Tower Crane Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Tower Crane Market 
Industry / Sector Trends

Tower Crane Market size was valued at over USD 3 billion in 2018 and will grow at a CAGR of nearly 7% from 2019 to 2025. The global shipments are expected to reach over 40 thousand units by 2025.

Germany tower crane market, by product, 2018 & 2025 (USD Million)

Increasing construction activities & development of high-rise commercial & residential structures globally are driving the tower crane market growth. Heavyweight lifting capacities of these machines as compared to other conventional options will support their usage, majorly in urban building operations. Increasing global population & rapid urbanization across the globe will create the need for efficient infrastructure facilities, residences, and buildings. Additionally, growing infrastructure refurbishment projects and the expansion of Tier I & Tier II cities in several Asian countries are creating a huge demand for these machines & add up to the industry demand. The industry is hindered by the unavailability of skilled & trained operators in several countries, limiting machinery utilization and increasing the cost of training & procurement for the contractors.

Market Segmentation, Outlook & Regional Insights: Tower Crane Market

Tower Crane Market, By Product

The flat-top tower crane market was having a revenue share of over 15% in 2018 and are gaining demand due to the safety and easy handling features in newly developed machines. The flat-top models offer easy & fast erection as compared to other models due to fewer jib interferences, leading to huge cost savings. These machines are suitable for multi-crane worksites and application areas with height restrictions. These cranes can be easily dismantled and will reduce interference in cases of overflying cranes. The utilization of these models will also limit the cost of procuring several cranes at various construction & mining sites. The flat-top models find applications in congested worksites such as airports, power plants, etc., further contributing to industry growth.

Tower Crane Market, By Design

Top slewing cranes are witnessing increasing demand due to their suitability for medium to high-rise building projects and longer duration needs. These cranes have stationary features and rest on structural & steel bases, providing stability in weightlifting operations. Growing needs to transfer heavy loads from one place to the other in utility & construction applications are increasing the demand for top slewing models, further developing the tower crane market. Several manufacturers in the industry are working on improving the machinery features and have developed various models that include top-slewing crane features. For instance, in December 2018, Manitowoc announced the launch of its new internal mast operator model for the top slewing category. The companys new lift allows elevator access & simultaneous ladder & meets the French design regulations.

Tower Crane Market, By Lifting Capacity

In the tower crane market, the 6 to 20 metric tons segment is anticipated to grow at 8% CAGR from 2019 to 2025. The segment is gaining traction owing to the availability of flat-top, hammerhead, and luffing jib machines with these specifications. These are the medium-range machines that can lift loads ranging from 6 to 20 metric tons. Several load handling & transporting operations in the oil & gas and energy sector is adding up to the demand for these machines. Various technical specifications, reduced pollution levels, and enhanced software integrated features are supporting high machinery utilization, further driving the tower crane market growth.

Tower Crane Market, By Application

U.S. tower crane market, by application, 2018 (USD Million)

The rapid expansion of the real-estate sector and the emergence of high-end infrastructure projects across several countries are supporting the utilization of tower crane market products. In the global construction industry, these machines are becoming popular due to the ability to work efficiently at high-rise building sites. Additionally, to address the growing construction & infrastructure demand, machine manufacturers are offering specific distributor allocation & customer specific product mix. Efficient customer support and the provision of capacity-specific products by manufacturers are fostering the growth of construction applications in the tower crane market. These machines find applications in the construction of dams, bridges, and other public & private infrastructure facilities. For instance, in August 2016, Liebherr announced the provision of 10 tower crane models for the construction of Lakhta Towers, the highest building in Europe. The company provided 7 HC-L & 3 EC-H machines for the worksite.

Tower Crane Market, By Region

Europe tower crane market, by country, 2018 (Units)

The Europe tower crane market is growing at a rapid pace owing to the increased utilization of efficient weight lifting equipment in utility, mining, and construction applications. The technically-advanced machines are used in these sectors owing to the increasing focus of the European Union and customers on providing safer work environments. European countries have several equipment & worker safety related regulations that further promote the demand for these machines and add up to the industry demand. The presence of several crane manufacturers in Europe including Liebherr Group, Raimondi S.p.A., Jaso, Comansa, etc., will serve as a major driver for regional tower crane market growth.

Key Players, Recent Developments & Sector Viewpoints: Tower Crane Market

Prominent players operating in the tower crane market are Manitowoc Liebherr Group, Terex Corporation, Zoomlion, XCMG Group, etc., among others. The companies are involved in new product introduction strategies to offer differentiated machines and address varying customer demand. Players are also incorporating advanced technical features into the new products to deliver high performance & productivity to application industries. Additionally, companies are offering enhanced customer support through distributors, sales representatives, and company sales offices. For instance, in January 2019, Manitowoc announced the plan to launch six new crane machines & lifting technologies in April 2019 at Bauma 2019. The company will launch several flat top and self-erecting models.

Tower Crane Industry Viewpoint

The tower crane market is highly competitive due to the presence of major construction & industrial equipment manufacturers across the globe. The industry is witnessing the requirement for more models with heavy lifting capacities and the ability to work in confined work sites. This is creating pressure for new product development strategies for manufacturers. The machinery providers are working on enhancing the crane specifications and ensuring integration of more safety features to provide worker & public safety. Moreover, the industry is also witnessing a huge demand for rental models owing to the high equipment cost and the unavailability of several machines with a single contractor

Key Insights Covered: Exhaustive Tower Crane Market

1. Market size (sales, revenue and growth rate) of Tower Crane industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Tower Crane industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Tower Crane industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Tower Crane industry.

Research Methodology: Tower Crane Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.