The growth of the tower crane market is being largely driven by increasing investment in building multi-story buildings around the world to meet the growing population and urbanization. The extensive use of heavy lifting equipment in the building and construction sector is fueling product demand.

Tower cranes enable simple and fast operation and operational efficiency in construction activities. These machines allow easy and quick operation and ensure high operational efficiency in construction projects. In addition, the advanced convenience and operator safety features built into new machines make tower cranes preferable to bulky conventional cranes.

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Several technical advances in construction machinery have been observed in recent years, including the integration of electric motors, hydraulic systems, and internal combustion engines. These transformations are primarily aimed at meeting the specifications for low CO2 emissions required in the mining, utilities and construction sectors.

It is estimated that the increasing preference of manufacturers and consumers to use green equipment to reduce pollution, mainly in the construction sector, coupled with government initiatives to support the integration of green construction equipment, will drive the expansion of the tower crane market over the forecast period. In terms of revenue, the global Tower Crane Market is expected to grow substantially by $ 5.5 billion over the 2019-2025 period.

In the product segment, luffing jib cranes are forecast to grow robustly from 2019 to 2025 with a remarkable CAGR of over 5%. Luffing jib cranes are in great demand due to their outstanding high performance jibs and vertical load lifting properties. The product offers a short counter jib, variable working conditions, a comparatively higher productivity than other cranes and can also be used in cramped building environments.

Luffing jib cranes do not interfere with other crane operations and, thanks to the variable working radius, reduce the number of collisions between machines working on the same construction sites. In addition, vertical lifting features in the models ensure the safety of workers and the public while they stay on the construction sites. The increase in government preventive measures related to occupational safety in North America and Europe will encourage the use of these cranes, thus adding to the prospects for the tower crane industry.

In the regional landscape, the Asia-Pacific region is expected to become a major source of revenue for tower crane market share, with a remarkable CAGR of 9.5% over the forecast period. Several ongoing and upcoming infrastructure, residential and commercial projects in Japan, China, India, Malaysia and Singapore will drive product demand, thereby increasing the size of tower cranes market in APAC.

It is estimated that tower crane market trends in North America are increasing exponentially due to the rapid development of new infrastructure and renovation projects across the region. The increasing use of technically advanced machinery in various end-user industries in the region, including mining, utilities, etc., is increasing the demand for tower cranes. Several local and international rental companies are emerging in the United States that have partnered with manufacturers to provide heavy lifting equipment.

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In addition, rising government and private spending on construction and infrastructure activities will continue to affect the overall outlook for the tower crane market over the analysis period.

Major industry players contributing to global tower crane market include Manitowoc, Terex Corporation, Liebherr Group, XCMG Group, etc. The industry players are instrumental in expanding production capacity to meet growing industrial demand. These companies also focus on developing technically equipped, low-emission machines to meet environmental regulations. Manufacturers across the industry are competing due to high price pressures and striving to offer new technologies at reasonable prices.

Table of contents (ToC) of the report:

Chapter 1. Methodology and scope

1.1. Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2. Data sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2. Market overview for tower cranes

2.1. 360 ° synopsis of the tower crane industry, 2015-2025

2.1.1. Business trends

2.1.2. Product trends

2.1.3. Design trends

2.1.4. Load capacity trends

2.1.5. Application trends

2.1.6. Regional trends

Chapter 3. Insights into the Tower Crane Market

3.1. Industry segmentation

3.2. Industry landscape, 2015-2025

3.3. Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. manufacturer

3.3.3. Sales channel analysis

3.3.4. End-use landscape

3.3.5. Supplier matrix

3.4. Technology & innovation landscape

3.4.1. Driverless cranes

3.4.2. Anti-collision systems

3.5. Regulatory landscape North America Europe Asia Pacific Latin America MY

3.6. Influences in the industry

3.6.1. Growth accelerator Increasing high-rise construction activities worldwide Demand for crane rentals accelerated in North America and Asia Pacific Use of heavy equipment at Post & Shipyards worldwide Presence of several tower crane manufacturers in Europe Construction sector recovery in Latin America Development of urban infrastructure in South Africa and India High demand for tower cranes from the utility sector in MEA

3.6.2. Pitfalls and challenges in the industry Unavailability of qualified operators High cost for tower cranes Operational challenges due to environmental changes

3.7. Growth potential analysis

3.8. Porter’s analysis

3.8.1. Supplier performance

3.8.2. Buyer power

3.8.3. Threat from new entrants

3.8.4. Threat of replacement

3.8.5. Internal rivalry

3.9. Competitive landscape, 2018

3.9.1. Market share analysis of the company

3.9.2. Strategy dashboard (new product development, M&A, R&D, investment landscape)

3.10. PESTEL analysis

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