Crawler Crane Market share by applications and regions for 2018- 2024

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Crawler crane market growth outlook with industry
review and forecasts 2018-2024 Global Market
Insights, Inc.
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• Global Market Scenario of Construction Industry

• High maintenance costs and initial investments
  are the major factors hindering the crawler crane
  market development. The high cost is discouraging
  several business manufacturers and OEMs from
  deploying high-end machines.
• Companies consider that investments for automated
  equipment must meet the global quality and
  manufacturing standards. In addition, the cranes
  are available on lease from the manufacturers at
  a lower price than the newer machines.
• Instead of procuring a new equipment, several
  customers commonly prefer renting equipment,
  which is anticipated to hamper the market.
• Crawler Crane Market size is set to exceed USD 3
  billion by 2024 according to a new research
  report by Global Market Insights, Inc. The
  shipments are expected to grow at a CAGR of over
  4.

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• Increasing utilization of crawler cranes in the
  energy sector is anticipated to drive the crawler
  crane market growth.
• These machines offer heavy lifting operations at
  the nuclear and renewable energy sites and
  facilitate the operators in handling the
  materials efficiently. Several manufacturers have
  developed energy sector-specific machines that
  witness a high demand.
• For instance, Manitowoc has launched a wind power
  crane, Grove GTK1100, that is used for wind
  turbine operations such as erection and
  construction.
• Additionally, the crawler crane market is
  witnessing growth opportunities due to the
  increasing infrastructure projects across the
  globe.

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• Regional Analysis

• The Asia Pacific crawler crane market is
  witnessing a high adoption in the construction
  and mining sectors and expected to grow at a CAGR
  of over 5 from 2018 to 2024. Global companies
  are expanding their business operations in the
  region by collaborating with local manufacturers.
  For instance, in December 2016, Jekko s.r.l.
  collaborated with Lee Hyun Soo and Dennis Shin
  for establishing a new subsidiary, Jekko Korea in
  Seoul. Countries including India, China, and
  Japan are adopting advanced automated
  technologies in industrial sectors for enhancing
  their business operations. The escalating
  infrastructure development projects in countries
  including India will favor the crawler crane
  market growth.

• Competitive Analysis

• Major players in the crawler crane market include
  Terex Corporation, The Liebherr Group, Zoomlion
  Heavy Industry Science Technology Co., Ltd.,
  XCMG Group, The Escorts Group, Komatsu Ltd., Sany
  Group, and Manitowoc. Companies including The
  Escorts Group, Furukawa UNIC Corporation, and
  Terex Corporation sell their equipment through
  specialized construction equipment distributors
  and construction firms across the globe.

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