The ‘Global Tower Crane Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global tower crane market, assessing the market on the basis of its segments like types, lifting capacities, end-user industries, and major regions.
The key highlights of the report include:
Market Overview 2018-2028
• Forecast CAGR (2023-2028): 4.5%
The increasing deployment of tower cranes in the building and construction, infrastructure development, and energy sectors, is driving the market growth. The rapid growth of the building and construction sector, owing to robust urbanisation and increasing investments towards residential and commercial construction projects, is boosting the demand for tower cranes. The rising cost of labour is further providing impetus to the tower crane market, due to the low demand for labour required to operate tower cranes.
Over the forecast period, the anticipated increase in infrastructure development and renovation projects across the emerging economies are likely to bolster the demand for tower cranes to facilitate the construction of high-rise buildings. In addition, tower cranes reduce construction time and are extremely efficient, which is further expected to spearhead the orderliness and productivity of construction.
Tower Crane Industry Definition and Major Segments
A tower crane is a fixed L-shaped crane which can carry and transfer heavy loads to high-altitude buildings with minimum human assistance. Tower cranes facilitate the construction of buildings adjacent to, or around it, which is a crucial advantage heightening the growth of tower crane market.
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Based on type, the market can be segmented into:
• Luffing Jib
• Flat Top
On the basis of lifting capacity, the market has been classified into:
• Less than 5 ton
• 6 to 10 ton
• More than 10 ton
Based on end-user industry, the market is segmented into:
• Infrastructural Construction
• Building Construction
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Tower Crane Market Trends
In the global tower crane market, key trends include the growing research and development activities by the major tower crane manufacturers aimed towards innovating new models with greater efficiency and reliability. Meanwhile, the escalating deployment of diverse tower cranes such as high-capacity flat top, self-erecting, and hammerhead cranes, among others, across various end use projects, is further adding to the market numbers.
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The rapid industrial construction initiatives, especially across the energy industry, owing to the growing global demand for energy, are further generating the demand for tower cranes. This demand is growing in order to achieve cost-management goals, as well as efficient construction productivity, further bolstering the tower crane market.
In terms of geography, Asia Pacific occupies a sizable share in the market, owing to the rapid sophistication of crane technology due to the increasing expansion of tower crane producers. Over the forecast period, the anticipated expansion of the construction industry across the emerging economies such as India and China, is likely to expand market opportunities.
Key Market Players
The major players in the tower crane market report
• Yongmao Holdings Limited
• The Manitowoc Company, Inc
• Liebherr-International Deutschland GmbH
• Terex Corporation
• WOLFFKRAN Group
• Mammoet Group
• Sarens n.v./s.a.
• Zoomlion Heavy Industry Science&Technology Co., Ltd.
• Lampson International LLC
• Deep South Crane & Rigging, LLC
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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