Tower Crane Market to Grow At Nearly 4.8% During 2021-2031

The tower crane market has registered substantial growth in the last few years. This growth trend is projected to continue over the coming years on the back of increasing applications of tower crane on construction sites across the globe. These cranes have applications across diverse sectors, including building & construction, civic infrastructure, marine & sea ports, mining, and others. Considering this, expansion of construction and civic utility activities will create scope for application, encouraging growth in the coming years.

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Global tower crane sales are set to be valued at US$ 19.3 Bn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report estimates global tower crane market to grow at nearly 4.8% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on tower cranes market growth will evolve in the next decade.
The research report analyzes demand for tower crane. The global tower crane market has been analyzed upon covid-19 impact, macroeconomic factors, market trends & market background. As per FMI’s research scope, the market has been analyzed on the basis of applications, customers & regions. The report gives us qualitative and quantitative information on various players in this market. Also, this report tracks the market by both supply side and demand side.

Key Takeaways from Tower Cranes Market Study
• Following negative returns amid COVID-19, the tower crane market is forecast to register a little below 4% Y-o-Y growth in 2021
• The U.S. will continue accounting for maximum sales in North America, holding over 85% of regional market share
• The U.K. market is likely to register 3.7% Y-o-Y growth in 2021 backed by recovering construction activities
• The demand from Germany and France will account for considerable sales within Europe
• China will emerge dominant in East Asia, while Japan and South Korea markets will continue exhibiting growth at a positive pace

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“Increasing investment in commercial construction as well as in the construction of civic in recent years is expected to provide an impetus to tower cranes sales. Rental base sales will continue to have a greater weightage as against direct ownership based procurement. Competitive price offering, increase in end user satisfaction on the performance, use of advanced technologies are the key strategies adopted by manufacturers operating in the market,” says FMI analyst.

Competitive Landscape:
Tower crane market is likely to grow at a moderate pace during 2021-2031. However, as it is a mature market hence companies are expected to concentrate increasingly on research and development activities. This will be aimed at developing more in the field of construction equipment that meet personalized requirements of consumers. Collaboration with regional construction contractors or construction companies as a prime strategy expected magnify in the forecast period.

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The tower cranes market is expected to be fairly consolidated, with key players accounting over half of the overall market value share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are XCMG, Zoomlion Heavy Industry Science & Technology Company Ltd., Liebherr, Action Construction Equipment, Raimondi, Sany Group, Konecranes, and others.

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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

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