Tower Crane Market By Leading Key Players Hits at a CAGR of 4.8% by 2028

Surge in urbanization, exceptional stability offered by tower cranes, and rise in investment on renewable energy development fuel the growth of the global tower crane market. However, rise in demand for prefabricated construction is expected to create lucrative opportunities in the industry.

According to the report published by Allied Market Research, the global tower crane market was pegged at $6.68 billion in 2020 and is estimated to hit $9.90 billion by 2028, registering a CAGR of 4.8% from 2021 to 2028.

The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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Dynamics of the Market:
Tower cranes are mostly fixed and offer heavy lifting and handling operations on very high heights. These cranes constitute of a vertical mast and an operating jib or arm, along with other components including, a counter jib, an operating cabin, slewing unit, hoist winch, and a hook, which assists in lifting and maneuvering heavy materials and goods efficiently. Tower cranes are mostly widely utilized in the construction of buildings and other structures owing to high demand for material handling and transportation on high elevations.

According to the application, the building construction industry is the largest contributor toward the growth in demand for tower cranes. The rapid urbanization and necessity of high-rise buildings, especially, to accommodate the surge in urban population is expected to drive the tower cranes market growth.

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Key Findings Of The Study:

• By type, the flat top segment dominated the tower crane market share in 2020.
• By lifting capacity, the 6 to 10-ton segment is expected to generate high revenue, globally.
• By application, the construction segment garnered major share of the tower crane market in 2020.
• By region, Asia-Pacific dominated the market in 2020.
• By region, LAMEA is expected to witness a high growth rate during the forecast period.

Top Players:
The major players operating in the tower crane industry include Action Construction Equipment Ltd., ENG CRANES Srl, JASO Tower Cranes, Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., WOLFFKRAN International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

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