In the latest scenario, the rental system for crawler cranes is likely to gain in importance. Manufacturers in the construction and mining industries are considering renting heavy cranes instead of buying new cranes, which is why well-known players in mechanical engineering are leasing crawler cranes.
Construction applications are expected to see promising growth in the years to come due to industrialization and urbanization in developing countries, the proliferation of sky-high structures, and favorable global government policies promoting infrastructure development. For example, the Japanese government is in full swing to overhaul its existing infrastructure for the upcoming 2020 Summer Olympics, which has boosted demand for gigantic construction equipment such as crawler cranes in the region.
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Thanks to a powerful range of applications, the crawler crane market will generate significant profits in the years to come. The size of the crawler crane industry is projected to exceed $ 3 billion by 2024.
Crawler Cranes Market Size in Japan, from Construction Applications to Registering a CAGR of 5.8% in 2018-2024, while Construction Applications in 2017 appear to dominate the Chinese crawler crane industry with a share of 40% in 2017.
The global crawler crane market has seen a remarkable rate of growth recently, fueled by massive investments in the infrastructure, mining and energy sectors. The crawler crane market was worth $ 1.8 billion in 2017 and is projected to have a CAGR of nearly 7% from 2018 to 2024. This is mainly due to the increasing demand for safe and economical transport of heavy loads. The breadth of this industry can be demonstrated by the latest addition to Sarens, a world-renowned transport, heavy lift and crane rental company, which has been hired for a series of challenging elevators involved in the development of the Ramagundam fertilizer plant in India.
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Mitsubishi and Anglo American recently announced plans to spend nearly $ 5 billion on a new copper mining project in Peru that uses one of the largest mineral deposits in the world. More than 1.1 billion tons of ore containing 0.55 percent copper is said to be claimed under this project. Because of these colossal mine developments, which are increasing product demand, the mining crawler crane market will see rapid growth over the next few years.
Mining applications are expected to generate commendable returns in the years to come, driven by the growing volume of mining and excavation activities, occupational safety and security concerns, and stringent government regulations for worker safety. In addition, due to capacity constraints requiring the demand for machinery such as crawler cranes, it is nearly impossible to carry out mining operations manually to simplify and speed up the mining process, thereby stimulating the growth rate of the crawler crane market.
The company reportedly used the Demag CC 8800-1 lattice boom crawler crane to meet the project’s mammoth design requirements. Nevertheless, the Demag CC 8800-1 has a huge lifting potential of 1,600 tons and a maximum load moment of 26,160 ton-meters, which makes it an ideal choice. With similar developments being made around the world, the crawler crane market is expected to be on a fairly productive path and generate significant revenue in the years to come.
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In another interesting development in the construction sector, the world’s longest bridging bridge between China, Zhuhai, Hong Kong and Macau was officially inaugurated recently. According to CNN, the $ 20 billion, 34 mile bridge spanning the Pearl River Delta would potentially reduce travel times between locations from three hours to just 30 minutes. Such intricate developments based on efficient, high capacity construction machines are expected to fuel the market size of crawler cranes for construction applications.
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