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

Articulating Knuckle Boom Cranes Market Size

Articulating Knuckle Boom Cranes Market was valued at USD 1.3 billion in 2023 and is anticipated to register a CAGR of over 4% between 2024 and 2032, due to the rising investment in infrastructure development. The expansion of megacities, as well as the necessity for new buildings, hospitals, and other structures, has created a demand for cranes at various phases of construction.

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The increasing demand for efficient and versatile lifting solutions is a significant growth factor for the articulating knuckle boom cranes market. Unlike standard cranes with fixed booms, knuckle boom cranes have numerous sections that can bend and fold, providing more flexibility and precision while lifting and placing goods. This is especially important in restricted places and crowded work environments like those seen in urban construction, wind farm maintenance, and shipyard operations. Knuckle boom cranes’ compact size and self-propelled design allow for faster setup and deployment than conventional cranes, which need considerable installation. This leads to higher productivity and less downtime on projects.

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The high initial cost is a major challenge faced by the articulating knuckle boom cranes market, potentially slowing down its growth. Smaller enterprises with limited funds may encounter challenges due to the high initial investment costs. This may limit their capacity to compete against larger corporations who can afford to buy and operate these cranes, as well as restrict their access to cutting-edge technologies with significant benefits for efficiency and safety. Some projects, particularly those of a smaller size, may struggle to justify the costs of owning or renting a knuckle boom crane due to the high initial cost. Along with this, the high cost of developing and implementing new technologies in knuckle boom cranes can be discouraging for manufacturers.

Articulating Knuckle Boom Cranes Market Trends

The articulating knuckle boom cranes industry has witnessed significant technological advancements. The integration of advanced computer-aided systems and load-sensing technology enhances precision and control during lifting operations, resulting in faster completion times and less human fatigue. Real-time monitoring of crane performance, fuel consumption, and maintenance schedules enables improved fleet management, preventative maintenance, and resource allocation, resulting in increased efficiency and production.

In addition, the introduction of semi-autonomous or completely autonomous functions has the potential to minimize dependency on experienced operators, reduce the skilled labor gap, and increase efficiency in specialized applications. Integration of technologies like overload protection systems, anti-two-block systems, and boom collision avoidance minimizes the risk of accidents and injuries, leading to safer working environments.

Articulating Knuckle Boom Cranes Market Analysis

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Based on mounting type, the trucks segment captured around 66% market share in 2023 and is poised for significant growth. Truck-mounted cranes, as compared to stationary cranes, have their own driving capabilities, allowing them to travel from one location to another without the need for extra transportation. This translates to better adaptability and higher utilization rates, particularly for firms that manage many projects in different locations.

Along with this, truck-mounted knuckle boom cranes are smaller and easier to drive than bigger cranes, making them ideal for crowded work areas and urban locations. This enables for simpler movement in narrow locations and around obstacles, resulting in more efficient functioning in a variety of applications. Truck-mounted cranes integrate the chassis, crane, and operator cabin into a single unit, reducing the need for crane components to be transported and assembled separately. This simplifies logistics, reduces setup times, and boosts overall operating efficiency.

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Based on the capacity, the multiple bay segment held a major market share of around 34% in 2023 and is expected to grow significantly. The below 10-ton segment currently holds the highest share of the articulating knuckle boom cranes market. The lower lifting capacity allows them to do a wider range of activities than higher-capacity cranes. They have a wide range of applications, including building, maintenance and repair, manufacturing, event setup and dismantling, etc.

Moreover, these products also have lower initial and ongoing expenses than larger-capacity cranes. This makes them a more accessible alternative for smaller enterprises and contractors with limited budgets, as well as rental organizations that serve a broader range of clients with varying demands and scenarios requiring temporary lifting solutions for certain activities.

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North America dominated the global articulating knuckle boom cranes market with a share of over 32% in 2023. The North American region has a vibrant market environment defined by consistent expansion and technological advancements. Increased demand from industries such as construction, logistics, and forestry are the key drivers of market growth. Additionally, stringent safety standards and an increasing emphasis on efficiency and productivity help to drive market expansion. The presence of established competitors, as well as constant innovation in crane technology, help to strengthen the market in North America.

Articulating Knuckle Boom Cranes Market Share

Fassi Gru S.p.A. and Manitex International Inc hold a significant market share of over 24% in the articulating knuckle boom cranes industry. Numerous companies offer extensive post-sales support services, encompassing training initiatives, maintenance agreements, spare parts availability, and technical guidance, all aimed at guaranteeing customer satisfaction and fostering enduring loyalty.

Some companies implement vertical integration strategies by overseeing critical aspects of the supply chain, such as manufacturing facilities, distribution channels, and service centers, in order to uphold quality standards and enhance cost-effectiveness.

Articulating Knuckle Boom Cranes Market Companies

Major players operating in the articulating knuckle boom cranes industry are

• Amco Veba
• ATLAS GmbH
• Bonfiglioli Group
• Copma Cranes
• Fassi Gru S.p.A.
• Manitex International Inc
• PALFINGER AG
• PM Group S.p.A.
• Sany
• XCMG Group

Articulating Knuckle Boom Cranes Industry News

• In March 2023, Manitex International unveiled its latest offering, the TC850 Series Truck-Mounted Crane, boasting an 85-ton capacity and introducing a novel outrigger design that eliminates the requirement for a front jack. This crane aims to optimize efficiency and user-friendliness in lifting tasks, meeting the demands of diverse industries seeking robust lifting solutions.
• In October 2023, Optilift partnered with Palfinger in Aker BP's project to develop autonomously operated offshore knuckle boom cranes. The goal is to create cranes capable of transferring cargo from supply vessels to offshore platforms without human intervention. Optilift's participation underscores its dedication to remote-controlled crane technology and its suitability for offshore operations.

This articulating knuckle boom cranes market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2018 to 2032, for the following segments

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Market, By Mounting Type

• Truck
• Stationary

Market, By Product

• Electric
• Diesel
• Hydraulic

Market, By Capacity

• Below 10 Ton
• 10 to 50 Ton
• 50 to 100 Ton
• Above 100 Ton

Market, By End-Users

• Rental
  • Electric
  • Diesel
  • Hydraulic
• Construction
  • Electric
  • Diesel
  • Hydraulic
• Mining
  • Electric
  • Diesel
  • Hydraulic
• Oil & Gas
  • Electric
  • Diesel
  • Hydraulic
• Energy
  • Electric
  • Diesel
  • Hydraulic
• Forestry
  • Electric
  • Diesel
  • Hydraulic
• Marine
  • Electric
  • Diesel
  • Hydraulic
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA