Governmental Push for Manufacturing Projects Boosts Tower Crane Market
Product Type – Hammerhead Cranes have Immense Potential in Tower Crane Market
The hammerhead crane segment is the most lucrative in the tower crane market and key stakeholders are advised to focus their attention on this product type. The hammerhead segment is expected to witness the highest CAGR of 5.2% for the forecast period, making it crucial to target. The mobile tower segment has the second largest revenue share in the tower crane market but is likely to witness a notable decline in BPS.
Capacity – 5 -10 Ton Capacity Gains at Expense of Up to 5 Tons in Tower Crane Market
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The 5-10 ton capacity tower cranes have a little over a fifth of the market share in the tower crane market in 2017 and this could grow to approx. a quarter by end 2027. The 5 -10 ton capacity crane segment and 10-20 ton segments are projected to gain share at the expense of all others in the tower crane market. An incremental dollar opportunity of roughly US$ 2 billion is waiting to be tapped in the 5 – 10 ton segment for the period.
End-Use – Greatest Scope in Building & Construction and Civil Infrastructure
In terms of end use, the building & construction and Civil Infrastructure segments dominated the tower crane market and should remain so. High investment by both the public and private sector in building & construction across developed and emerging economies is responsible for the construction boom. The building & construction segment should exceed a volume of 62,000 units by end 2027, i.e. larger than the residential & commercial and industrial segments combined in the tower crane market.
Design – Top Slewing Segment to Gain Substantial Share in Tower Crane Market
The top slewing segment is poised to witness a massive growth of 120 BPS from 2017 to 2027 and have a market share of just under 70% in the tower crane market. The top-slewing segment is sought after in the construction sector and should comprise half the volume by sales in the tower crane market at the end of 2017.
Region – APEJ Rural to Urban Migration Requires Civil Infrastructure Development
The APEJ region had a market share greater than a third of the tower crane market in 2012 and is estimated to grow to more than 40% by 2027. Government initiatives such as Make in India have made APEJ countries an export hub. In addition to this, millions of people migrate annually from rural areas to urban ones in search of better job prospects. That is why there is a need for large-scale urban infrastructure projects, spurring the demand for tower cranes in this dynamic region.
Competition Dashboard in the Tower Crane Market
Companies profiled are Zoomlion Heavy Industry Science & Technology Company Ltd., XCMG, Liebherr, Terex Corporation, Manitowoc, Sany Group, Kroll Cranes, Linden Comansa, FMGru srl, Konecranes, Fushun Yongmao Construction Machinery, Raimondi, AMS Kranbau GmbH, WOLFFKRAN International, Sichuan Construction Machinery, HKTC, Wilbert, ELMAK Crane & Equipment, JASO group, and Anka Hoist USA.
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Key stakeholders need to ensure that the lifespan, capacity, and efficiency of their tower cranes exceeds industry expectations. The best way to do so is by way of continuous product innovation. Long term contracts with end users and expansion of construction activities can also be very helpful indeed. Working training at manufacturing facilities can go a long way in reducing accidental injuries and deaths.
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