Global Tower Crane Market to Expand at 4.32% CAGR by 2023 | Global Industry Size, Share, Business Growth, Applications, Competitive Landscape, Historical Analysis and Forecast
Research Reports
Dec 29, 2020
Global Tower Crane Market Overview
Tower cranes refer to stationary equipment that is used in the lifting of heavy components. These cranes have the capacity of lifting nearly 20 tons and is generally used in the construction industry for the making of high rise building projects. The global tower crane market is estimated to witness a robust CAGR of 4.32% during the forecast period. As per the report published recently, the global tower crane market is expect to witness such growth owing to the rising demand for residential buildings and apartments in urban areas. As per a report published by the US Census Bureau in 2016, the budget for construction was increased by 6% which is bound to bode well for the global market in the coming years.
Rapid urbanization, land banking by governments and government initiatives for infrastructure development and the expansion of construction sector is expected to drive the global tower crane market over the forecast period. Developed countries in North America and Europe are also anticipated to witness rising investments in their construction sector in the coming years. Emergence of green and energy-efficient buildings are expected to create major growth opportunities for tower cranes in the foreseeable future.
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Apart from that, tower crane rentals are expected to gain traction during the estimate period owing to the stemming of small and mid-scale real estate developers all over the world. Renting is much more feasible and attractive option for these developers owing to servicing, zero maintenance, and storage fees. However, a lack of trained personnel and fluctuating prices of raw materials are also factors contributing to the ascension of the global tower crane market.
The fast pace of urbanization and industrialization in various emergent economies all over the world are likely to witness new growth prospects for the expansion of the tower crane market. Swelling of manufacturing and service sectors in these developing nations is likely to expedite the infrastructural development in these countries, hence, contributing to the sizeable growth noted by the global tower cranes market. Apart from this, rapid proliferation of population all over the globe is also anticipated to provide supplements to the market growth.
Market Segmentation
The global tower crane market is studied for various segments that are based on type, and region. Based on type,the global tower crane market is segmented into flat top, self-erecting, hammerhead, adn luffing jib tower cranes. Based on application, the global tower crane market is segmented into dam building, bridge building, high rise building, power plants and shipyards. These segments are expected to be covered in the latest report about tower crane market.
Detailed Regional Analysis
The tower crane market is segmented into the regions of North America, Asia Pacific (APAC), Europe, South America, and the Middle East & Africa. Among these, Asia Pacific is observed to account for nearly 40.64% share of the tower crane market at the beginning of the forecast period. The regional tower crane market is estimated to register a valuation of USD 9.196 million by the end of the review period. The APAC tower crane market is also expected to showcase a robust CAGR of 4.58% during the forecast period. Within Asia Pacific, Japan and China are expected to account for more than 50% of the APAC tower crane market and they are both expected to foresee a valuation of USD 5,345.1 million by 2023.
Key Players
Some distinguished players present in the global tower crane market include Shandong Huaxia Group Co., Ltd (China), XCMG Group (China), Yongmao Holdings Limited (Singapore), LIEBHERR (Switzerland), Manitowoc (U.S.), Shandong Dahan Construction Machinery Co., Ltd. (China), Favelle Favco BHD (Malaysia), Guangxi Construction Engineering Group Ltd. (China), HKTC (Korea), Zhejiang Construction Machinery Group Co., Ltd. (China), Wolffkran International AG (Switzerland), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Sichuan Construction Machinery (Group) Co. (China), Terex Corporation (U.S.), and Fangyuan Group Co. Ltd. (China).
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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