In the tower crane market, rental applications are growing rapidly due to the availability of technically advanced and low-priced machines across the globe. The industry is witnessing the emergence of several rental providers owing to the rising demand from construction & utility sectors globally. Increased focus on reducing the carbon footprint & pollution from general to complex construction activities in several countries is creating the need for new machines in the industry.
Rental products are majorly deployed in government & general infrastructure projects by contractors due to a limited machine fleet owned by them. Equipment users are shifting towards rental options to save transportation & machine maintenance costs, further adding up to the tower crane market expansion.
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Tower Crane Market is expected to exceed USD 5.5 billion by 2025. The growing requirement of heavy material handling & lifting operations across various industry verticals is supporting the demand for tower cranes. Construction of high-rise & multi-storey buildings globally to cater to the increasing population & urbanization trend is a major factor driving the industry growth. These machines facilitate easy & fast operations and provide high operational efficiency in construction projects. Moreover, advanced operator safety & comfort features integrated into new machines add up to the benefits over conventional & bulky cranes. High equipment cost is a factor restraining the tower crane market due to high prices set up by manufacturers across the globe.
Tower Crane Industry, By Lifting Capacity
- Below 5 metric tons
- 6 to 20 metric tons
- 21 to 50 metric tons
- 51 to 80 metric tons
- Above 80 metric tons
Tower Crane Market, By Application
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Bottom slewing models are gaining popularity in the tower crane market due to increasing demand for automated & digitally advanced equipment in construction and material handling sectors. These machines offer high productivity and can be easily erected & dismantled, further reducing operational costs for contractors. Self-erecting models experience utilization in low-rise construction activities and short-term projects owing to faster installation features. Additionally, the rising popularity of various equipment to replace traditional manual options and gain more efficiency is supporting the industry growth.
The North America tower crane market is developing at a rapid pace due to several ongoing & upcoming infrastructure development projects in the region. The utilization of technically advanced machines across various industries, including utility, mining, etc., in the U.S. is adding up to the demand for these machines. Furthermore, high government & private investments in construction & infrastructure transformation activities are supporting industry growth. The U.S. is witnessing the emergence of several local & international rental providers, which have partnered with manufacturers to offer heavy-weight lifting machines.
Prominent players present in the tower crane market include Terex Corporation, Manitowoc, XCMG Group, Liebherr Group, etc. These companies are working on the development of technically equipped & low-emission machines to address the demand from various application verticals. Manufacturers are competing due to high pricing pressure and are focused on offering new technologies at reasonable prices. Owing to the high demand from rental vertical, manufacturers are partnering with the rental providers globally & developing products depending on customers’ demands, further developing the tower crane market.