According to 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 industry, which comprises insights into the tower crane market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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:
A tower crane is a tall, heavy-duty construction machine used primarily for lifting and moving heavy materials and equipment on construction sites. It is anchored to the ground using a concrete foundation or mounted on a concrete pad. It is equipped with a maximum load and a load-moment limit switch to prevent the tower crane from overloading. It is designed to withstand high winds and support heavy loads at great heights. It also offers exceptional stability and precision, allowing it to lift and position materials with utmost accuracy, even in congested work areas. Due to its strength, versatility, and height capabilities, the tower crane plays a vital role in modern construction projects, enabling efficient and safe handling of heavy loads, facilitating the rapid progression of construction timelines, and ensuring the successful completion of high-rise buildings and infrastructure.
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Tower Crane Market Growth:
Significant growth in the construction sector is driving the global market. Moreover, the rising demand for high-quality and sustainable construction materials is fuelling the market as power cranes are instrumental in handling and installing these specialized materials, such as precast components, steel structures, and renewable energy infrastructure. Besides, the rising government initiatives in promoting infrastructure development, affordable housing projects, and smart city initiatives are creating a positive market outlook. Apart from this, the integration of advanced systems, such as remote monitoring, intelligent service panels and optimized pulley rope angles with tower cranes, is providing a boost to the market. Other factors, such as advancements in anti-collision devices, growing demand for wind energy and extensive research and developments (R&D) activities by leading players, are also impacting the market.
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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