According to the Consegic Business Intelligence crawler crane market is expected to grow at a CAGR of 6.8% from 2023 to 2030.  The market is anticipated to reach over USD 7,026.48 Million by 2030 from USD 4,230.14 Million in 2022.

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Crawler cranes are mounted on an undercarriage comprising tracks that allow improved mobility and stability. Crawler cranes have wide applications, including heavy-duty work, bridge construction, wind turbine installation, etc. The cranes offer high lifting capacity and stability to lift and move loads from one place to another. They also offer high reliability, operational efficiency, flexibility, and safety. They are useful in rough terrain and even on uneven surfaces. 

With the technological advancements, crawler cranes now are more secure with the help of an auto idle stop and ECO winch feature, by performing operations efficiently in less fuel consumption. Moreover, advanced features like a swing brake pedal and swing restriction device improve the safety of the crane operator. The need for lifting heavy loads in the construction and infrastructure industry boosts the growth of crawler cranes. 

The crawler crane market is segregated into two types – Lattice Boom Crawler Cranes and Telescopic Boom Crawler Cranes. Out of which the telescopic boom crawler crane accounted for the largest market share in 2022 whereas the lattice boom crane is expected to have the highest CAGR during the forecasted period.  

By lifting capacity the market is divided into four sections which are less than 150 tons, 150 tons to 300 tons, 300 tons to 600 tons, and more than 600 tons. Here, the 150-ton to 300-ton segment held the highest market share of 33.27% in 2022. The crawler cranes of this lifting capacity are used in the construction of skyscrapers which is increased because of the rapid growth in urbanization. Moreover, the more than 600-ton segment is expected to witness the fastest CAGR from 2023 to 2030. 

With various applications across industries, crawler cranes are mainly used in oil and gas, construction, mining, shipping and port building, agriculture, and others. Among these, the construction industry held the highest market share in 2022, because of the boom in the infrastructure in the current era. However, the oil and gas industry is expected to register the fastest CAGR during the forecast period, as the crawler cranes are used in the construction of oil refineries and petrochemical plants. They are also used in installing heavy equipment including distillation columns, pressure vessels, and storage tanks. 

The crawler cranes are being used across the globe. The North American region holds the largest revenue share in 2022 due to the increased use of crawler cranes in transportation, and logistics. Asia Pacific region will grow at the fastest CAGR of 7.1% during the forecasted period. Additionally, China single-handedly holds 26.6% of revenue share in 2022. 

As the growing industries like construction are booming, the need and demand for crawler cranes have also increased and are expected to rise in the future. 

Author

I’m Jayesh, a Professional Content Writer at Consegic Business Intelligence, with expertise in the Machinery and Equipment Industry.

Source: Consegic Business Intelligence: Crawler Cranes Report