Aided by a powerful application spectrum, crawler crane market stands to gain substantial profits in the subsequent years. The crawler crane industry size is expected to cross $3 billion by 2024.
In the recent scenario, the rental system is likely to gain traction in the crawler crane market sphere. Manufacturers in the construction and mining industries are considering renting heavy cranes over buying new cranes, owing to which notable players in the machine manufacturing industry are supplying crawler cranes on lease.
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Mining applications are expected to garner commendable returns in the forthcoming years, attributed to the growing number of mining and excavation activities, labor safety and security concerns, and stringent government regulations deployed for worker safety. Moreover, it is nearly impossible to perform mining operations manually, due to human capacity constraints, which necessitates the demand for machines like crawler cranes, to ease as well as fast-track the mining process, thereby stimulating the crawler crane market growth rate.
Japan crawler crane market size from construction applications to register a CAGR of 5.8% over 2018-2024, while construction applications seemingly dominated China crawler crane industry in 2017, with a share of 40% in 2017.
The global crawler crane market has been witnessing a remarkable growth rate lately, fostered by massive investments in infrastructure, mining, and energy sectors. Basically fueled by the rising demand for moving heavy loads safely as well as economically, crawler crane market, in 2017, was worth USD 1.8 billion and is projected to depict a CAGR of almost 7% over 2018-2024. The vast expanse of this industry can be aptly demonstrated by the recent instance of Sarens, a renowned global engineered transport, heavy lift, & crane rental services company, being recruited to undertake an array of challenging lifts adhering to the development of Ramagundam Fertilizer Plant based in India.
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In yet another interesting development pertaining to the construction sector, the world’s longest sea crossing bridge connecting China, Zhuhai, Hong Kong, and Macau has recently been inaugurated officially. According to the CNN, the $20 billion & 34 miles long bridge, that spans the Pearl River Delta, would possibly reduce travel times between the locations to only 30 minutes, down from three hours. Such intricate developments that bank on efficient and high capacity construction machines, are expected to fuel crawler crane market size from construction applications.
Construction applications are anticipated to witness promising growth in the ensuing years, owing to industrialization and urbanization in developing economies, the intensifying prevalence of sky-high structures, and favorable government policies across the globe to push infrastructure development. For instance, the government of Japan is working in full swing to facelift its existing infrastructure for the approaching 2020 Summer Olympics, which has surged the demand for gigantic construction machines, like crawler cranes, in the region.
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Recently, Mitsubishi and Anglo American unveiled plans to spend nearly $5 billion on a newfangled copper mining project based in Peru, taking advantage of one of the largest mineral deposits of the world, with more than 1.1 Bn tonnes of ore at 0.55 percent copper claimed to be underneath this project. By virtue of such colossal mine developments, which intensifies product requirement, the crawler crane market from mining will experience rapid growth over the next few years.
The company has reportedly deployed the Demag CC 8800-1 lattice boom crawler crane to fulfill the mammoth construction requirements of the project. With that said, the Demag CC 8800-1 has a giant lifting potential of 1600 tonnes and a topmost load moment of 26160 tonne-meters, which makes it an ideal choice. As similar developments are undertaken across the globe, the crawler crane market is anticipated to traverse along a rather prolific path and accumulate substantial revenue in the years forward.
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