Global Tower Crane Market to Grow at 4.5% CAGR through 2027

Recently a new research report based on tower crane titled “Tower Crane Market: Residential & Commercial End Use Segment Expected to Expand at an Above Average Growth Rate During the Forecast Period: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 – 2027” has been submitted to the repository of Market Research Report Search Engine (MRRSE). According to the report, the global tower crane market is projected to increase at a CAGR of 4.5% through 2027.

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The report is a comprehensive piece of information that offers analysis and insights on the key factors that are driving and impeding the growth of the market. The fortunes of the tower crane market are directly linked to the growth in the construction and real estate sector, which in turn, are bound by macroeconomic policy and regulations. Steady growth in infrastructure projects in Asia Pacific excluding Japan (APEJ) is likely to provide an impetus to the growth of the market during the assessment period.

According to the report, on the basis of product type, hammerhead cranes are likely to witness steady growth from end-users. This segment is projected to grow at a CAGR of over 5% during the assessment period. By capacity, the report projects the 5-10 ton capacity tower cranes to witness steady growth during the forecast period. By end-use, the report offers holistic forecast and analysis, and projects building & construction sector to remain at the forefront of demand. Investment in construction of buildings by both private and public entities is likely to provide an impetus to demand for tower cranes. According to the report, demand for tower cranes from building and construction is likely to exceed a volume of 62,000 units by end of forecast period. By design, the report forecasts the top slewing segment to witness robust growth during the assessment period, and account for a market share of nearly 70% of the global market.

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Some of the key players are XCMG, Terex Corporation, Sany Group, Linden Comansa, Konecranes, Raimondi, WOLFFKRAN International AG., HKTC, ELMAK Crane & Equipment, Anka Hoist USA Inc., Zoomlion Heavy Industry Science & Technology Company Ltd., Liebherr, Manitowoc, Kroll Cranes A/S, FMGru srl, Fushun Yongmao Construction Machinery Co., Ltd, AMS Kranbau GmbH, Sichuan Construction Machinery (Group) Co., Wilbert and JASO group. Overall, the report is a holistic source of information for stakeholders looking to get an understanding on some of the key factors driving tower crane market growth.

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This release was published on openPR.