Tower Crane Market 2023 Global Key Players: Liebherr Group, The Manitowoc Company, Inc., Terex Corporation, Action Construction Equipment Ltd, ABUS Kransysteme GmbH, Shandong Dahan Construction Machinery Co.,Ltd, Zoomlion Heavy Industry Science&Technology

Market Overview:

Tower cranes are stationary equipment used in lifting heavy components. It has the capacity of lifting nearly 20 tons and used for the construction of high rise building projects. The global tower crane market is projected to exhibit a 4.32% CAGR from 2018 to 2023 (forecast period) owing to the demand for residential buildings and apartments in urban areas. According to a report by the U.S. census bureau in 2016, the construction budget had increased by 6% which can bode well for the global market in the forthcoming years.

Investments in public infrastructure projects by China and India are likely to induce the need for tower cranes. Major policy rollouts such as the Real Estate (Regulation and Development) Act in 2016 in India which can further the development of cities and towns are anticipated to spur market growth over the forecast period.

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Report Overview

The report provides an accurate overview of the market by correlating the historical data with key market dynamics. Our analysts make highly astute projections regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global tower crane market segmented according to type, application, and region. Trends and growth opportunities are highlighted coupled with upcoming investment opportunities. The market share of all prominent players and their current position in the market is discussed in minute detail. It analyzes new revenue sources for players and outlines the various strategies implemented by players.

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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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)

Research Methodology

At MRFR, our research analysts conduct a thorough objective analysis of the market while creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top executives of crane manufacturers. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner.

In addition, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.

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