diverse terrains. As urbanization continues, the demand for modern, sophisticated structures necessitates the use of crawler cranes, further fueling their adoption. Consequently, construction companies seek these cranes to meet project demands efficiently and within stipulated timelines.
Rising complexity and height of structures
Another crucial factor strengthening the growth of the crawler crane market is the global trend toward constructing taller and more complex structures. With the evolution of architectural designs and engineering advancements, buildings, bridges, and industrial facilities are reaching greater heights and intricacy. Crawler cranes are preferred for such projects because of their unmatched lifting capacity, stability, and precision at height. The ability to reach elevated work areas and maneuver heavy loads safely is critical, making crawler cranes the equipment of choice in these scenarios. This trend towards taller and more complex structures is boosting a surging demand for crawler cranes.
Technological advancements and environmental concerns
The crawler crane industry is witnessing technological innovations aimed at improving effectiveness and reducing environmental impact. Manufacturers are developing crawler cranes with advanced features, such as telematics systems for remote monitoring, energy-efficient engines, and enhanced safety systems. These technological advancements not only enhance the performance and safety of crawler cranes but also reduce fuel consumption and emissions, aligning with global environmental regulations. Construction companies and rental service providers are increasingly favoring eco-friendly and efficient crawler crane models, thus driving the market growth. In addition to this, the integration of automation and digitalization in crawler crane operations is enhancing productivity and safety, further propelling market expansion.
Crawler Crane Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, capacity, and end user.
Breakup by Type:
- Lattice Boom Crawler Cranes
- Telescopic Boom Crawler Cranes
Telescopic boom crawlers dominate the market
The report has provided a detailed breakup and analysis of the market based on the type. This includes lattice boom crawler cranes and telescopic boom crawler cranes. According to the report, telescopic boom crawler cranes represented the largest segment.
The design of the telescopic boom crawlers provides versatility and adaptability in lifting operations, allowing for smoother and more precise load placement. This feature makes them particularly appealing for tasks where a combination of high lifting capacity and precise maneuverability is crucial, such as in tight construction sites or when working around existing structures. Besides this, telescopic boom crawler cranes offer extended horizontal reach, enabling them to access and work effectively in areas with limited accessibility, including urban environments with restricted space, which is aiding in market expansion. Moreover, these cranes are known for their rapid setup and mobility on uneven terrains, making them suitable for quick deployment and use in remote or challenging locations. Apart from this, industries such as energy, petrochemical, and infrastructure maintenance rely on telescopic boom crawler cranes for their ability to perform heavy lifting tasks efficiently in diverse and demanding environments, thereby bolstering the market growth.
Breakup by Capacity:
- Below 50 Metric Tons
- 50 to 250 Metric Tons
- 250 to 450 Metric Tons
- More than 450 Metric Tons
50 to 250 metric tons hold the largest share in the market
A detailed breakup and analysis of the market based on capacity has also been provided in the report. This includes below 50 metric tons, 50 to 250 metric tons, 250 to 450 metric tons, and more than 450 metric tons. According to the report, 50 to 250 metric tons accounted for the largest market share.
The crawler cranes, with a capacity ranging from 50 to 250 metric tons, strike a balance between lifting capacity and maneuverability, making them ideal for projects that require substantial lifting power while operating in constrained spaces, such as urban construction sites or industrial facilities with limited room to maneuver. Concurrent with this, the rising preference for crawler cranes in this capacity range in industries, such as shipbuilding, where they can efficiently handle heavy components during the assembly of vessels, is influencing the market growth. Additionally, the adaptability of these cranes to different terrains and conditions, owing to their crawler tracks, positions them as valuable assets in sectors like wind energy, where the installation of large, heavy wind turbine components often occurs in remote or challenging environments. Furthermore, their cost-effectiveness and efficiency in meeting a broad spectrum of lifting requirements make them a preferred choice for various industries, propelling the demand for crawler cranes in the 50 to 250-meter-ton capacity range.
Breakup by End User:
- Construction and Mining
- Oil and Gas
Construction and mining dominate the market
The report has provided a detailed breakup and analysis of the market based on the end user. This includes construction and mining, oil and gas, transport, utility, manufacturing, and others. According to the report, construction and mining represented the largest segment.
In construction, the need for heavy lifting machinery that can operate reliably on challenging terrains and reach considerable heights is paramount. Crawler cranes, with their stability, mobility, and impressive lifting capacity, are the go-to choose for projects involving the construction of skyscrapers, bridges, and other large-scale structures. In confluence with this, they offer the versatility to navigate diverse construction sites while efficiently handling loads, contributing to project efficiency and safety, which, in turn, is presenting lucrative opportunities for market expansion. Moreover, in the mining industry, crawler cranes are invaluable for tasks such as excavating, material handling, and equipment maintenance. Their robust build and adaptability to rugged and often remote mining locations make them indispensable for lifting and moving heavy equipment and materials essential for mining operations. Consequently, the demand for crawler cranes in construction and mining persists due to their ability to enhance productivity, safety, and efficiency in these demanding sectors.
Breakup by Region:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
Asia Pacific exhibits a clear dominance, accounting for the largest crawler crane market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.
The increasing investments in infrastructure development in North America, particularly in the United States and Canada, are a major driver fueling the demand for crawler cranes. Besides this, favorable initiatives such as road expansion, bridge rehabilitation, and urban redevelopment projects are spurring the demand for crawler cranes, which are essential for heavy lifting and construction in these endeavors. Moreover, the region's focus on renewable energy sources such as wind and solar power is boosting the demand for crawler cranes as they are instrumental in erecting wind turbines and installing solar panels, facilitating the transition to cleaner energy sources. Apart from this, the stringent safety and environmental regulations in North America are encouraging the adoption of technologically advanced crawler cranes that adhere to these standards, further propelling market growth.
The global crawler crane market exhibits a competitive landscape characterized by the presence of several key players vying for market share. Prominent companies are leading the market, leveraging their extensive product portfolios and global distribution networks. These industry giants continually invest in research and development (R&D) to introduce technologically advanced crawler crane models, focusing on enhanced lifting capacity, improved fuel efficiency, and greater safety features to meet evolving customer demands. Additionally, strategic collaborations, mergers, and acquisitions are commonplace within the market as companies seek to extend their product offerings and geographic reach. As the market continues to expand, driven by infrastructure development, construction, and industrial activities, competition remains fierce, prompting players to innovate and differentiate their offerings to maintain a competitive edge.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd.
- Kato Works Co Ltd
- Kobe Steel Ltd
- Liebherr-International Deutschland GmbH
- Sany Group
- Sennebogen Erich Holding GmbH & Co. KG
- Tadano Ltd.
- Terex Corporation
- The Manitowoc Company Inc.
- XCMG Group
- Zoomlion Heavy Industry Science & Technology Co. Ltd.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
- In August 2021, Manitowoc completed the acquisition of Aspen Equipment, a crane distributor and truck manufacturer, expanding its direct service and sales reach to end-users and rental companies in Nebraska and Minnesota.
- In August 2021, Tadano Group introduced the GTC-1600, a 160-tonne tele-growth crawler crane, addressing the market demand for telescopic growth crawlers capable of lifting more than two hundred feet.
Crawler Crane Market Report Scope:
|Base Year of the Analysis
|Scope of the Report
|Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
- End User
|Lattice Boom Crawler Cranes, Telescopic Boom Crawler Cranes
|Below 50 Metric Tons, 50 to 250 Metric Tons, 250 to 450 Metric Tons, More than 450 Metric Tons
|End Users Covered
|Construction and Mining, Oil and Gas, Transport, Utility, Manufacturing, Others
|Asia Pacific, Europe, North America, Latin America, Middle East and Africa
|United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
|Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Kato Works Co Ltd, Kobe Steel Ltd, Liebherr-International Deutschland GmbH, Sany Group, Sennebogen Erich Holding GmbH & Co. KG, Tadano Ltd., Terex Corporation, The Manitowoc Company Inc., XCMG Group, Zoomlion Heavy Industry Science & Technology Co. Ltd., etc.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
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Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the crawler crane market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global crawler crane market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the crawler crane industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.