Tower Crane Market Size - Industry Trends Report To 2024

One of the most prominent regional grounds for the APAC tower crane market would be India. The country’s Prime Minister, Narendra Modi, in 2017 announced a drive to facilitate proper housing facilities to the nation’s population of 1.3 billion. Increasing income levels and the subsequent affordability are slated to release a trillion-dollar wave of investment across the nation’s housing sector over the coming years. The drive expects to construct more than 60 million new homes between 2018 & 2024, generating approximately 2 million new job opportunities on an annual basis.

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Fueled by the robust expansion of the tower crane market across myriad geographies, the global industry is expected to attract significant investments in the years ahead.

The rising construction & infrastructure upgradation projects & the deployment of heavy-load lifting equipment have been fueling tower crane market growth since the last few years. Tower cranes are renowned across the global construction sector for their ability to conveniently transport raw material to and from the construction site, significantly reducing the project’s overall development time. In fact, tower cranes have become so essential in construction that today they are a common fixture at any major construction site globally.

The overall tower crane market, pertaining to increasing product demands, has been witnessing numerous technological advancements, including the integration of hydraulic systems or electric motors & internal combustion engines (ICEs). These advancements greatly increase the component’s efficiency and facilitate an enhanced level of productivity for end-use sectors. Not to mention, the ICEs & electric motors also help in eliminating carbon emissions – a major factor to be considered, given the regulations that are currently enforced on the construction, utility & mining sectors. As on today, an increasing number of manufacturers & customers are focusing more on employing environmentally friendly practices to reduce the global pollution, which would open up new growth avenues for the overall tower crane industry.

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According to the World Economic Forum, construction is a massively proliferating industry in APAC with numerous economies in the region building their way to a more developed & interconnected future. From extensive redevelopment projects that aim to reinvigorate ageing transport-hubs to new schemes that are specifically designed to open up the region to the global market, nations across the APAC are investing in infrastructural development at an immense scale. This in consequence, would help APAC tower crane market chart out an extremely lucrative growth graph in the ensuing years.

The construction sector is considered to be of extreme importance in the European economy given that it is home to more than three million enterprises that directly employ a total of 18 million individuals, as claimed by the European Builders Confederation. The organization further estimates that the European construction sector accounts for more than 9% of the total GDP of the European Union. While the economic crisis severely affected the continent’s construction segment between 2008 & 2013, the market slowly began its recovery in 2015.

According to the Spring 2018 Economic Forecast by the European Commission, prospects for EU’s construction industry look very bright with construction investment growth in 2019 slated to remain very strong. This would majorly augment the Europe tower crane market as it capitalizes on the expansive demands of the regional construction industry.

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The India tower crane market is also witnessing a rise in production capacities & rental facilities because of customers’ low investment profiles. Driven by the numerous ongoing & upcoming residential, infrastructure & commercial projects across prominent APAC economies, including China, Singapore, Japan, Malaysia and Australia, the APAC tower crane market is slated to experience a CAGR of 9.5% over 2019-2025.

Eurostat & Euroconstruct have both attributed the recovery to factors such as strong economic growth, the state of public finances, rising household income and growing corporate profits. These factors, along with the simultaneous construction-output growth across 19 Euroconstruct nations, were responsible for the EU recording an overall peak growth 4.1% in 2017. In the years ahead, the regional construction sector is expected to record substantial gains bringing respite to the Europe tower crane market.

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