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Increasing demand for high-rise buildings is notably driving market growth. The global construction sector is witnessing a significant surge in the demand for tower cranes, particularly in urban areas undergoing rapid urbanization, especially in Asia Pacific. With the United Nations projecting that urban populations could increase by another 2.5 billion by 2050, the construction of high-rise buildings is becoming increasingly essential to accommodate this growth. Tower cranes are particularly suited for construction in confined spaces due to their operational efficiencies, making them a preferred choice for high-rise building projects. Mosaic Construction, an Australian-based company, recently received a new Potain Hup 32-27, a self-erecting crane, for use in Cyan, a residential construction project in Caloundra, Queensland. This crane is one of many tower crane models available in the market, each equipped with intelligent control systems, flat top or hammerhead designs, and varying lifting capacities to cater to the unique requirements of high-rise building construction. Tower cranes are essential weight-lifting equipment in the construction industry, used extensively in the construction of tall buildings, dams, and other large-scale infrastructure projects such as pipelines, road networks, ports, railways, and aqueducts.
Furthermore, these structures demand precise and efficient lifting capabilities, which tower cranes provide through their slewing unit, machinery arm, hook, and trolley. Safety is a critical concern in tower crane operation, with maximum load limits and load-moment limit switches ensuring safe and efficient lifting. Anti-collision devices and remote crane operation further enhance safety and productivity. In addition, tower cranes are used in various industries, including mining, steel, and concrete production, where they are essential for lifting heavy materials and equipment using acetylene torches, generators, and other heavy machinery. In conclusion, the demand for tower cranes is on the rise due to their essential role in the construction of high-rise buildings and other large-scale infrastructure projects. With their varying designs, lifting capacities, and safety features, tower cranes are an indispensable part of the construction industry, enabling the efficient and safe completion of projects in urban areas undergoing rapid urbanization. Thus, such factors are driving the growth of the market during the forecast period.
The introduction of luffing jib tower cranes is the key trend in the market. Luffing jib tower cranes are essential lifting equipment for large-scale projects, particularly in the construction sector, where high lifting capacity, precision, and safety are paramount. These cranes are commonly utilized for installing heavy industrial equipment and constructing high-rise buildings, dams, and other large structures in urban areas. Luffing jib tower cranes offer extended reach and the ability to work in confined spaces, making them ideal for urban development projects. The design of luffing jib tower cranes includes a mast, slewing unit, working arm, machinery arm, hook, trolley, operator cab, and a maximum load limit and load-moment limit switch. The slewing unit allows for the crane to rotate, while the luffing jib enables the crane to adjust its height.
Furthermore, the crane's base and mast provide stability, while the machinery arm and hook facilitate the lifting and moving of concrete slabs, steel, and other heavy materials. Safety features such as anti-collision devices and remote crane operation enhance the crane's functionality and ensure the safety of workers in the construction site. Luffing jib tower cranes are also used in industries like mining and power generation, where heavy machinery and equipment need to be transported and installed. The demand for luffing jib tower cranes continues to grow due to the increasing need for infrastructure development and the construction of tall buildings, skyscrapers, and other large structures. Thus, such trends will shape the growth of the market during the forecast period.
The extremely volatile construction industry is the major challenge that affects the growth of the market. The market experiences growth primarily due to the expansion of the construction sector, which includes the erection of high-rise buildings, dams, and skyscrapers in urban areas. Intelligent control systems, such as self-erecting and remote crane operation, enhance the efficiency and safety of tower cranes. The market caters to various industries, including mining, steel, and concrete, utilizing lifting capacity and weight-lifting equipment. In confined spaces, flat top and hammerhead cranes are preferred. The market's growth is influenced by factors like the maximum load limit and load-moment limit switch, ensuring safety during construction.
Furthermore, anti-collision devices are essential for preventing accidents. Infrastructure projects, such as pipelines, road networks, ports, railways, and aqueducts, also require tower cranes for basic foundational services. The volatility of the construction industry, driven by factors like oil prices and high-interest rates, may impact the market. For instance, the increase in oil prices due to geopolitical tensions in 2022 affected the market. During the COVID-19 pandemic, the construction industry's decline led to a decrease in demand for tower cranes. However, the market recovers as the construction sector rebounds. Tower cranes are integral to infrastructure development, making them an indispensable piece of machinery arm and hook in the industry. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Action Construction Equipment Ltd. - The company offers tower cranes that are rugged, dependable, and cost-effective for big civil construction and erection jobs
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Infrastructure segment will be significant during the forecast period. The infrastructure sector dominated the market in 2023 due to an increase in local and foreign investments to improve infrastructure. Most of the demand for tower cranes for use in infrastructural activities was from China and the Middle East due to investments in large-scale infrastructural projects such as the Jeddah Tower, Jubail II, and the Riyadh Metro in Saudi Arabia and the Hainan Power Grid and the Tianhuangping Hydroelectric Project in China.
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The Infrastructure segment showed a gradual increase in market share from USD 1.21 billion in 2018. After the COVID-19, the construction market in APAC grew significantly in 2021. APAC dominated the market in the infrastructure sector due to investments in multiple construction projects in countries such as India, China, Singapore, Hong Kong, and Thailand. Currently, six Potain cranes are being used to construct the Yangsigang Bridge in Wuhan, China. Many countries have announced their infrastructural plans, which include spending on smart cities. The implementation of such plans will drive the growth of the segment during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses the rental services of heavy machinery, specifically tower cranes, for various construction projects. Skilled operators are essential to ensure the safe and efficient use of these machines. Tower cranes play a pivotal role in constructing large-scale infrastructures such as skyscrapers, transportation infrastructure like airports, bridges, cities, and housing structures. Government sectors and private construction sites alike utilize tower cranes for construction applications. Crane technology continues to evolve, with innovations like Hammerhead tower cranes and bottom slewing cranes.
In addition, smart city projects increasingly rely on automation, telematics, and eco-friendly solutions for energy-efficient crane operations. Megaproject investments in sectors like high-rise buildings, railway stations, seaports, dams, hospitals, and connected equipment necessitate the use of advanced tower cranes. Safety guidelines are stringently followed to ensure the well-being of workers and the public. Smartphone applications and connected equipment streamline crane operations, enhancing productivity and efficiency. The market continues to grow, driven by the increasing demand for construction activities in various sectors. Government efforts to promote sustainable infrastructure development further boost the market. In summary, the market is a critical component of the construction industry, providing essential heavy machinery for large-scale construction projects, adhering to safety guidelines, and embracing technological advancements.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Tower cranes are essential heavy machinery used in Construction projects for lifting and lowering Building materials and Construction materials to erect High-rise buildings, large-scale infrastructures, and Housing structures. The market is thriving due to the increasing demand for Rental services and construction machinery in various sectors, including Government sectors and Private sectors. Skilled operators play a crucial role in ensuring the safe and efficient operation of these cranes. Crane Technology continues to evolve with the integration of Automation, Telematics, Eco-friendly solutions, and Energy-efficient crane solutions. Smart city projects, such as Airports, Bridges, Cities, and Railways stations, are significant contributors to the Tower crane industry's growth.
Furthermore, hammerhead tower cranes, heavy trucks and Bottom slewing cranes are popular choices for Construction application due to their versatility and efficiency. Government efforts to invest in Megaprojects, such as Skyscraper construction, Dams, Hospitals, and transportation infrastructure, are driving the demand for Tower cranes. Private construction sites also rely heavily on these cranes for Construction activities. With the increasing focus on Connected equipment and Smartphone applications, Tower cranes are becoming more advanced and efficient than ever before. The market is expected to grow significantly due to the increasing number of Construction projects and the need for safety guidelines in the industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.27% |
Market Growth 2024-2028 |
USD 948.1 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.95 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Action Construction Equipment Ltd., Fangyuan Group Co. Ltd., FMGru srl, Hyundai Everdigm Corp., Konecranes, 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., and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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