NEWARK, Del, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the tower crane market is expected to reach US$ 21,063.30 Million in 2023. The market is predicted to reach a value of US$ 33,661.95 Million in 2033. Between 2023 and 2033, the market is expected to register a CAGR of 4.8%.
The creation of an optimal tower crane requires a lot of expertise and experience. In most construction sites, cranes are secured with foundations. As construction workers seek to increase productivity, speed, and safety, cranes have steadily increased in size and strength. Stationary or mobile cranes can be used for different tasks depending on the requirements.
With modern tower cranes, construction firms can be more productive and efficient. Tower cranes can be used to construct tall buildings in the most densely populated urban areas using eco-friendlier methods. The completion of building projects can also be accomplished more quickly, more efficiently, and at a lower cost. Cost savings associated with labor are the most appealing feature of renting a tower crane.
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Companies that develop buildings benefit from tower cranes because they can work more quickly and effectively. To handle even the heaviest tasks effortlessly, these heavy-lifting staples will come in handy. The tower cranes are not only a great addition to any urban aesthetic, but also they also come in handy for lifting heavy items, such as concrete, steel, and other heavy items.
A portable option also eliminates the need to carry bulky equipment. Automation and remote operation technologies are gradually being adopted by the construction industry. Remote control and automation could lead to tower cranes becoming less dependent on on-site operators. The result can be an improvement in safety and efficiency, as well as a reduction in labor costs.
Key Takeaways:
- By design, bottom stewing cranes will contribute 63.4% of market revenue through 2033.
- According to the forecast, hammerhead cranes will hold a 35.6% market share.
- The United Kingdom is expected to experience a CAGR of 4% until 2033.
- Throughout 2033, the demand for tower cranes in the United States is expected to increase by 4.5% CAGR.
- By 2033, the tower crane market in India is predicted to expand at 5.8% CAGR until 2033.
“New manufacturing techniques and efficient tower cranes will drive demand. Increasing safety regulations and rental rates will drive market growth over the next few years," – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Various players operate in the tower crane industry, making it moderately competitive. It is becoming increasingly common for players to carve out a niche for a specific demographic. Strong partnerships with a high focus on innovation have benefited the market. As a result, a series of tower cranes have been launched since the beginning of the decade.
Market Developments Include
- In September 2023, The NFT Group, headquartered in Abu Dhabi, is the exclusive distributor of Potain cranes in the Middle East and has one of the world's largest tower crane fleets. As part of the vast NEOM development, two Potain tower cranes have been purchased and are being shipped immediately to a Saudi Arabian tourist attraction. An MCT 1005 and an MCT 1105 are two of Potain's largest topless tower cranes, but one is the newest.
- In October 2023, Manitowoc launched its Grove GRT8100-1 rough-terrain crane and Grove five-axle all-terrain cranes at GIS Expo 2023, Europe's largest lifting, transportation, and industrial exhibition. With so many customers, partners, and colleagues attending the GIS Expo, the event has become increasingly important.
Key Companies Operating in the Tower Crane Market:
- Xuzhou Construction Machinery Group Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Company Ltd.
- Liebherr
- Terex Corporation
- Manitowoc
- Sany Group
- Action Construction Equipment
- Konecranes
- Raimondi
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the tower crane industry, the market is segmented on the basis of Lifting Capacity (Up to 5 Tons, 5 to 10 Tons, 10 to 20 Tons, 20 to 30 Tons, 50 to 250 Tons), Design (Top Slewing, Bottom Slewing), Product Type (Self-Erecting, Hammer Head Cranes, Luffing Jib Cranes, Mobile Cranes), End-Use, Building & Construction, Civic Infrastructure, Marine & Sea Ports, Mining, Others) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
Tower Crane Industry Segmentation Analysis:
By Lifting Capacity:
- Up to 5 Tons
- 5 to 10 Tons
- 10 to 20 Tons
- 20 to 30 Tons
- 50 to 250 Tons
By Design:
- Top Slewing
- Bottom Slewing
By Product Type:
- Self-Erecting
- Hammerhead Cranes
- Luffing Jib Cranes
- Mobile Cranes
By End-use:
- Building & Construction
- Civic Infrastructure
- Marine & Sea Ports
- Mining
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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