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.
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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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