Press release
Tower Crane Market was valued at 5.75 Bn. in 2022 and expected to grow at a CAGR of 8.2 Percent during the forecast period 2023-2029
Tower Crane Market Dynamics:The global tower crane market is also experiencing positive momentum due to technological advancements in crane handling equipment. Innovations such as high precision joysticks with robust IP protection, durable resistors like steel grid or cast iron resistor, and the integration of wireless video control and radio frequency identification technology (RFID) contribute to the market's growth. However, challenges persist, including the high cost of cranes, labor-intensive installation processes, time-consuming repositioning efforts, substantial maintenance expenses, a shortage of skilled labor, and risks associated with slipping and mechanical failures. Addressing these factors is crucial for sustaining the upward trajectory of the global tower crane market.
The escalating global population coupled with rapid urbanization has spurred a surge in investments in critical public infrastructure projects such as dams, bridges, and power plants. Tower cranes, with their stability and efficiency in handling heavy loads compared to traditional methods, have become integral to various construction activities, including apartment complexes, marine and seaport operations, and mining ventures. Notably, the demand for tower cranes is witnessing a significant upswing, fueled by initiatives like the redevelopment of government projects by entities such as the National Buildings Construction Corporation (NBCC) in India, which plans to invest a substantial 32,000 crores in three projects. Furthermore, India's projected requirement of approximately US$ 7 trillion over the next seven years further underscores the immense potential for the tower crane market.
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Tower Crane Market Report Scope and Research Methodology:
The Tower Crane Market Report offers a comprehensive exploration of the dynamics within the tower crane industry, encompassing a detailed analysis of market scope, trends, challenges, and opportunities. To ensure the accuracy and relevance of the information presented, a robust research methodology has been employed. This methodology integrates primary research, involving interviews with industry experts and stakeholders, with secondary research that taps into credible sources such as market reports, construction industry publications, and company databases.
The report extends its purview across key segments, including types of tower cranes, applications, and regional markets, providing stakeholders with a holistic understanding of the current market landscape. The meticulous approach to research enhances the report's credibility and positions it as a valuable resource for businesses, investors, and decision-makers navigating the dynamic terrain of the tower crane market.
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Tower Crane Market Segmentation
by Product
Flat-top
Hammer-head
by Lifting capacity
Below 10MT
Between 10 to 50 MT
Above 50 MT
by End-User
Construction and Building
Harbor and Ports
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Tower Crane Market Key Competitors include:
1. XCMG Group
2. Shandong Huaxia Group Co Ltd
3. Shandong Dahan Construction Machinery Co
4. Manitowoc
5. Yongmao Holdings Limited
6. LIEBHERR
7. HKTC
8. Favelle Favco BHD
9. Guangxi Construction Engineering Group Ltd
10. Sichuan Construction Machinery Co
11. Zhejiang Construction Machinery Group Co., Ltd.
12. Zoomlion Heavy Industry Science & Technology Co., Ltd
13. Wolffkran International
15. Fangyuan Group Co. Ltd
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Tower Crane Market Regional Insights:
Asia Pacific region dominates the global market because of rising population, infrastructure developments, growing real estate market, expansion of tier 1 and tier 2 cities, growing tourism, etc are adding an advantage to the market growth. According to the "National Development and Reform Commission," China approved 26 infrastructure projects with a total investment of US$ 142 Bn in 2022. India investing 600000 crore rupees in "Gujarat International Finance Tech-City" (GIFT) to attract international offices, etc. these are the factors helping to boost the global tower crane market.
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key questions answered in the Tower Crane Market are:
• What is Tower Crane ?
• What are the factors driving the Tower Crane Market growth?
• What are the factors are limiting the Tower Crane Market growth?
• What was the Tower Crane market size in 2022?
• Which trends are expected to generate additional revenue for the Tower Crane market growth?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Tower Crane Market?
• What growth strategies are the players considering to increase their foothold in the Tower Crane Market?
• Who held the largest market share in the Tower Crane Market?
Key Offerings:
• Past Market Size and Competitive Landscape
• Past Pricing and price curve by region
• Market Size, Share, Size & Forecast by different segment
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
o Competitive landscape - Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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