Articulating Knuckle Boom Cranes Market Size & Share, By Mounting (Truck, Stationary), Product (Electric, Diesel, Hydraulic), End-User (Rental, Construction, Mining, Oil & Gas, Energy, Forestry, Marine), Capacity, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Articulating Knuckle Boom Cranes Market size surpassed USD 1.34 Billion in 2023 and is set to exceed USD 2 Billion by 2032, witnessing more than 4.2% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 1.34 Billion
• CAGR (2024-2032): 4.2%
• Forecast Year Value (2032): USD 2 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing demand from construction and infrastructure projects: The Articulating Knuckle Boom Cranes market is expected to witness significant growth due to the growing demand from various construction and infrastructure projects. These cranes are widely used in the construction industry for their ability to reach high and narrow spaces, making them an essential tool for various construction applications.

2. Advancements in technology and design: Technological advancements in the design and functionality of articulating knuckle boom cranes have increased their efficiency and versatility. The development of advanced features such as remote control operation, telescopic booms, and enhanced load capacity has expanded the market for these cranes in various industries.

3. Growing emphasis on workplace safety: With the increasing emphasis on workplace safety, there is a rising demand for articulating knuckle boom cranes that offer improved safety features and ergonomics. These cranes provide enhanced operator visibility and better maneuverability, reducing the risk of accidents and injuries on job sites.

4. Expansion of the renewable energy sector: The expansion of the renewable energy sector, including wind and solar power projects, is expected to drive the demand for articulating knuckle boom cranes. These cranes are essential for the installation and maintenance of renewable energy infrastructure, contributing to the growth of the market.

Report Scope

Report Coverage	Details
Segments Covered	Mounting Type, Product, Capacity, End User
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Amco Veba Atlas Bonfiglioli Group Copma Cranes Cormach S.r.l. Effer S.p.A. F.lli Ferrari S.p.A. Fassi Gru S.p.A. Heila Cranes S.r.l. Hiab HMF Group IMT Kinshofer Manitex International, Palfinger AG PM Group S.p.A. Sany Group SOIME S.r.l. XCMG Group Zoomlion Heavy Industry Science & Technology

Industry Restraints:

1. High initial investment and maintenance costs: The high initial investment and maintenance costs associated with articulating knuckle boom cranes can act as a restraint on market growth. Customers may be deterred by the significant capital required for purchasing and operating these cranes, especially for small and medium-sized businesses.

2. Regulatory constraints and standards: The stringent regulatory standards and compliance requirements for articulating knuckle boom cranes can pose a challenge for market growth. Manufacturers and operators must adhere to industry regulations and safety standards, which can impact the production and operation of these cranes.

3. Limited operational reach and load capacity: While articulating knuckle boom cranes offer enhanced maneuverability and flexibility, they have limitations in operational reach and load capacity compared to other types of cranes. This can restrict their suitability for certain heavy-duty applications, limiting their potential market growth in industries such as mining and heavy construction.

Overall, the articulating knuckle boom cranes market is poised for growth due to increasing demand from construction and infrastructure projects, technological advancements, emphasis on workplace safety, and expansion of the renewable energy sector. However, challenges such as high costs, regulatory constraints, and operational limitations need to be addressed to fully realize the market's potential.

Regional Forecast:

North America: The articulating knuckle boom cranes market in North America is expected to witness steady growth due to the presence of a robust construction industry in the United States and Canada. The increasing demand for efficient and versatile material handling equipment in various industries such as construction, transportation, and logistics is driving the market growth in this region.

Asia Pacific: In the Asia Pacific region, countries such as China, Japan, and South Korea are anticipated to be the major contributors to the growth of the articulating knuckle boom cranes market. Rapid urbanization, infrastructure development, and investments in construction and manufacturing sectors are driving the demand for articulating knuckle boom cranes in this region.

Europe: The articulating knuckle boom cranes market in Europe is poised for significant growth, particularly in countries like the United Kingdom, Germany, and France. The increasing focus on sustainable construction practices and the adoption of advanced material handling equipment in various industries are fueling the demand for articulating knuckle boom cranes in the European market.

Overall, the articulating knuckle boom cranes market is witnessing substantial growth across North America, Asia Pacific, and Europe, driven by the increasing demand for efficient and versatile material handling equipment in various industries. The market is expected to continue to expand as companies in these regions invest in modernizing their equipment and expanding their operations.

Segmentation Analysis:

In terms of segmentation, the global articulating knuckle boom cranes market is analyzed on the basis of Mounting Type, Product, Capacity, End User.

Articulating Knuckle Boom Cranes Market

Mounting Type:

The mounting type segment in the articulating knuckle boom cranes market refers to the way in which the crane is mounted onto a vehicle or other mounting structure. This segment includes options such as truck-mounted, marine-mounted, and trailer-mounted cranes. Each mounting type offers unique advantages and is suitable for specific application requirements. Truck-mounted cranes are popular for their mobility and versatility, while marine-mounted cranes are designed for use on ships and vessels. Trailer-mounted cranes, on the other hand, are suitable for temporary or occasional use and can be easily transported to different job sites.

Product:

The product segment of the articulating knuckle boom cranes market includes various types of cranes based on their design and features. This segment encompasses options such as compact cranes, heavy-duty cranes, and light-duty cranes. Compact cranes are smaller in size and are ideal for applications where space is limited, such as urban construction sites. Heavy-duty cranes are specifically designed to lift and transport heavy loads, while light-duty cranes are more suitable for lighter lifting tasks and are often used in industries such as landscaping and maintenance.

Capacity:

The capacity segment relates to the lifting capacity of articulating knuckle boom cranes, which is a crucial factor in determining their suitability for different applications. This segment includes options such as low capacity, medium capacity, and high capacity cranes. Low capacity cranes are typically used for lighter lifting tasks, while medium capacity cranes are suitable for a wide range of applications and can lift moderate loads. High capacity cranes, on the other hand, are designed for heavy-duty lifting operations, such as in the construction and manufacturing industries.

End User:

The end user segment in the articulating knuckle boom cranes market refers to the industries and sectors that utilize these cranes for various applications. This segment includes end user categories such as construction, oil and gas, shipping and marine, forestry, and others. Construction companies utilize articulating knuckle boom cranes for lifting and transporting materials on job sites, while the oil and gas industry often requires cranes for offshore operations. Shipping and marine applications include the use of cranes for cargo handling on ships and vessels, while forestry operations utilize cranes for timber harvesting and transportation.

Competitive Landscape:

The competitive landscape in the Articulating Knuckle Boom Cranes Market is characterized by intense rivalry among key players, driving innovation and product development. The market is highly fragmented with several regional and global players competing for market share. The key factors driving competition in the market include price, product quality, after-sales services, and technological advancements. Moreover, partnerships, acquisitions, and collaborations are also common strategies adopted by leading players to enhance their market presence and expand their customer base.

Top Market Players:

1. Palfinger AG

2. Fassi Gru S.p.A.

3. Hiab

4. Terex Corporation

5. Manitex International, Inc.

6. Cargotec Corporation

7. Elliott Equipment Company

8. Altec Industries, Inc.

9. Socage Srl

10. F.lli Ferrari S.p.A.