Tower Crane Market Size [2023

Tower Crane Market to Experience Prolific Growth; Rapid Adoption of Advanced Building & Construction Equipment in Developed Nations to Aid Market Expansion

Pune, India, April 18, 2023 (GLOBE NEWSWIRE) -- The global Tower Crane Market size is projected to enter a period of dynamic growth on account of speedy expansion of construction activities across the globe, according to Fortune Business Insights™ in its report, titled “Tower Crane Market Size, Share & Industry Analysis, By Product Type (Flat Top Crane, Hammerhead Crane, Luffing Jib Crane), By Design (Top Slewing Crane, Bottom Slewing Crane), By Lifting Capacity (Below 5 Metric Tons, 6 to 20 Metric Tons, 21 to 50 Metric Tons, 51 to 80 Metric Tons, 51 to 80 Metric Tons, Above 80 Metric Tons), By End-use Vertical (Infrastructural Sector, Residential Sector, Commercial Sector) and Regional Forecast, 2023-2030”.

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A report produced by Oxford Economics and Global Construction Perspectives and published by the Institution of Civil Engineers forecasted that the global volume of construction output will rise by 85%, reaching an estimated value of USD 15.5 trillion by 2030. China, the US, and India will account for nearly 57% of this growth, the report further highlights. Surging building operations will inevitably generate massive demand for machinery and equipment such as tower cranes, which are crucial in erecting buildings and creating infrastructure for a nation. The tower crane market is expected to make substantial gains from these developments in the forthcoming years.

List of Key Players Profiled in the Tower Crane Market Report:

Shandong Huaxia Group Co. Ltd.

FMGru SRL

Raimondi Cranes S.p.A.

Sany Group

Liebherr-International Deutschland GmbH

TopPower General Trading LLC

Shandong Dahan Construction Machinery Co. Ltd.

Yongmao Holdings Limited

Wolfkkran International AG

Sichuan Construction Machinery Group Co.

Linden Comansa SL

HanKook Tower Crane Co., Ltd.

Manitowoc Co. Inc.

Zoomlion Heavy Industry Science & Technology Co. Ltd.

Action Construction Equipment Ltd.

XCMG Group

Terex Corporation

What Does the Report Offer?

Bird’s-eye view understanding of the market trends and drivers;

Piecemeal examination of all possible market segments;

Comprehensive insights into the market restraints; and

In-depth study of the regional dynamics and competitive landscape of the market.

Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2023-2030

Forecast CAGR

Striking CAGR

Base Year

2022

Historical Data

2019-2021

Segments Covered

By Product Type, By Design, By Lifting Capacity, By Geography, By End-use Vertical

Growth Drivers

Rapid growth in infrastructural sector

Increase in utilization of heavy equipment at shipyards globally

Covid-19 Impact:

The global economy is reeling under the effects of the COVID-19 pandemic. Business operations have come to a sudden halt due to lockdown and social distancing measures and industrial output has decreased significantly. In such impossible circumstances, having precise information on industries and markets becomes crucial. At Fortune Business Insights™, we aim to provide you with the accurate market intelligence of the highest quality in the form of research reports created by our well-experienced and expert research team. Together, we can survive this crisis situation and emerge stronger than before.

Click here to get the short-term and long-term impact of COVID-19 on this market.

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Market Driver

Increasing Deployment of Flat Top Tower Cranes to Boost Market Prospects

Flat top tower cranes possess a host of favourable characteristics that make them an attractive and efficient candidate in construction activities. For example, these cranes have no tower top and by extension, no pull rod and outrigger, which gives them excellent structural strength and balance. Tower cranes with flat tops are also cost-effective because they have small volume and occupy relatively lesser space, making their installation vastly easier compared to regular cranes and reducing maintenance and warehousing costs substantially. Furthermore, the components that comprise these cranes are changeable, modularized, and standardized, which ensures that all parts of the equipment are utilized, providing high return on investment. Lastly, a flat top crane’s jib boom can be dismantled and replaced mid-air, permitting project managers to use these cranes in special operations such as construction of industrial cooling towers and suspension bridges. Together, these advantages are fueling the tower crane market growth.

Regional Insights

Massive Investments in Construction Sector to Propel the Market in Europe

The European Union (EU) countries are pouring massive amounts of money into the building & construction sector, which is stoking the adoption of advanced equipment in the region. For instance, the European Commission recently announced plans to invest over USD 370 billion in the construction industry over next few years.

Asia Pacific is expected to expand its footprint in the tower crane market share in the coming years on account of skyrocketing demand for construction activities as a result of rapid urbanization. In addition to this, mining and transport activities are growing at a furious pace in India, China, and Vietnam, which is elevating the demand for various types of construction equipment. In North America, strong government support to green projects and public transport infrastructure projects will primarily drive the regional market growth.

Competitive Landscape

Key Players to Concentrate on Tapping Emerging Markets

The competition in the tower crane market is heavy as most players are seeking to capitalize on the lucrative business opportunities created by the booming construction sector. In emerging economies especially, the opportunities to expand and diversify are ample and many of the key players in this market are constantly developing products to suit the needs of these regions.

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Industry Developments:

December 2019: LINDEN Comansa, the Spanish crane company, released its 21CM750 tower crane model in China. The flat top model is the largest of its kind developed by the company in China and features European safety standards as well as a host of other advanced capabilities.

August 2019: The US-based material-handling specialist, Terex Corporation, sold off its Demag® Mobile Cranes business to the Japanese crane manufacturer Tadano Limited for an estimated value of USD 215 million.

Table Of Content:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers 2030

Market Restraints

Market Opportunities

Key Insights

Key Emerging Trends – For Major Countries

Latest Technological Advancement

Regulatory Landscape

Porter Five Forces Analysis 2030

Qualitative Analysis – Impact of COVID-19

Impact of COVID-19 on the Market

Steps Taken by the Government to Overcome the Impact

Key Developments by Industry Players in Response to COVID-19

Potential Opportunities and Challenges due to COVID-19 Outbreak

Competitive Analysis

Company Market Share Analysis, 2030

Company Profile

Business Overview

Product & Service Offering

Overall Revenue

Geographic Presence

Recent Development

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