Tower Crane Market Size, Share, Forecast and Regional Analysis 2022-2029 | Fortune Business Insights™

Tuesday, June 28, 2022 at 9:04am UTC

Pune,India, June 28, 2022 (GLOBE NEWSWIRE) -- The global tower crane market size is projected to enter a period of dynamic growth on account of speedy expansion of construction activities across the globe, according to Fortune Business Insights™ in its report, titled Tower Crane Market Size, Share & Industry Analysis, and Regional Forecast, 2022-2029”. A report produced by Oxford Economics and Global Construction Perspectives and published by the Institution of Civil Engineers forecasted that the global volume of construction output would rise by 85%, reaching an estimated value of USD 15.5 trillion by 2030. China, the US, and India will account for nearly 57% of this growth, the report further highlights. Surging building operations will inevitably generate massive demand for machinery and equipment such as tower cranes, which are crucial in erecting buildings and creating infrastructure for a nation. The tower crane market is expected to make substantial gains from these developments in the forthcoming years.

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Companies Profiled in the Tower Crane Market Report are:

  • Shandong Huaxia Group Co. Ltd.
  • FMGru SRL
  • Raimondi Cranes S.p.A.
  • Sany Group
  • Liebherr-International Deutschland GmbH
  • TopPower General Trading LLC
  • Shandong Dahan Construction Machinery Co. Ltd.
  • Yongmao Holdings Limited
  • Wolfkkran International AG
  • Sichuan Construction Machinery Group Co.
  • Linden Comansa SL
  • HanKook Tower Crane Co., Ltd.
  • Manitowoc Co. Inc.
  • Zoomlion Heavy Industry Science & Technology Co. Ltd.
  • Action Construction Equipment Ltd.
  • XCMG Group
  • Terex Corporation

Covid-19 Impact:

The global economy is reeling under the effects of the COVID-19 pandemic. Business operations have come to a sudden halt due to lockdown and social distancing measures and industrial output has decreased significantly. In such impossible circumstances, having precise information on industries and markets becomes crucial. At Fortune Business Insights™, we aim to provide you with the accurate market intelligence of the highest quality in the form of research reports created by our well-experienced and expert research team. Together, we can survive this crisis and emerge stronger than before.

What Does the Report Offer?

  • Bird’s-eye view understanding of the market trends and drivers;
  • Piecemeal examination of all possible market segments;
  • Comprehensive insights into the market restraints; and
  • In-depth study of the regional dynamics and competitive landscape of the market.

Browse Summary of this Research Report:

Report Scope & Segmentation:

Report Attribute Details
Base Year 2021
Historical Year 2018 – 2020
Forecast Year 2022 – 2029
Segments Covered By Product Type, By Design, By Lifting Capacity, By End-use Vertical, By Region
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2020 to 2029
Regions Covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World
Countries Covered Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered Wolfkkran International AG, Terex Corporation, Yongmao Holdings Limited, XCMG Group, Shandong Dahan Construction Machinery Co. Ltd.,  Action Construction Equipment Ltd., TopPower General Trading LLC, Zoomlion Heavy Industry Science & Technology Co. Ltd., Liebherr-International Deutschland GmbH, Manitowoc Co. Inc., Sany Group, HanKook Tower Crane Co., Ltd., Raimondi Cranes S.p.A., Linden Comansa SL, FMGru SRL, Sichuan Construction Machinery Group Co., Shandong Huaxia Group Co. Ltd., and others.
Tower Crane Market Coverage Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Market Driver

Increasing Deployment of Flat Top Tower Cranes to Boost Market Prospects

Flat top tower cranes possess a host of favourable characteristics that make them an attractive and efficient candidate in construction activities. For example, these cranes have no tower top and by extension, no pull rod and outrigger, which gives them excellent structural strength and balance. Tower cranes with flat tops are also cost-effective because they have small volume and occupy relatively lesser space, making their installation vastly easier compared to regular cranes and reducing maintenance and warehousing costs substantially. Furthermore, the components that comprise these cranes are changeable, modularized, and standardized, which ensures that all parts of the equipment are utilized, providing high return on investment. Lastly, a flat top crane’s jib boom can be dismantled and replaced mid-air, permitting project managers to use these cranes in special operations such as construction of industrial cooling towers and suspension bridges. Together, these advantages are fueling the tower crane market growth.

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Regional Insights

Massive Investments in Construction Sector to Propel the Market in Europe

The European Union (EU) countries are pouring massive amounts of money into the building & construction sector, which is stoking the adoption of advanced equipment in the region. For instance, the European Commission recently announced plans to invest over USD 370 billion in the construction industry over next few years.

Asia Pacific is expected to expand its footprint in the tower crane market share in the coming years on account of skyrocketing demand for construction activities as a result of rapid urbanization. In addition to this, mining and transport activities are growing at a furious pace in India, China, and Vietnam, which is elevating the demand for various types of construction equipment. In North America, strong government support to green projects and public transport infrastructure projects will primarily drive the regional market growth. 

Competitive Landscape

Key Players to Concentrate on Tapping Emerging Markets

The competition in the tower crane market is heavy as most players are seeking to capitalize on the lucrative business opportunities created by the booming construction sector. In emerging economies especially, the opportunities to expand and diversify are ample and many of the key players in this market are constantly developing products to suit the needs of these regions.

Industry Developments:

  • December 2019: LINDEN Comansa, the Spanish crane company, released its 21CM750 tower crane model in China. The flat top model is the largest of its kind developed by the company in China and features European safety standards as well as a host of other advanced capabilities.
  • August 2019: The US-based material-handling specialist, Terex Corporation, sold off its Demag® Mobile Cranes business to the Japanese crane manufacturer Tadano Limited for an estimated value of USD 215 million.

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