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Future Market Insights, an ESOMAR certified research and advisory firm, released the Tower Crane Market report, which analyzed past and current trends, including macroeconomic factors, and forecast future trends in the industry.
According to data, global tower crane sales are projected to reach $ 19.3 billion by the end of 2021, while annual growth of 4.8 percent is forecast for the next decade.
This is reflected in the expectation of companies to develop innovative construction machines that meet individual requirements.
“Increased investment in commercial and civil construction in recent years should spur tower crane sales,” said an analyst with Future Market Insights. “The sale of a rental basis will continue to be more important than the direct procurement on a property basis.
“Competitive pricing, increasing end-user satisfaction with performance and the use of advanced technologies are the key strategies of manufacturers in the market.”
In 2020, the demand for tower cranes declined due to the impact of COVID-19 on the entire construction industry. That decline lasted only a few months for most, however, and returned to a healthy rate in the second quarter – which led to positive outlook for the tower crane market.
For the remainder of 2021, the tower crane market expects less than 4 percent year-over-year growth, while the UK market is expected to grow 3.7 percent year-over-year.
In addition, the US will continue to account for 85 percent of the regional market share in North America. On the other hand, Germany and France will account for the majority of sales within Europe.
The main market players include:
- Zoomlion Heavy Industry Science & Technology Company Ltd.
- Terex Corporation
- Construction machinery campaign
- Sany Group
The main players in the tower crane industry are forecast to account for more than half of the total market value share.
The Tower Crane Market Report is provided by Future Market Insights and edited by Chantal Zimmermann.