According to IMARC Group’s latest research report, titled ” Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ,” 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 advances in the global market. The global tower crane market size reached US$ 7.0 Billion in 2022 . Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028 , exhibiting a growth rate (CAGR) of 5.1% during 2023-2028 .
Tower Crane Market Outlook:
Tower cranes represent specialized machines capable of lifting heavy objects, such as concrete, steel, large tools, and other building materials, with minimum human assistance. They are available in several types, including self-erecting, luffing jib, hammerhead, flat top, etc., and commonly comprise a base, mast, working and machinery arm, slewing unit, hook and trolley, operator cab, etc. In line with this, tower crane systems offer incredible stability, have unmatched height capacity, and can easily bear heavier weights.
They are equipped with a maximum load limit and a load-moment limit switch for preventing overloading issues and allowing users to move from a dangerous and harsh working environment and operate from the safety of a control room. Consequently, tower cranes are extensively utilized in various sectors, such as construction, mining, marine, etc., across the globe.
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Tower Crane Market Trends:
The emerging trend of automation in the construction industry is among the key factors driving the tower crane market. Besides this, the launch of numerous favorable initiatives by government bodies across countries to promote infrastructure development projects, which involve the remodeling of bridges, ports, dams, pipelines, road networks, railways, aqueducts, etc., is acting as another significant growth- inducing factor. Moreover, leading manufacturers are focusing on improving the production capacity of the equipment and introducing tower cranes integrated with anti-collision devices to prevent collision with nearby structures, trees, buildings, etc., which is also positively influencing the global market. Apart from this, the inflating levels of urbanization are projected to fuel the tower crane market over the forecasted period.
Key Market Segmentation:
Competitive Landscape:
- Action Construction Equipment Ltd.
- Eng Cranes Srl
- Favelle Favco Berhad (Muhibbah Engineering)
- HKTC extension
- 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 and Technology Co. Ltd.
Breakup by Type:
- Self-Erecting
- Luffing Jib
- Hammer head
- Flat Tops
Breakup by Lifting Capacity:
- Less than 5 tons
- 6 to 10 Tons
- More than 10 tons
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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