Tower Crane Market - Key Growth Drivers, Regional Insights and Competitor Analysis to 2025
Category: #reports  By Rahul Varpe  Date: 2020-04-20
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Tower Crane Market - Key Growth Drivers, Regional Insights and Competitor Analysis to 2025

The size of the Tower Crane Market was accrued at USD 3 billion in 2018 and is presumed to accumulate over USD 5.5 billion by the year 2025. According to research, the Tower Crane Market is expected to grow with a CAGR of 7% during the period of 2019-2025.

The overall tower crane market, pertaining to increasing product demands, has been witnessing numerous technological advancements, including the integration of hydraulic systems or electric motors & internal combustion engines (ICEs). These advancements greatly increase the component’s efficiency and facilitate an enhanced level of productivity for end-use sectors. Not to mention, the ICEs & electric motors also help in eliminating carbon emissions – a major factor to be considered, given the regulations that are currently enforced on the construction, utility & mining sectors. As on today, an increasing number of manufacturers & customers are focusing more on employing environmentally friendly practices to reduce the global pollution, which would open up new growth avenues for the overall tower crane industry.

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The rising construction & infrastructure upgradation projects & the deployment of heavy-load lifting equipment have been fueling tower crane market growth since the last few years. Tower cranes are renowned across the global construction sector for their ability to conveniently transport raw material to and from the construction site, significantly reducing the project’s overall development time. In fact, tower cranes have become so essential in construction that today they are a common fixture at any major construction site globally.

The construction sector is considered to be of extreme importance in the European economy given that it is home to more than three million enterprises that directly employ a total of 18 million individuals, as claimed by the European Builders Confederation. The organization further estimates that the European construction sector accounts for more than 9% of the total GDP of the European Union. While the economic crisis severely affected the continent’s construction segment between 2008 & 2013, the market slowly began its recovery in 2015.

Eurostat & Euroconstruct have both attributed the recovery to factors such as strong economic growth, the state of public finances, rising household income and growing corporate profits. These factors, along with the simultaneous construction-output growth across 19 Euroconstruct nations, were responsible for the EU recording an overall peak growth 4.1% in 2017. In the years ahead, the regional construction sector is expected to record substantial gains bringing respite to the Europe tower crane market.

Market Growth Drivers -

  1. Increasing high-rise building activities across the globe
  2. Accelerating crane rental demand in North America & Asia Pacific
  3. Utilization of heavy equipment at post & shipyards globally
  4. Presence of several tower crane manufacturers in Europe
  5. Recovering construction sector in Latin America
  6. Development of urban infrastructure in South Africa and India
  7. High demand for tower cranes from the utility sector in MEA

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According to the World Economic Forum, construction is a massively proliferating industry in APAC with numerous economies in the region building their way to a more developed & interconnected future. From extensive redevelopment projects that aim to reinvigorate ageing transport-hubs to new schemes that are specifically designed to open up the region to the global market, nations across the APAC are investing in infrastructural development at an immense scale. This in consequence, would help APAC tower crane market chart out an extremely lucrative growth graph in the ensuing years.

On of the most prominent regional grounds for the APAC tower crane industry would be India. The country’s Prime Minister, Narendra Modi, in 2017 announced a drive to facilitate proper housing facilities to the nation’s population of 1.3 billion. Increasing income levels and the subsequent affordability are slated to release a trillion-dollar wave of investment across the nation’s housing sector over the coming years. The drive expects to construct more than 60 million new homes between 2018 & 2024, generating approximately 2 million new job opportunities on an annual basis.

Split by application, the market is divided into: -

  1. Rental
  2. Construction
  3. Mining
  4. Shipyards
  5. Utility

Know about Market growth in New Research and its Top growing factors by Key Companies like

Action Construction Equipment Ltd, Favelle Favco, FMGru, Hankook Tower Crane, JASO Industrial Cranes, Jost Cranes, Liebherr Group, Linden Comansa, Manitowoc Cranes, Raimondi Cranes S.p.A., Sany Group, Shandong Dahan Construction Machinery Co, Ltd., Terex Corporation, WOLFFKRAN International AG, 0MG Group, Yongmao, Zhejiang Construction Machinery Group, Zoomlion Heavy Industry Science and Technology Co. Ltd.

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Key Reasons to Purchase the Market Report

  1. The report elucidates detailed evaluation of the market with regards to product scope, end-use terrain, market opportunities, and regional demand for the period 2019-2025
  2. An insightful documentation of meta-analysis of the global market based on the global manufacturers and various regions till 2025 is contained in the report
  3. The study entails details about the factors propelling the growth of the industry, alongside the preventive strengths of the market.
  4. The report unveils the hidden growth prospects of the market and provide CAGR forecast of the market until 2025
  5. The report further evaluates the key issues, their solutions, and product developments to channelize the market growth.


About Author

Rahul Varpe

Email: [email protected]   

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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