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Global Crawler Crane Market to Grow at a CAGR of 6.1% During 2023-2028, Aided by the Expanding Construction Industry

According to a new report by EMR titled, ‘Global Crawler Crane Market Report and Forecast 2023-2028’, the global market for crawler crane attained a value of about USD 2.17 billion in 2022. The industry is further expected to grow at a CAGR of 6.1% in the forecast period of 2023-2028.

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.

Market Analysis by Capacity, Application, and Region:

  • The crawler crane industry, by capacity, can be segmented into below 50 tons, 50 to 100 tons, 101 to 150 tons, 151 to 200 tons, 201 to 250 tons, 251 to 300 tons, 301 to 350 tons, 351 to 400 tons, and more than 400 tons.
  • Based on application, the industry can be divided into construction and mining, transport, oil and gas, utility, and manufacturing, among others.
  • The regional markets for crawler crane include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for crawler cranes is being driven by the increasing residential construction activities worldwide.
  • The heightened expenditure in the development of renewable energy-generation plants is further augmenting the market growth.
  • The government initiatives to develop the public infrastructures are bolstering the market growth.
  • The rapid technological advancements and the investments made by the key players of the industry are expected to propel the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for crawler crane for the periods (2018-2022) and (2023-2028).
  • The report also offers the historical (2018-2022) and forecast (2023-2028) markets for the capacities, applications, and major regions of crawler crane.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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