Tower Crane Market Is Expected to Reach USD 7 .5 Billion by 2032 | Liebherr, Manitowoc, Sany Group

The Tower Cranes Market was valued at USD 4.8 Billion in 2022 and is expected to reach USD 7 .5 Billion by 2032, registering a CAGR of 4.6% during the forecast period.

A tower crane is a tall, fixed-base machine used for hoisting materials in the construction of tall buildings. Tower cranes consist of a mast or tower, which supports a horizontal jib or boom. The jib or boom is equipped with a hoist rope, wire rope, or chain and hook that is used to lift materials. The mast or tower is mounted on a large base that allows the crane to rotate. Tower cranes are used in the construction of skyscrapers, bridges, and other large structures.

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Key Drivers
The key drivers of the tower crane market are the growing construction industry, the need for efficient and safe construction equipment, and the increasing preference for renting tower cranes.

The construction industry is growing globally, driven by the increasing demand for infrastructure development, commercial construction, and residential construction.

The need for efficient and safe construction equipment is driven by the need to reduce construction costs and improve safety.

The increasing preference for renting tower cranes is driven by the need for flexibility and the ability to respond to changing construction schedules.

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Market Segments
The tower crane market is segmented by product, design, application, and region. Based on Product it is segmented into Flat Top, Hammerhead, Luffing Jib, Self-Erecting. Based on Design divided into Top Slewing, and Bottom Slewing. Based on Application it is segmented into Rental, Construction, Mining, Shipyards, and Utility. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

Key Players
The global tower crane market includes players such as Zoomlion Heavy Industry Science & Technology Company Ltd., Xuzhou Construction Machinery Group Co Ltd., Liebherr, Manitowoc, Sany Group, Action Construction Equipment, Konecranes, Raimondi, Comanasa S.A., and others.

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