Tower Cranes are used to lift heavy loads and transport them from one place to another. Recovery in mining and construction industries post the 2018 financial crises that adversely impacted the housing sector is expected to provide a fillip to the demand for tower cranes.
Urbanization, Infrastructure Development, & Construction Activities to Drive Growth in APAC
Population growth and rapid urbanization in the emerging economies of Asia-Pacific drive the demand for efficient infrastructure facilities, residences, and other buildings, which is bolstering the adoption of tower cranes in these projects. Increasing infrastructure refurbishment activities and expansion of tier-I and tier-II cities in several countries are also expected to contribute to the growth momentum in the region.
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Investments in Public Transport Infrastructure to Bolster Demand for Tower Cranes in Europe
Bulgaria, the Czech Republic, Germany, Greece, Hungary, Italy, and Malta are significantly investing in real estate, road, and rail projects connections. The EU, as a whole, also takes steps and allocates investments to support development in the region. In April 2019, the EU announced a Cohesion Policy investment targeting 25 large infrastructure projects spanning ten member states. As a part of one of these projects, the EU plans to invest EUR 76 million for upgrades to the rail corridor between Prague and Pilsen in the Czech Republic. In Hungary, the EU has allocated EUR 105.5 million to fund upgrades on the Budapest Ring Road’s southern section, which will include the reconstruction of roads and bridges and the development of new cycle paths. The Circumetnea rail line in Catania, Sicily, Italy is set for expansion with eight new stations and rolling stocks, aided by an investment worth EUR 358 million from the EU.
Flat-Top Towers Cranes to Witness the Highest Adoption
Three types of tower cranes are available in the market, namely flat top, luffing jib, and self-erecting. flat-top tower cranes are easy to access in congested areas such as power plants, airports, and railways and suitable for muti-crane worksites and areas with height restrictions. Moreover, they are easy to dismantle and reduce interference in the case of overflying cranes, which drives their adoption in various sectors.
Key Market Players
Some of the noteworthy players in the global tower crane market are HKTC (Korea), Fangyuan Group Co. Ltd. (China), Shandong Dahan Construction Machinery Co., Ltd. (China), Terex Corporation (U.S.), Favelle Favco BHD (Malaysia), Shandong Huaxia Group Co., Ltd (China), Yongmao Holdings Limited (Singapore),Zhejiang Construction Machinery Group Co., Ltd. (China), Manitowoc (U.S.),LIEBHERR (Switzerland), Wolffkran International AG (Switzerland), and Sichuan Construction Machinery (Group) Co. (China).
Tower Crane Market Segmentation
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now