IMARC Group's latest research report, titled "Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the tower crane market trends. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global tower crane market size reached US$ 7.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.
Tower Crane Market Overview:
Tower cranes are pivotal equipment in modern construction, characterized by their tall, vertical mast and the jib that extends horizontally from the mast, used for lifting heavy materials such as steel, concrete, large tools, and other building components. These cranes are anchored to the ground or attached to the sides of structures at various heights, making them integral in the construction of high-rise buildings and large-scale industrial projects. Types of tower cranes include self-erecting, flat top, hammerhead, and luffing jib cranes, each suited to specific project needs based on their load-lifting capacity and reach. Additionally, the advantages of tower cranes include their ability to operate in confined spaces, high lifting capacity, and efficiency in handling substantial loads over considerable heights and radii. These features enhance operational efficiency and significantly reduce labor costs and construction time, contributing to their widespread application across the construction industry.
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Tower Crane Market Trends Analysis:
The global market is witnessing robust growth driven by the growing construction sector worldwide, particularly in emerging economies where urbanization and industrialization are occurring at a rapid pace. Along with this, the demand for tower cranes is also supported by the resurgence of infrastructural development projects, such as the construction of skyscrapers, highways, and bridges, requiring heavy lifting capabilities and precision. In addition, technological advancements in crane design, such as remote monitoring systems and enhanced safety features, are making tower cranes more reliable and easier to operate, further enhancing their adoption. Apart from this, the shift towards sustainable construction practices is influencing the development of electric and hybrid tower cranes, aligning with global efforts to reduce carbon emissions in the construction industry. Furthermore, governmental regulations promoting safety standards in construction practices are also enforcing the upgrade of old equipment to newer, safer models, further stimulating market growth. Some of the other factors driving the market include rapid urbanization and changing consumer preferences.
Competitive Landscape with Key Players:
- Action Construction Equipment Ltd.
- Eng Cranes Srl
- Favelle Favco Berhad (Muhibbah Engineering)
- HKTC
- JASO Tower Cranes
- Liebherr
- Sany Heavy Industry Co. Ltd
- Shandong Huaxia Group Co. Ltd.
- Terex Corporation
- WOLFFKRAN International AG
- Yongmao Holdings Limited
- Zoomlion Heavy Industry Science
- Technology Co. Ltd.
Key Market Segmentation:
Breakup by Type:
- Self-Erecting
- Luffing Jib
- Hammer Head
- Flat Top
Breakup by Lifting Capacity:
- Less than 5 Ton
- 6 to 10 Ton
- More than 10 Ton
Breakup by End Use Industry:
- Building Construction
- Infrastructural Construction
- Energy
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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