Tower crane market
The global tower crane market size is over USD 5.5 billion by 2025 and will show an annual growth rate of over 7% from 2019 to 2025.
The tower crane market is projected to exceed USD 5.5 billion by 2025. The growing need for heavy goods handling and lifting operations in various industries supports the demand for tower cranes. Building skyscrapers and multi-story buildings around the world to meet the growing population and urbanization trend is a key driver of industry growth. These machines allow easy and quick operation and offer high operational efficiency in construction projects. In addition, advanced safety and comfort functions for the operator, which are integrated in new machines, offer advantages over conventional and bulky cranes. High equipment cost is a factor limiting the tower crane market due to the high prices set by manufacturers around the world.
Floor slewing models are becoming increasingly popular in the tower crane market due to the increasing demand for automated and digitally advanced equipment in the construction and material handling sectors. These machines offer high productivity and are easy to assemble and disassemble, further reducing operating costs for contractors. Self-righting models are used in low construction activities and short-term projects due to faster installation functions. In addition, the increasing popularity of various devices that replace traditional manual options and achieve greater efficiency is supporting industry growth.
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In the tower crane market, rental applications are increasing rapidly due to the availability of technically advanced and inexpensive machinery around the world. Several landlords are emerging in the industry due to increasing global demand from the construction and utility sectors. The increased focus on reducing carbon footprint and pollution from general to complex construction activities in multiple countries requires new machinery in the industry. Rental products are primarily used by contractors on government and general infrastructure projects due to a limited fleet of machines they own. Equipment users are switching to rental options to save transportation and machine maintenance costs, helping to further expand the tower crane market.
The North American tower crane market is developing rapidly due to several ongoing and upcoming infrastructure development projects in the region. The use of technically advanced machines in various industries including utilities, mining, etc. in the US is increasing the demand for these machines. In addition, high levels of government and private investment in construction and infrastructure transformation activities support industry growth. Several local and international rental companies are emerging in the US that have partnered with manufacturers to offer heavy-duty hoists.
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Prominent players in the tower crane market are the Terex Corporation, Manitowoc, the XCMG Group, the Liebherr Group, etc. These companies are working on the development of technically equipped, low-emission machines to meet the requirements of various application areas. The manufacturers are in competition due to the high price pressure and concentrate on offering new technologies at reasonable prices. Due to the high demand from the rental industry, manufacturers work together with rental companies worldwide and develop products according to customer requirements in order to further develop the tower crane market.
Related reports:
Offshore crane market: https://www.globenewswire.com/news-release/2019/12/12/1959691/0/de/Offshore-Cranes-Market-to-hit-USD-5-Bn-revenue-by-2026-Global- Market-Insights-Inc.html
Crane market: https://www.globenewswire.com/news-release/2019/06/18/1870143/0/de/Crane-Market-share-will-grow-at-6-CAGR-to-cross-US-28- bn-by-2025-GMI.html
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