As per the industry market report, the Tower Crane Market is projected to exhibit a 5% CAGR during the ongoing forecast period.
Tower cranes are considered stationary equipment that is used in lifting heavy components. It is known to have the capacity of lifting nearly 20 tons and is used for the construction of high-rise building projects. The global tower crane market is likely to exhibit a rising 5% CAGR during the ongoing forecast period owing to the demand for residential buildings and different kinds of apartments in urban areas. According to a report that has been circulated by the U.S. census bureau in 2018, the construction budget in the region had increased by 6% which can bode well for the global market share in the forthcoming years.
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There has been a steep increase in the construction activities followed by the development of high-rise commercial residential structures globally. These factors are driving the tower crane market growth. Heavyweight lifting capacities of the machines as compared to other conventional options will offer a better degree of support for their usage, majorly in urban building operations. There has been an increase in the global population and rapid urbanization across the globe that will create the need for efficient infrastructure facilities, and other advantages like residences, and buildings. Additionally, the advantage of growing infrastructure refurbishment projects and the expansion of Tier I Tier II cities in several Asian countries are likely to create a huge demand for these machines and hence, adds up to the industry demand. However, the growth of the global industry is being hindered by the unavailability of skilled and trained operators in several countries, followed by other factors like limiting machinery utilization and a huge increase in the cost of training procurement for the contractors.
The tower crane market has been segmented based on the following for a promising growth in the global forecast period.
The global market is segmented into types like self-erecting, flat top, hammerhead, and luffing jib tower cranes.
The market has been segmented into dam building, bridge building, high rise building, power plants, along shipyards.
The market segments covered in the tower crane market report have been analyzed concerning four main regions namely the North American region, the South American region, the European region, the Asia Pacific (APAC) region, and the Middle East and Africa (MEA).
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The European tower crane market is growing rapidly owing to the increased utilization of efficient weight lifting equipment. The technically-advanced machines in the market are being used in these sectors as there is an increasing focus of the European Union and customers on providing safer work environments. The European countries have several types of equipment and worker safety-related regulations.
Players leading the tower crane market include Yongmao Holdings Limited (Singapore), Wolfkkran International AG (Switzerland), XCMG Group (China), Fangyuan Group Co. Ltd. (China), Shandong Dahan Construction Machinery Co., Ltd. (China), Guangxi Construction Engineering Group Ltd. (China), Zhejiang Construction Machinery Group Co., Ltd. (China), Zoomlion Heavy Industry Science Technology Co., Ltd. (China), LIEBHERR (Switzerland), Favelle Favco BHD (Malaysia), Manitowoc (US), Terex Corporation (US), HKTC (Korea), Sichuan Construction Machinery (Group) Co. (China), and Shandong Huaxia Group Co., Ltd (China), among others.
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The rise of investments in public infrastructure projects by countries like China and India is likely to induce the need for tower cranes in the APAC region. Major policy rollouts such as the Real Estate (Regulation and Development) Act in 2018 in the Indian region of the APAC region can further help the development of cities and towns. These factors are anticipated to spur market growth over the forecast period.
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