Pune, India, June 26, 2019 (GLOBE NEWSWIRE) -- The global tower crane market report by Market Research Future (MRFR) outlines major drivers and trends which can affect the construction sector. Tower cranes are equipment used in lifting heavy loads from one place to another in construction projects. They are stationary devices which can work well in constricted sites and lift close to 20 tons. The boom in the construction sector after the financial crisis of 2008 which affected the housing sector can play a major role in inducing demand for tower cranes.
Market Prospects
The global tower crane market size can balloon to USD 22,232.1 million by exhibiting 4.32% CAGR from 2018 to 2023 (forecast period). Rising demand for buildings and apartments in residential and commercial spaces is the primary driver of the market. This can be credited to the inflated infrastructure budget which had increased by 6%, as per the report by the U.S. Census Bureau.
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The uptake in investments in public infrastructural projects due to ambitions of developing nations such as India and China can drive the market growth. Rollout of policies such as the Real Estate Regulation and Development Act meant to make housing affordable can augur well for the market till 2023.
Although high prices of cranes can lead to hesitant purchasing decisions among small land developers, emergence of rental companies which can provide solutions can positively impact the tower crane market.
Competitive Landscape
Key market players include HKTC (Korea), Wolfkkran International AG (Switzerland), Shandong Dahan Construction Machinery Co., Ltd. (China), Fangyuan Group Co. Ltd. (China), Favelle Favco BHD (Malaysia), Manitowoc (U.S.), Guangxi Construction Engineering Group Ltd. (China), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Shandong Huaxia Group Co., Ltd (China), Yongmao Holdings Limited (Singapore), Sichuan Construction Machinery (Group) Co. (China), Terex Corporation (U.S.), Zhejiang Construction Machinery Group Co., Ltd. (China), LIEBHERR (Switzerland), and XCMG Group (China).
High-rise Buildings to Induce Tower Crane Market
The frenetic lifestyle of citizens amid rising urbanization is likely to drive the need for high-rise buildings which can provide a sense of comfort and security to denizens living in cities. Need for tall buildings which can be built with prefabricated components is expected to induce the need for tower cranes. Rising ambition of developers in real estate with a focus on reducing the time of construction will work favorably for the Tower Crane Market. This is evident with the cranes being used for lifting 12 tons bathroom pods in Singapore.
Segmentation
The tower crane market is segmented by type and application.
By type, it is segmented into luffing jib, hammerhead, flat top, and self-erecting. The self-erecting segment is predicted to touch USD 7,404.2 million by 2023. It accounted for 33.6% share in 2017. The main driver of the segment includes the easy folding out of the equipment. Preference for these cranes in construction of residential buildings, refinery factories, and dams can facilitate growth in the segment. On the other hand, hammerhead cranes are touted to touch a size of USD 7,208.9 million by the end of the forecast period, while luffing jib tower cranes can reach a valuation of USD 5,277.5 million by 2023.
By application, it is segmented into shipyards, power plants, high rise building, dam building, and bridge building. Among them, high rise buildings can touch a size of USD 7,518.9 million by 2023 due to expansion of cities and need for volumetric buildings capable of housing citizens.
Regional Analysis
Geographically, the global tower crane market report by MRFR looks at the Middle East & Africa, Europe, South America, North America, and Asia Pacific (APAC).
The North America region is expected to experience 4.81% CAGR during the assessment period due to economies of Canada and the U.S. investing in real estate. Need for high rise buildings and bridges is anticipated to induce the need for tower cranes. Moreover, expansion of cities due to robust rate of migration is likely to bolster the global tower crane market growth.
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The APAC region can touch a size of USD 9,196 million by 2023 at 4.58% CAGR during the assessment period. This can be attributed to developing economies of China and India investing heavily in the improvements of their respective infrastructure. High demand for traffic management, smart grids, and efficient transportation are other factors which can drive the regional market growth.
Industry News
The introduction of the Potain MCi 48 C tower crane by Manitowoc in India is expected to assist in driving the glut of development programs in the country. Changing mindsets of contractors at small enterprises is likely to lead to high adoption of the crane and enhance efficiency at sites.
Related Reports
Tower Crane Rental Market Research Report, Information: by Product Type (Hammer Head Tower Cranes, Self-erecting Tower Cranes, and Flat Top Tower Cranes,), End-use (Residential, Commercial, and Infrastructure), Regions — Forecast till 2023.
https://www.marketresearchfuture.com/reports/tower-crane-rental-market-7651
Crane Market Information Report by Crane Types (Mobile Cranes, Fixed Cranes, and Marine Cranes), By Application (Construction & Infrastructure, Mining, Oil & Gas, and others) and By Region - Global Forecast To 2023.
https://www.marketresearchfuture.com/reports/crane-market-2934
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