This study intends to unfurl the multiple facets of global tower crane market. The insights offered in the report aid in market growth examination during the forecast period.
Tower Crane Market Receives Notable Contribution from Construction Industry
Globally, increasing urbanization has led to many infrastructure and development projects, including high-rise structures, bridges, dams, and more, and has been a key factor in the growth of the tower crane market. As precast construction methods have grown in popularity, there is a greater requirement for tower cranes in the building and construction sector. Megastructures, including stadiums, airports, and other structures, are major business drivers. Additionally, these cranes are frequently used in various industries, including shipyards and mining, to raise large structures, contributing to the healthy growth of market during the projection period. The amount of construction work has grown exponentially over time. The rate of urbanization has dramatically accelerated, and people are moving from rural to urban regions in search of employment. These factors have influenced the increase in residential and commercial development activity.
As a result, the expanding construction industry is anticipated to drive growth in the global tower crane market throughout forecasting. Leading construction companies frequently employ tower cranes because they help with task optimization and project completion on schedule. A tower crane is regularly used to carry heavy equipment, including generators and acetylene torches. Steel, concrete, and other building materials can be raised using them. These cranes are perfect for cramped building sites. A major growth driver for the market will be the need for open areas for skyscraper construction. The tower crane industry has a large number of participants. They engage in fierce competition. Manufacturers in the market for tower cranes devote much time to R&D activities to launch new and unique products for end-users.
Tower Crane Market Gains Significantly from Climbing Infrastructural Investments
Government programs involving the development of public infrastructure have multiplied over time. The development of hospitals, bridges, dams, and other types of public and private infrastructure has improved the growth possibilities for the tower crane market, and this ongoing trend is expected to continue throughout the projected period. Companies can introduce innovative products to the market by increasing R&D efforts through partnerships or collaboration. The market will also have attractive sales potential thanks to establishing sales and service operations in developing nations and sustained partnerships with local distributors. Due to increased building activity and the emergence of high-rise offices and residential buildings worldwide, the market is expanding. Compared to other traditional choices, the heavyweight lifting capabilities of these machines will increase their usage, particularly in urban construction activities.
With an increasing global population and rapid urbanization, there will be a greater need for infrastructure amenities, homes, and buildings. Additionally, the growth of Tier I and Tier II cities in some Asian nations and the expansion of infrastructure renovation projects are boosting industry demand and driving demand for these machines. Top construction companies deploy tower cranes to enhance their productivity and guarantee that real estate projects are finished on schedule. The booming construction industry and the rising number of government initiatives to build public infrastructure are two key factors anticipated to drive the market's expansion. Contrarily, the tower crane market growth is anticipated to be constrained throughout the forecast period owing to the high cost of this equipment.
Tower Crane Market: COVID-19 Impact
As a result of COVID-19, which began in November 2019, industries like energy, manufacturing, construction, and the automobile industry have suffered substantially. The number of projects worldwide in the building industry has significantly decreased. Lockdown restrictions have been implemented in the majority of countries around the world. As a result, the supply chain has been disrupted, demand has changed, production has decreased, manufacturing facilities have been shut down, and numerous projects and other construction-related activities have been put on hold. This has decreased end-user demand for tower cranes. The demand in global tower crane market has decreased due to the suspension or postponement of infrastructure and development projects worldwide.
The COVID-19 pandemic has therefore harmed the global market for tower cranes. In addition, there are several difficulties that the producers and suppliers of tower cranes must deal with. These difficulties include production halts, supply chain interruptions, a lack of personnel and raw materials, and cash flow issues. As a result, the pandemic has significantly impacted the tower cranes market's supply chain momentum and product demand. In contrast, it is projected that over the following months, the need for tower cranes will increase dramatically along with the expansion of residential, commercial, and industrial development projects. Such elements are anticipated to have an impact on the tower crane market. Creating new business models and strategies for decreasing demand is another priority for the market international participants.
Tower Crane Market Benefits from Rental Services
According to their needs and requirements, consumers have begun renting various crane types for single protection. As a result, the whole project's actual cost is reduced, increasing market demand. The size of the market grows as mining and building activities expand. Demand for tower cranes is increasing as a result of increased demand activities for oil and gas units. Massive investments in infrastructure, particularly in the Asia Pacific region, increase demand in the tower crane market. The demand for cranes is increasing as more of the industry is established in North America, and some European regions.
Tower Crane Market Receives Tailwinds from Construction Industry
Opportunities for market size exist due to the construction industry's rapid growth. The government's increased emphasis on infrastructure development and significant financial investments in the tower crane market growth are driving the industry's expansion. Tower crane demand is increased by having free access to a wide range of equipment. The ability to charge more for using cutting-edge equipment is accelerating business growth.
Tower Crane Market Remains Influenced by Growing Stringency of Government Regulations
The construction equipment industry in some areas faces difficulties because of strict legislation. The industry's growth prospects may be impacted by strict regulations requiring it to meet a certain standard for construction equipment. Environmental protection agencies, such as the Environmental Protection Agency, and the Pollution Control Agency, among others, also enforce strict rules to reduce pollution. These laws force businesses to invest significantly in cutting-edge technology, which may lead to limited construction equipment sales. The tower crane market will likely be hampered due to these problems.
Tower Crane Market Witnesses Climbing Deployment of Hammerhead Cranes Aided by Use of Heavy-duty Lifting Equipment
Between 2022 and 2030, the hammerhead tower crane sales are expected to build faster. These cranes are becoming more popular because they make it easier to handle bulk materials reliably and guarantee precise horizontal load movement. Construction on new residential and commercial developments has begun due to the rapid urbanization in developing countries. The development of smart city projects, and the evolution of crane technology will increase demand for such cranes, in turn boosting the tower crane market value.
Tower Crane Market Led by Construction Industry Segment as Investments in LSI Surge
By 2030, the tower crane market is expected to be dominated by the construction industry, with a share of over 50%. The development of large-scale infrastructures (LSI) receives significant investments from both the public and commercial sectors. Megaprojects involving high-rise buildings, railroads, airports, and seaports will be encouraged to attract investment. The availability of leasing services promotes the use of tower cranes at construction sites and helps infrastructure development efforts. There will be a noticeable increase in product consumption throughout emerging economies.
Tower Crane Market of North America Tops
Asian nations are mostly driving tower crane demand due to increased infrastructure building activities and the growth of high-rise commercial and residential developments throughout the Asia Pacific region. A significant factor in the rise in demand for tower cranes has been the numerous infrastructure projects being carried out by governments and numerous other private companies. Another factor driving the tower crane market forward is a sizable government-sponsored infrastructure building program in Singapore. India is also experiencing numerous government investments in infrastructure development, which may contribute to the requirement for tower cranes with a range of tonnages and lifting capacities around the nation. Their use will increase, especially in urban construction activities, because of these machines' heavyweight lifting capacities compared to conventional solutions.
Major projects have been granted in Vietnam, Thailand, the Philippines, Malaysia, and Indonesia as ASEAN's infrastructure boom continues. These have been made possible thanks to loans and other support given by other significant economies, including China, Japan, and India. Several rail and road projects are anticipated to significantly increase demand for tower cranes in ASEAN nations throughout the projection period. For instance, In March 2021, In connection with the Thai-Sino high-speed train project between Bangkok and Nakhon Ratchasima, the Thai government is about to sign three contracts. After the documentation is prepared, three other contracts for civil work along the Ban Pho-Phra Kaew portion, civil engineering work along the Bang Sue-Don Muang segment, and work between Don Muang and Nava Nakhon will also be signed.
Global Tower Crane Market: Competitive Landscape
A few of the players in the tower crane market include WOLFFKRAN International AG, Action Construction Equipment Limited, Favelle Favco Berhad, Hankook Tower Crane Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd. (XCMG), JASO Industrial Cranes, Jost Cranes, Liebherr Group, The Manitowoc Company, Inc, Raimondi Cranes S.p.A., SANY GROUP, Terex Corporation, Yongmao Holdings Limited, Zhejiang Construction Machinery Group, and Zoomlion Heavy Industry Science and Technology Co., Ltd.
Recent Notable Developments
Regional Classification of Global Tower Crane Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Tower Crane Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology