Crawler Crane Market 2023

According to IMARC Group's latest research report, titled "Crawler Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the crawler crane market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global crawler crane market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.52% during 2023-2028.

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Crawler Crane Market Outlook:

A crawler crane refers to a machine designed to track terrain with metal tracks. It is equipped with numerous attachments and tools to perform several tasks. The Crawler crane operates using hydraulic systems to extend and retract the boom arm and raise and lower the hoist. It can be transported to different job sites, which provides a flexible and cost-effective solution for heavy lifting and material handling operations, including steel beams, concrete blocks, and large machinery. Presently, the machine is gaining immense traction across the globe, owing to the introduction of construction equipment rental services.

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Crawler Crane Market Trends:

The increasing erection activities in the residential, commercial, and industrial areas, on account of rising urbanization and inflating income levels of individuals, are primarily augmenting the crawler crane market. Furthermore, the growing number of renovation and remodeling projects of homes, restaurants, cafes, hotels, offices, shopping malls, airports, and educational institutions is also bolstering the market growth. Apart from this, the increasing demolishing activities of unauthorized buildings and weak foundations are positively influencing the global market. Moreover, the growing investments by government bodies of various countries in the expansion of smart cities and promoting the adoption of energy-efficient cranes to reduce carbon emissions are further catalyzing the market growth. Besides this, key players are introducing advanced technologies, such as a global positioning system (GPS), the Internet of Things (IoT), big data, remote control systems, virtual reality (VR), and augmented reality (AR) in autonomous and electric heavy-duty construction equipment, which enable real-time monitoring, data analysis, and training for more effective machine positioning and movement, is expected to drive the crawler crane market in the coming years.

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