Global Tower Crane Market Continues to Flourish with Growing Demand for Rental Services and Construction Industry Investments
The tower crane market is experiencing a significant upswing driven by the increasing preference for rental services and surging investments in the construction industry. According to recent reports, consumers are opting to rent various types of cranes, leading to reduced project costs and a subsequent surge in market demand. The expanding mining and building activities, particularly in the Asia Pacific region, have also contributed to the market's growth. Furthermore, the demand for tower cranes has been boosted by the rising activities in the oil and gas sector, as well as the establishment of new industries in North America and certain European regions.
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Construction Industry Boom Fuels Tower Crane Market Growth
The rapid growth of the construction industry worldwide has emerged as a major driving force behind the thriving tower crane market. Government emphasis on infrastructure development, along with substantial financial investments, has played a crucial role in expanding the industry. The availability of a wide range of equipment has further fueled demand, allowing businesses to charge premium rates for using cutting-edge technology and accelerating overall market growth.
Growing Urbanization and Infrastructure Projects Stimulate Market Demand
With increasing urbanization, the demand for infrastructure and development projects, including highrise structures, bridges, and dams, has risen significantly, resulting in a growing need for tower cranes in the construction sector. Precast construction methods have gained popularity, further driving the
requirement for these cranes. Megastructures like stadiums and airports are significant contributors to the industry's growth. Additionally, tower cranes find extensive usage in shipyards and mining operations, contributing to the market's overall health during the forecast period. The growth in residential and commercial development activity, fueled by the accelerated rate of urbanization, has also added to the surge in demand for these cranes.
COVID-19 Impact and Recovery
While the COVID-19 pandemic initially posed challenges for the tower crane market, leading to suspended projects and disruptions in the supply chain, the industry is now witnessing a rebound as infrastructure and development projects resume. As global populations continue to grow, urbanization and demand for infrastructure amenities are expected to drive further growth in the tower crane market.
Government Regulations and Climbing Investments in LSI Drive Market Dynamics
Government initiatives involving public infrastructure development and increasing investments in largescale infrastructures (LSI) have paved the way for the tower crane market's expansion. However, stringent regulations in some regions may pose challenges for the industry, requiring manufacturers to invest in cutting-edge technology to meet environmental standards.
Hammerhead Cranes and Construction Industry Segment Lead the Way
Hammerhead tower cranes are gaining popularity due to their reliability in handling bulk materials and precise horizontal load movement, and their sales are projected to grow between 2022 and 2030. The construction industry is expected to dominate the market, accounting for over 50% share by 2030, driven by significant investments in large-scale infrastructure projects.
Regional Outlook
Asian countries are driving the tower crane demand, led by increased infrastructure building activities and the growth of high-rise developments in the Asia Pacific region. Significant government-sponsored infrastructure projects in countries like Singapore and India are also fueling market demand. In the ASEAN region, rail and road projects are expected to further boost tower crane demand.
Competitive Landscape
Key players in the tower crane market include WOLFFKRAN International AG, Action Construction Equipment Limited, Favelle Favco Berhad, Hankook Tower Crane Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd. (XCMG), JASO Industrial Cranes, Jost Cranes, Liebherr Group, The Manitowoc Company, Inc, Raimondi Cranes S.p.A., SANY GROUP, Terex Corporation, Yongmao Holdings Limited, Zhejiang Construction Machinery Group, and Zoomlion Heavy Industry Science and Technology Co., Ltd.
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