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The increasing construction activities globally are driving the global market for crawler cranes. The exceptional advantages of crawler cranes, such as their ability to lift heavy objects safely and their cost-effectiveness, are further projected to propel their demand in the forecast period. In addition, the government initiatives to build and innovate the public infrastructure are estimated to lead to a growing demand for crawler cranes in the coming years. Furthermore, the growing investments in the development of renewable energy plants such as wind energy generation are anticipated to bolster the demand for crawler cranes in the forecast period. The introduction of technologically advanced features in crawler cranes for higher lifting capacity is also expected to aid the market in the forecast period.
The growing mergers and acquisitions by industry players to escalate their market potential, further focussing on the development of advanced cranes, are predicted to aid the market growth. For instance, in October 2021, The Manitowoc Company, Inc. (NYSE: MTW) announced the acquisition of H&E Equipment Services, Inc. The crawler cranes business will function under the MGX Equipment Services, LLC, a subsidiary of Manitowoc Company, through which the company aims to expand its aftermarket activities. In August 2021, The Manitowoc Company, Inc., (NYSE: MTW) declared the acquisition of Aspen Equipment Company to expand their support to various end markets and provide a wide range of product offerings to broader its customer base. These developments are expected to invigorate the crawler crane industry in the forecast period.
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The major players in the global crawler crane market are Liebherr-International AG, Sennebogen Erich Holding GmbH & Co. KG, The Manitowoc Company, Inc., Link-Belt Cranes, L.P., LLLP, Kobe Steel, Ltd (Kobelco), Kato Works Co., Ltd., SANY Heavy Industry Co., Ltd., and Sumitomo Heavy Industries Construction Cranes Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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