Markets & Reports
Demand for high rise buildings driving tower crane market
April 25, 2022 By Don Horne
Things are looking up – way up – for the tower crane market, as the increasing demand for high-rise buildings will drive the growth of the global tower crane market.
Factors such as the increase in urban population and rapid urbanization, especially in APAC countries, are leading to a rise in the number of megacities, and this is increasing the demand for high-rise buildings as they offer effective and economical solutions to accommodation.
Subsequently, this is increasing the demand for tower cranes. They are widely preferred in the construction of high-rise buildings due to their operational efficiencies in closed and compact spaces.
To help businesses expand their reach by targeting niche areas, Technavio analyzes the tower crane market by end-user (infrastructure, residential, and commercial) and geography (APAC, North America, Europe, the Middle East and Africa, and South America).
The increasing demand for high-rise buildings will be crucial in driving the growth of the global tower crane market.
Many such factors coupled with the thriving construction sector are increasing the demand for tower cranes and thereby pushing the global tower crane market to register an incremental growth of USD 1.06 billion between 2021 and 2026.
In addition, the introduction of luffing jib tower cranes will further enhance the market growth. On the other hand, the volatile nature of the construction industry will hinder the market growth during the forecast period.
Get a Sample Copy of the Report to identify other factors impacting the future growth of the market.
Dominant Players Profiled in Tower Crane Market:
The global tower crane market report offers information such as company profiles, products and services offered, financial status, new product launches, and recent developments. The following are identified as the dominant players in the market.
- Action Construction Equipment Ltd.
- Fangyuan Group Co. Ltd.
- FMGru srl
- Hyundai Everdigm Corp.
- Konecranes Plc
- Liebherr International AG
- Linden Comansa S.L.
- Muhibbah Engineering (M) Bhd
- Raimondi Cranes SpA
- SANY Group
- Shandong Dahan Construction Machinery Co. Ltd.
- Sichuan Construction Machinery Group Co. Ltd.
- Terex Corp.
- The Manitowoc Co. Inc.
- Toppower General Trading LLC
- WOLFFKRAN International AG
- Xuzhou Construction Machinery Group Co. Ltd.
- Yongmao Construction Machinery Co. Ltd.
- Zhejiang Huba Construction Machinery Co. Ltd.
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
The global tower crane market is fragmented and is characterized by many regional and international vendors. The strong growth in the market has created an intense rivalry among global vendors. Vendors are focusing on developing advanced technologies to enhance operational performance and increase the lifting capacities of their tower cranes. Other growth strategies such as new product launches and M&As are also being adopted by market players to gain an edge over their rivals in the market.
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