BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Hydraulic Crawler Cranes Market size at USD 2.09 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Hydraulic Crawler Cranes Market size to grow at a CAGR of 5.77% reaching a value of USD 3.05 billion by 2029. The oil and gas industry's growing use of hydraulic crawler cranes, as well as the construction industry's expanding projects due to the world's rapidly developing infrastructure, especially in emerging nations, are key growth factors for the market.
Hydraulic Crawler Cranes – Overview
A hydraulic crawler crane is a heavy-duty machinery used for hoisting and lifting. A hydraulic crane's internal hydraulic system enables it to raise higher loads than smaller cranes, which are driven by electric or diesel motors. A hydraulic crawler crane is a useful tool for many tasks, such as lifting and installing diaphragm walls or drilled pilings. The equipment is built tough to endure the demands of the job site. They install powerful winches that can operate in free fall or under control.
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Global Hydraulic Crawler Cranes Market – By Application
Based on application, the Global Hydraulic Crawler Cranes Market is segmented into the building industry, traffic industry, energy and utilities, and mining. The building industry segment holds the largest share of the Global Hydraulic Crawler Cranes Market. According to the data from Refinitive, more than 2,500 global infrastructure projects were announced in 2020, a significant spike of 5.5% from the previous year. The countries are mainly focused on the development of the renewable energy sector. The World Bank invested about USD 8 billion in transmission and distribution infrastructure for renewable energy generation. Such projects and investments directly influence the demand for hydraulic crawler cranes in the building industry.
Impact of COVID-19 on Global Hydraulic Crawler Cranes Market
The unprecedented COVID-19 pandemic hindered the growth of the Global Hydraulic Crawler Cranes Market. The demand for hydraulic crawler cranes fell dramatically when the main end-user industries for these cranes, the oil and gas and construction sectors, ceased operations. The disruptions in the production of hydraulic crawler cranes and supply chain disruption further impeded the market growth. However, with the recommencement of construction activities, the Global Hydraulic Crawler Cranes Market is anticipated to gain pace during the forecast period.
Competitive Landscape
Major players operating in the Global Hydraulic Crawler Cranes Market include Kobelco Sumitomo, Manitowoc, Casagrande SpA, Hitachi Liebherr, Sennebogen, Zoomlion, Terex, Sany, Link-BELT, and FuWa Heavy Industry Machinery Co, Ltd.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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