Global Statistics Representing Tower Crane Market Scenario
A tower crane is an equipment used to move oversized objects without moving the base of the crane. Increasing growth in the manufacturing and service sector has had a positive impact on global GDP growth, boosting the demand for tower cranes. The construction industry is expected to witness steady growth in developed regions on account of a large urban population in search of work. Additionally, increasing construction activities, in conjunction with the demand for rental cranes, is expected to spur the demand for tower cranes.
The global tower crane market is segmented by type, design, and application.
On the basis of type segment, the tower crane market is segmented into flat-top, hammerhead, luffing jib, and self-erecting. The flat-top tower crane segment is projected to witness significant market growth due to the increasing demand for safety and easy handling features. The flat-top model provides easy & fast erection as compared to other models, owing to fever jib interference; leading to substantial cost savings. These machines are suitable for application areas with height restriction and multi crane worksites and use of these cranes in mining and construction reduce the cost of procuring crane services which will upsurge the market growth.
Based on design, the global tower crane market is segmented into top-slewing crane and bottom-slewing crane. The top-slewing crane segment is foreseen to hold a considerable market share due to the surging demand for sustainability and durability of high-rise building projects. Top-slewing crane has a stationary posture, which rests on a structural & steel base, providing stability in weightlifting operations. For instance, in December 2018, Manitowoc Company, Inc. launched an internal mast operator lift for Potain top-slewing cranes. The Potain Cab-IN is a brisk crane that facilitates the easy, safe, and quick travel of crane cab while maintaining regular mast ladder access.
Based on application, the market is segmented into rental, construction, mining, shipyards, and utility. The construction segment is expected to hold the largest market share, owing to the increasing urbanization and rapid expansion of the real estate sector and the emergence of high-end infrastructure projects across the globe.
Geographically, the tower crane market is studied across North America, Europe, Asia-Pacific, and Latin America and the Middle East & Africa.
Asia-Pacific is expected to witness exponential growth in the tower crane market, owing to massive investments in upcoming infrastructure projects. Increasing construction activities and development of commercial and residential skyscrapers where tower cranes are extensively used due to their heavy lifting abilities drive the regional market.
North America is expected to witness significant growth in the global tower crane market due to increasing investments in the infrastructure sector by various private companies and access to advanced technologies. Moreover, need to develop new bridges and increase the height of building owing to growing expansion in cities due to robust rate of migration has expected to boost the growth of market. According to U.S. census bureau, the construction budget in U.S. was increased by 6% in 2016.
Europe is expected to witness significant growth in the global tower crane market during the forecast period, 2019–2026. Under the European Union Cohesion Policy, the European Commission plans to invest around €4 Billion of EU funds in 25 large infrastructure projects across ten member states. The projects encompass areas such as transport, research, health, and energy. With national co-financing in play, the total investment in these projects is worth €8 billion.
The Latin America and the Middle East & Africa region is expected to witness remarkable growth in the global tower crane market due to unprecedented urbanization in the region. Brazil, Argentina, and Chile are some of the emerging countries experiencing the growth in construction industry which will boost the growth market growth.
Some of the key 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