Tower Crane Market Size, Industry Analysis Report, Regional Outlook (Americas, Europe, APAC and EMEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019-2025.
Global Tower Crane Market size is set to exceed USD 5.5 billion by 2025; according to a new research report by Global Market Insights, Inc. The global shipments are anticipated to grow at 9% CAGR from 2019 to 2025. In the tower crane market, bottom slewing cranes are gaining traction due to the easy erection & dismantling features associated with them. Machines with lifting capacities ranging from 6 to 20 and 21 to 50 metric tons are witnessing demand from general construction & utility sectors. These machines are used in several rehabilitation projects in urban & metro cities for precast & special framework development across the globe. Due to the efficient configuration, optimal structure, and safety technologies, the tower cranes are being deployed by application industries.
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The manufacturers in the market have specified several models under the lifting capacity category to lift heavy building materials at work sites. Growing infrastructure transformation & construction activities and the resultant utilization of equipment for lifting heavy loads are accelerating the tower crane market growth. The industry is witnessing several technical advancements, which include the integration of Internal Combustion Engines (ICE), electric motors, or hydraulic systems. All these transformations increase machine efficiency and offer productivity in the application industries. ICEs and electric engines fulfill low carbon emission specifications required in construction, mining, and utility sectors. Increasing customer & manufacturer focus on utilizing eco-friendly equipment & reducing the pollution levels, mainly from the construction activities globally, is supporting the market expansion at a rapid pace. A major factor hindering the tower crane market is the high price associated with purchase, installation, erection, and dismantling of these machines. Contractors require mobile cranes for erection & installation activities, increasing their operational costs.
Luffing jib cranes are expected to grow at over 5% CAGR from 2019 to 2025. These cranes are gaining high demand in the tower crane market applications owing to the vertical load lifting features and high-capacity jibs. These models offer variable working, short counter jib, and can be operated in congested building operations, providing high productivity than other cranes. Due to the variable working radius, these cranes do not interfere in other crane operations & reduce the number of crashes between machines working on the same sites. Additionally, these models are gaining huge demand in the complex construction activities as they require workplace with small radii. The vertical lifting features in luffing jib models allow them to stay within the worksites, further ensuring worker and public safety. Increasing focus on worker safety in North America & Europe promotes the use of these cranes, supporting the market development.
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Rental applications in the tower crane market was valued at over USD 850 million in 2018 are gaining a high demand from local & established contractors across various regions. The customers are shifting toward rental options to address the increasing demand from construction, utility, and infrastructure sectors, which need several machines. As a result, the contractors procure rental machines due to low prices as compared to direct purchasing and the availability of technically equipped products with rental operators. Several rental companies in Europe and North America offer enhanced support & services to customers that include maintenance, repair, and operator training programs, adding up to the development of the industry. Additionally, the rental companies provide equipment on a weekly and monthly basis and offer high flexibility to payments, creating a huge product demand.
The Asia Pacific tower crane market is expected to witness a rapid expansion and grow at a CAGR of 9.5% from 2019 to 2025 owing to the several ongoing & upcoming infrastructures, commercial, and residential projects in China, Japan, India, Singapore, Malaysia, etc. The Indian market is witnessing the emergence of several manufacturer facilities and rental providers due to the low investment capabilities of customers. The Indian cities are observing space constraints & population increase, which will support for construction activities and related machines. Several companies including ACE, Manitowoc, Zoomlion, and Escorts have emerged in the Indian tower crane market owing to the demand from high-rise building activities.
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Key companies in the tower crane market include Manitowoc, Zoomlion Heavy Industry Science and Technology Co., Ltd., Liebherr Group, XCMG Group, Terex Corporation, and JASO Industrial Cranes, Linden Comansa, etc. The manufacturers are investing in product innovation activities and constantly will integrate new features in the crane models. Owing to the need for high-capacity machines, the companies are developing new equipment with heavy load lifting capacities. Several construction equipment manufacturers are entering the industry to develop their machinery portfolio and provide highly efficient machines for construction applications. For instance, in September 2018, Terex Cranes announced the development of its tower crane portfolio and launch of new machines with varied capacity ranges.