PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565653
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565653
Articulating Knuckle Boom Cranes Market size was valued at USD 101,002.90 million in 2023, expanding at a CAGR of 7.10% from 2024 to 2032.
The articulating knuckle boom cranes market is experiencing steady growth due to their versatility and widespread use across industries such as construction, logistics, mining, and marine sectors. These cranes are favored for their compact design, which allows them to operate in confined spaces and their flexibility in handling various types of loads with precision. The rising demand for efficient material handling equipment, coupled with advancements in automation and remote-control technologies, is driving market expansion. Additionally, the construction industry's growing focus on improving operational efficiency and worker safety is boosting the adoption of knuckle boom cranes. North America and Europe are leading markets, with Asia-Pacific showing strong potential for future growth due to rapid industrialization and infrastructure development.
Articulating Knuckle Boom Cranes Market- Market Dynamics
Growing Construction and Infrastructure Development Drives the Need for the Articulating Knuckle Boom Cranes Market
The rapid expansion of construction and infrastructure development globally has significantly amplified the demand for Articulating Knuckle Boom Cranes. These versatile cranes are increasingly favored for their ability to access hard-to-reach areas and perform complex lifting tasks with precision. As urbanization accelerates and infrastructure projects become more ambitious, the need for equipment that can navigate tight spaces and provide high maneuverability has become crucial. For instance, India has to enhance its infrastructure to reach its 2025 economic growth target of US$ 5 trillion. In addition, FDI in construction development (townships, housing, built-up infrastructure and construction development projects) and construction (infrastructure) activity sectors stood at US$ 26.54 billion and US$ 33.52 billion, respectively, between April 2000 and December 2023. Articulating Knuckle Boom Cranes offer a unique combination of flexibility and reach, making them ideal for tasks ranging from building maintenance to construction of high-rise structures. This growing demand is further driven by advancements in construction technology and the increasing scale of infrastructure projects, underscoring the vital role these cranes play in modern construction and infrastructure development.
Articulating Knuckle Boom Cranes Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.10% over the forecast period (2024-2032)
Based on product type segmentation, Light-duty Knuckle Boom Cranes was predicted to show maximum market share in the year 2023
Based on End-user Industry segmentation, Construction was the leading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Articulating Knuckle Boom Cranes Market is segmented based on Product Type, Application, End Use Industry, Capacity, and Region.
The market is divided into three categories based on product type: Light-duty Knuckle Boom Cranes, Medium-duty Knuckle Boom Cranes, and Heavy-duty Knuckle Boom Cranes. Light-duty knuckle boom cranes are in high demand primarily due to their versatility and efficiency in handling lighter loads in tight or restricted spaces. These cranes are ideal for urban construction, maintenance work, and other applications where precision and maneuverability are crucial. The growing emphasis on efficient and cost-effective solutions in various industries, including logistics and municipal services, has further driven the demand for light-duty knuckle boom cranes. Their ease of operation and maintenance and their ability to handle various lifting tasks with precision make them an attractive choice for a wide range of applications.
The market is divided into seven categories based on end-use industry: Construction, Mining, Forestry, Marine, Oil & Gas, Logistics, and Other Industrial Sectors. They are used to lift and place materials such as steel beams, concrete panels, and other heavy items on construction sites, especially in areas with limited access. Articulating knuckle boom cranes can assist in the assembly and disassembly of scaffolding by lifting and positioning the components. They are used in landscaping for placing large plants, trees, or heavy rocks, and for other tasks requiring precision placement.
Articulating Knuckle Boom Cranes Market- Geographical Insights
The Articulating Knuckle Boom Cranes market in the Asia-Pacific region is experiencing notable growth, driven by expanding infrastructure development, industrialization, and construction activities. Countries like China, India, Japan, and South Korea are at the forefront of this growth, with significant investments in urbanization, transportation, and energy projects. The demand for versatile and efficient material-handling equipment is particularly high in these nations, where construction and logistics sectors are rapidly expanding. Additionally, the region's focus on modernizing its logistics infrastructure and industrial sectors is further boosting the adoption of articulating knuckle boom cranes, especially in port operations, utility services, and renewable energy projects. Competitive pricing and the presence of both global and regional manufacturers enhance the market's dynamism.
The Articulating Knuckle Boom Cranes market is shaped by several prominent global and regional players. Leading manufacturers include Hiab (part of Cargotec), Palfinger AG, and Fassi Gru S.p.A., which dominate the market with their extensive product portfolios, technological advancements, and widespread distribution networks. Hiab is known for its innovations in digital solutions and lightweight, durable cranes. Palfinger AG focuses on heavy-duty cranes and integrates smart technologies to enhance operational efficiency. Fassi Gru S.p.A. emphasizes versatility and customizability to meet specific customer needs across industries. Other key players include Tadano Ltd., Manitex International, Inc., and Effer (a subsidiary of the Hiab Group), all of which contribute to the market's competitive intensity through product innovations, strategic mergers, and global expansion. These companies aim to address the growing demand for advanced material-handling equipment in sectors like construction, logistics, and energy. Regional players also compete by offering cost-effective solutions tailored to local requirements, further intensifying competition in this dynamic market.
In September 2021, Oshkosh Corporation company announced the introduction of four new articulating crane models and revisions to its current industry-leading articulating crane lineup. The four new models build on the powerful articulating crane portfolio IMT created to deliver superior performance.