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 tower crane market share. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
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 Trends:
The global market is primarily driven by the rapid expansion of the construction industry, particularly in developing countries. In accordance with this, increasing urbanization is leading to the construction of more residential and commercial buildings, thereby supporting the market demand. Furthermore, continual technological advancements in design and functionality, such as the integration of smart control systems and automation, are enhancing operational efficiency and safety, driving market growth. The rising focus on green building practices and sustainable construction offering reduced emissions and energy efficiency is encouraging the higher adoption of the product. Similarly, the ongoing trend of modular construction, which requires precise lifting and positioning of prefabricated components, is also contributing to market expansion. Besides this, the increasing replacement and upgrading of old cranes to comply with stricter safety regulations and improve performance are further expanding the market reach.
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Tower Crane Market Scope & Growth Analysis:
The scope of the market is expanding and is poised for substantial growth due to the increasing complexity and scale of construction projects, which require the use of advanced lifting equipment. As per market analysis, the ongoing development of urban infrastructure and the push for smart city initiatives are broadening the market’s scope, as these projects often necessitate the product use. The introduction of remote-operated and automated tower cranes is enhancing market appeal by providing safer and more efficient operations. Additionally, the expansion of high-rise construction in metropolitan areas is driving demand for specialized tower cranes that can handle greater heights and heavier loads. As the construction industry adopts digital technologies, such as Building Information Modeling (BIM), to optimize project planning and execution, the use of these cranes is expected to increase. The market is also benefiting from increased investment in renewable energy projects, such as wind farms, where tower cranes are used to erect tall structures.
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
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Comprehensive Analysis
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