Tower Cranes Market will register the CAGR of 4.32% Till 2023 | Top Key Players areLiebherr Group, The Manitowoc Company, Inc., Terex Corporation, Action Construction Equipment Ltd, ABUS Kransysteme GmbH, Shandong Dahan Construction Machinery Co.,Ltd, Zoo

Market Overview:

Market Research Future published a half-cooked research report on Global Tower Crane Market that contains the information from 2017 to 2023. Global tower crane market is expected to grow with the CAGR of approximately 4.32% from 2017 to 2023.

Taste the market data and market information presented through more than 85 market data tables and figures spread in 140 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Tower Crane Market Information from 2017 to 2023"

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A crane is primarily used for lifting heavy loads and transporting them to other places. The tower crane is the type of fixed crane. These cranes are operated from a fixed place and are used to carry heavy loads. Tower Cranes are principally used in civil engineering construction works and in heavy equipment manufacturing for material handling. Growing construction sector, across the globe is driving the growth of the market. Additionally, technological innovation in crane models, also have a positive impact on the growth of the market. However, the high maintenance cost and high initial investment, may hamper the growth of the market.

Based on applications, the market has been segmented as oil & gas, construction, shipping & port and others. Construction segment accounted for the largest market share. Oil & gas sector is expected to contribute significantly during the forecast period. Cranes are used in oil & gas sector for loading and unloading of articles such as drill pipes, and containers.
Hence, global tower cranes market is expected to grow at a CAGR of 4.4% during the forecast period.

Market Research Analysis:

For this study, the global tower cranes market has been divided on the basis of type, and application. On the basis of type, the market has been segmented as self-erecting crane, flat top tower crane, luffing jib tower crane, and hammerhead tower crane. The hammerhead segment is expected to grow at the highest CAGR during the forecast period. Hammerhead cranes are versatile and efficient. These cranes are well suited for heavy lifting and placement duties on the most challenging jobsites. They can also help you save time on other jobsite duties by easily moving materials from one area to another.

Self-erecting tower cranes are especially suited to construction sites that are of short duration, requiring frequent operations of transport, setting up, erection and dismantling. This crane is suitable for both, road and containerized transport. The erection is quick, and is carried out with simple and automated systems. Luffing jib tower cranes are specially designed for urban use. They have outstanding reach that needs little room for slewing motions, and a special advantage if many cranes are working at the same time on high-rise buildings and power plant sites.

Based on applications, the market has been segmented as oil & gas, construction, shipping & port and others. Construction segment accounted for the largest market share. Due to increasing population and urbanization, there has been a shift in the population in the urbanized areas, especially in developing nations. This transition leads to the increasing demand for homes and residential complexes. This drives the demand of the market from this sector. Additionally, increased investment in new commercial constructions and infrastructure projects, also increase the demand from this sector.
Shipping & ports is another major application of the market. Oil & gas sector is expected to contribute significantly during the forecast period. Cranes are used in oil & gas sector for loading and unloading articles such as drill pipes, and containers.

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Asia Pacific region dominates the global Tower Crane market

Geographically, the global tower crane market has been divided into four major regions, of North America, Europe, Asia Pacific and Rest of the World. Asia Pacific, of all the regions, has accounted for the largest market share, in 2016, followed by Europe and North America. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Increase in construction activities in countries such as China, Japan, India, and Indonesia in Asia Pacific region, is majorly fuels the growth of the market. Additionally, increase in industrialization, rising urbanized population, and growth in spending capacity are the factors pouring the growth in the market in Asia Pacific region. China is one of the leading markets in the Asia Pacific region. The Chinese Government issued several favorable policies for lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing. This helped the recovery of commercial housing market. This will have a positive influence on the growth of the market.

Scope of the Report

This study provides an overview of the global tower crane market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Tower Crane market by its type, by application, and region.

By Type

• Self-Erecting Crane
• Flat top Tower Crane
• Luffing Jib Tower Crane
• Hammerhead Tower Crane

By Application

• Oil & Gas
• Construction
• Shipping & Port
• Others

By Region

• North America
• Asia Pacific
• Europe
• Rest of the World

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 Liebherr Group (Switzerland)
 The Manitowoc Company, Inc. (U.S.)
 Terex Corporation (U.S.)
 Action Construction Equipment Ltd (India)
 ABUS Kransysteme GmbH (Germany)
 Shandong Dahan Construction Machinery Co.,Ltd (China)
 Zoomlion Heavy Industry Science&Technology Co., Ltd. (China)
 Manitex International Inc. (U.S.)
 Sany Group (China)
 Wolffkran Inc. (U.S.)
 Morrow Equipment Company (U.S.)
 Krøll Cranes A/S (Denmark)

This research report provides insights, on various levels of analysis such as industry analysis, and market share analysis for the leading players along with their profiles. It also helps in studying the target segments by providing views on emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios & strategies in the global construction lift market, including high-growth regions and/or countries, and political, & economic environments. The project report, further, provides views on both the historical market values and pricing & cost analysis.

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