Tower Crane Market 2021: Industry Size, Share, Growth Analysis, Top Key Players, Segments by Regions, Application and Forecast Research

The Global Tower Crane Market is expected to exhibit a strong 4.32% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global tower crane market is mainly driven by the growing construction industry around the world, according to the report. The report profiles all major drivers and restraints affecting the global tower crane market and provides a detailed analysis of the global market’s major motivators. This gives readers a clear overview of the global tower crane market’s growth trajectory over the forecast period. The report also profiles major players operating in the global tower crane market to give readers a clear overview of the global market’s competitive landscape. The impact of the COVID-19 pandemic on the global tower crane market is also examined in the report.

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Competitive Leader board:

Leading players in the global tower crane market include Shandong Huaxia Group Co. Ltd., HKTC, Sichuan Construction Machinery (Group) Co., Terex Corporation, Favelle Favco BHD, Manitowoc, Liebherr, Zhejiang Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Guangxi Construction Engineering Group Ltd., Fangyuan Group Co. Ltd., Shandong Dahan Construction Machinery Co. Ltd., XCMG Group, Yongmao Holdings Ltd., and Wolfkkran International AG.

Tower cranes are stationary equipment used to lift heavy items. The construction industry makes use of tower cranes in large volumes due to the need to lift heavy construction equipment to the top floor. The growing demand for high-rise buildings is thus likely to be a major driver for the global tower crane market over the forecast period. High-rise buildings have become popular in developed regions due to the growing commercial prospects and the consequent need to house an increasing number of offices and other commercial establishments. Countries such as the U.S. house a large number of high-rise buildings, to the extent that cities such as New York have made their high-rise buildings an identity and tourist attraction. The high rate of economic development in the U.S., Canada, France, Germany, the UK, and other developed countries in the Western World has led to a growing demand for high-rise buildings in these countries. This is likely to remain a major driver for the global tower crane market over the forecast period.

The growing economic development in Asia Pacific has been a major driver for the construction industry in recent years, thus driving the market for tower cranes. As countries such as China, Japan, South Korea, and India have developed massively over the last few years, the number of high-rise buildings in these countries has grown. This is likely to remain a major driver for the global tower crane market over the forecast period. Growing commercial development and industrialization in Asia Pacific is likely to remain a major driver for the global tower crane market over the forecast period. Growing infrastructural development in Asia Pacific is also likely to lead to growing road and bridge construction activity as well as power plant construction activity in the coming years. This is also likely to lead to a growing demand for tower cranes over the forecast period.

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Segmentation:

The global tower crane market is segmented on the basis of type, application, and region.

By type, the global tower crane market is segmented into self-erecting, flat top, hammerhead, and luffing jib.

By application, the global tower crane market is segmented into dam building, bridge building, high rise buildings, power plants, and shipyards.

Regional Analysis:

Asia Pacific holds a dominant 40.64% share in the global tower crane market and is likely to remain the leading revenue generator over the forecast period. Growing construction activities in Asia Pacific are likely to remain a major driver for the tower crane market in the market. Growing industrialization in India and China is likely to drive the demand for tower cranes in the coming years.

Table of Content

1 Executive Summary

2 Market Introduction

2.1 Definition 17

2.2 Scope Of The Study 17

2.3 List Of Assumptions 17

2.1 Market Structure 18

3 Research Methodology

3.1 Research Process 20

3.2 Primary Research 21

3.3 Secondary Research 22

3.4 Market Size Estimation 23

3.5 Forecast Model 23

4 Market Dynamics

4.1 Introduction 25

4.2 Drivers 26

4.2.1 Government Support In The Construction Sector 26

4.2.2 Growing Demand For Tower Crane Rental Units 27

4.3 Restraint 27

4.3.1 Availability Of Skilled Labour 27

4.3.2 Fluctuating Prices Of Raw Materials 28

4.4 Opportunity 28

4.4.1 Rapid Industrialization And Urbanization In Emerging Economies 28

5 Market Factor Analysis

5.1 Value Chain Analysis 30

5.1.1 Raw Material Supply 30

5.1.2 Manufacture 30

5.1.3 End-Use 30

5.1.4 After-Sales Services 30

5.2 Porter’s 5 Forces Analysis 31

5.2.1 Threat Of New Entrants 31

5.2.2 Bargaining Power Of Suppliers 32

5.2.3 Bargaining Power Of Buyers 32

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