Construction cranes have widespread usage in mining, building and constructions, shipyards, and marine sector. The burgeoning global construction and infrastructure sector in tandem with the rise in technological innovations in crane models are impacting the market growth positively, however high initial investment coupled with pocket draining maintenance cost of construction cranes could hamper the adoption of construction cranes in construction and building sites across various regions.
Manufacturers in the construction crane market are rigorously investing in the research and development activities to create cranes that deliver performance beyond limitations unlike the traditional variants. By embedding new technology in construction procedures, manufacturers are enabling equipment and construction cranes to be more energy efficient, and compact. Existing for a long time now, cranes are constantly evolving by undergoing numerous transformations
The constant upgradation of plants and expansion of power grids and distribution networks are persistently necessitating the adoption of construction cranes. Moreover, construction crane manufacturers are further witnessing fresh avenues on the back of the dramatic population growth and industrialization in several developing countries. The large-scale industrialization isn’t just creating a growing need for rapid infrastructure enhancements, but is also accelerating the demand for higher-quality infrastructure.
With the world witnessing rise in tall structures, climbing construction cranes are expected to witness sustained sales to meet the growing demand for constructing tall structures. Notable rise in construction and retrofit market in the emerging economies continue to trigger sales of mobile construction cranes.
The sales of crawler cranes are mainly driven by industry-related and macro-economic aspects. Soaring construction projects in tandem with the rise in urbanization remain a key driver behind the demand for crawler cranes globally. The ample growth in power distribution industry along with the growing port keeping activities could positively influence the crawler cranes’ sales in the foreseeable future. Furthermore, the thriving wind industry, highly supported by favorable tax credits, has paved the way for greater wind farms, wherein in the adoption of huge crawler cranes is on peak, which in turn could drive traction in the sales of crawler cranes, thereby fueling growth of the global crawler cranes market.
Lattice Type Crawler Cranes Continue to Witness Immense Adoption
The report projects significant expansion in the demand for lattice boom variant of crawler cranes during the forecast period, owing to the growing adoption of this variant on the back of its myriad advantages, such as higher lifting capacity of over 300 tons, higher stability, and safe motion. The sales are further triggered by the highly suitable self-assembling system and affordable transport offered by lattice boom variant of crawler cranes.
Crawler cranes with less than 150 tons capacity could witness upward sales during the forecast period. Suitable loading and assembling, less fuel consumption, relative affordability and high value for money quotient of within 150 tons capacity crawler cranes will continue to drive their adoption in different regions around the world.
“Demand for lattice boom variant of crawler cranes in diverse end use industries is expected to witness an impressive growth in the upcoming years. The lattice boom embedded crawler cranes are anticipated to witness hefty demand, primarily in the construction sector. Market value of lattice boom equipped crawler cranes was estimated at US$ 3,100 Mn in 2018, representing a huge revenue share of the global crawler cranes market,” finds Fact.MR.
Sales of crawler cranes equipped with telescopic boom are expected to accelerate at a moderate pace, mainly in applications requiring frequent alterations in boom length. However, expensive nature of crawler cranes equipped with telescopic boom than lattice variants, are challenging the former’s adoption, thereby restricting their sales.
Fact.MR’s report offers comprehensive insights providing details about lucrative avenues in the crawler cranes market. Overall the crawler cranes market is envisaged to remain optimistic, with global demand for crawler cranes accelerating at 3.6% CAGR by value during the forecast period, 2018-2028.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.