The wide scope of applications of tower cranes especially in the building & construction sector, in addition to use in port facilities, mining, and infrastructure development are expected to bolster growth opportunities. The tower crane market is likely to display a steady 4.8% CAGR from 2021 to 2031. Efforts towards product development for easier assembly and maneuverability are factors will influence developments in the market in the coming decade. GCC countries are emerging with lucrative opportunities in the public utilities sector.
“A rising number of infrastructure refurbishment projects and the government efforts towards the expansion of major cities in a number of emerging economies are generating significant demand for tower cranes bolstering sales prospects for the foreseeable future,” says the FMI study.
Tower Crane Market – Primary Takeaways
- Flat top crane models are expected to hold significant market share, supported by ease of assembly and reduced costs.
- Hammer head crane designs will display faster growth owing to superior operational versatility and load capacities.
- Rentals are expected to gain ground owing to cost benefits and frequent tech upgrades in new offerings.
- China and India will generate lucrative opportunities for growth owing to major investments by governments towards infrastructure development.
Tower Crane Market – Growth Factors
- Increasing investments in the construction sector towards large-scale, high-rise projects will aid growth.
- Growing demand for tower cranes for use in the development of major public utility projects is expected to boost prospects.
- Rising importance of tower cranes in handling heavy loads in ports and shipyard facilities will generate revenue growth opportunities.
Tower Crane Market – Major Constraints
- High capital requirements for purchasing tower cranes is a major obstacle limiting sales in the industry.
- Shortage of adequately skilled professionals and changing environment conditions are expected to hold back adoption rates.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has adversely affected the global tower crane market. Lockdown restrictions and social distancing guidelines limited construction sector activity during the crisis period, which hurt short term demand. Also, disruption of production activities restrained crane supplies.
However, 2021 has witnessed efforts by governments around the world to stimulate economies including the removal of many restrictions on industrial activity and international trade. Pending construction projects globally will also drive demand in the near future, supporting long-term sales prospects.
Explore data on the tower cranes market with 198 figures, 35 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/reports/sample/rep-gb-4620
Leading manufacturers operating in the tower cranes market include but are not limited to Raimondi, Konecranes, Xuzhou Construction Machinery Group Co., Ltd. Zoomlion Heavy Industry Science & Technology Company Ltd., Action Construction Equipment, Liebherr, Sany Group, Terex Corporation, and Manitowoc.
Leading tower crane manufacturers are increasingly displaying interest in efforts aiming for the expansion of product portfolios in addition to seeking contracts for bulk production orders for sustainable revenue streams.
For example, Comansa revealed the new models of its 21LC series of tower cranes, which boast increases of load capacities of 16 and 23% over previous models launched in the line in March 2021. Also, Manitowoc subsidiary Potain released a new topless tower crane model named the MCT 185, which offers a 8 ton load capacity. Further, Favelle Favco Bhd has announced that it received orders for tower and offshore cranes from six clients accounting for a value of RM101.4 million.
More on the Report
FMI provides in-depth insights on the tower cranes market. The market is segmented in terms of lifting capacity (up to 5 tons, 5 to 10 tons, 10 to 20 tons, 20 to 30 tons, 50 to 250 tons, and above 250 tons), design (top slewing, bottom slewing), product type (self-erecting, hammer head cranes, luffing jib cranes, and mobile cranes), and end use (building & construction, civil infrastructure, marine & seaports, mining and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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