About the Report
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.
In its new study, ESOMAR-certified market research and consulting firm, Future Market Insights (FMI), offers insights about key factors fueling the demand for tower crane. The report tracks the global sales of tower crane in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the building and construction industry in general, and tower crane in particular.
What is the Future Outlook on Tower Crane Market in Comparison to Historic Sales?
Facing challenges such as high cost of the equipment, setup time, and safety of the workers has always been one of the prime concerns of end users. Against this backdrop, some of the leading manufactures within the market are focusing on the development for enabling easy maneuverability of the tower cranes coupled with increasing the production capabilities.
Some of them already have developed and launched advanced tower cranes in the market and several others are likely to follow the suit to keep pace with dynamic market environment. According to FMI’s analysis, tower crane sales have grown at 0.4% CAGR between 2016 and 2021.
Tower cranes have been consistently employed for lifting and transporting heavy loads on the top of the construction site. Owing to the ongoing crisis caused by COVID-19 pandemic, the production and supply chain activities have seen a major slump yet the consumption will improve with the economic recovery post the containment period following the pandemic.
The COVID-19 pandemic has caused severe impact on the global economy at various levels and the impact is seen on construction industry as well. The tower crane market also is projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant plunge in demand in 2020.
With a number of end users affected in regions such as North America, East Asia and Asia-Pacific, the shortage in demand and supply are expected to result in a significant drop in Y-O-Y growth yet FMI expects global tower crane market to grow at 4.8% CAGR through 2031.
What is the Commercial Potential of Tower Cranes?
Tower cranes are mostly used in the construction industry for different applications including lifting and transportation of the bulky material from ground to the top of the building.
Competitive price offering, increase in end user satisfaction on the performance, use of advanced technologies are positive end results from research and development (R&D) activities have been improving commercial prospects for tower crane producers.
Increasing research and development activities through collaboration or partnerships also will help companies to launch new and innovative products in the market. Moreover, establishing sales and service facilities in emerging countries coupled with long term partnerships with regional distributors will create attractive sales opportunities for the market.
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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
What is the Impact of Regulations on Tower Crane Sales?
In certain regions, the construction equipment industry faces challenges in terms of strict legislation. Stringent rules compelling the industry to attain certain standards of construction equipment, could very well impact growth prospects.
Government authorities and agencies to protect the environment such as Pollution Control Agency, Environmental Protection Agency, and others also maintain stringent regulations to curb pollution. These regulations require manufacturers to invest heavily in new technologies and could result in manufacturer of construction equipment faces low sales in terms of volume. These factors are expected to create hindrance in the global tower crane market.
To What Extent The Tower Crane Market Will Be Lucrative In China?
FMI has projected China to remain one of the most lucrative markets throughout the course of the forecast period. One of the key factors supporting enhancement is the growth in building and construction and civic infrastructure in the country.
China is one of the biggest construction markets. Following COVID-19 outbreak caused downturn, construction projects in China have accelerated and expected to increase the total sales of tower crane in the forecast period.
Driven by these factors, China remains one of the largest markets for tower crane in the world, which invariably makes it a lucrative pocket for manufacturers.
Will Germany’s Strong Construction Equipment Market Create Further Growth Prospects?
Being the largest shareholder in Europe, the Germany tower crane market is pegged to grow with 3.5% of growth rate during the period 2021-2031. In recent years, manufacturers are gradually developing new customer base in the Germany.
Key macro-economic drivers of the country remain robust and many factors are favorable for growth, which is expected to provide stable growth forecast during the forecast period. However, rental sales in Germany have increased considerably, impacting the demand of new tower cranes.
What’s the Outlook on India Tower Crane Market?
India tower crane market is the second largest in South Asia & Pacific. Hammer head cranes have emerged as a key segment in the India tower crane market. Increased construction activities and civic utilities applications in India are leading to increase demand for tower cranes.
Significant government investments for infrastructure development activities in India are creating positive growth prospects for tower crane market in India. According to the Invest India, construction market in the country is expected to emerge as the third-largest in the world by 2025. Also the construction output is expected to grow by an average 7.1% each year, presenting attractive opportunities for tower cranes sales.
Will the Perceived Brexit Scenario Impact UK’s Construction Sector?
Brexit scenario is impacting the manufacturers and consumers in the UK tower crane market. Infrastructure development activities in U.K to remain tight, part for the tower crane market.
In U.K., the ratio of new end user to rental sales have been approximately 40% and 60% respectively. Substantial increase in investments in residential as well as commercial construction projects are estimated to propel the demand for tower cranes.
According to the Office of National Statistics, construction output in the U.K. improved by 1% in October 2020 amid COVID-19. While these might seem like a marginal improvement, it presents a positive outlook for the tower cranes market in the country.
What is Demand Potential of Tower Crane anticipated in GCC market?
The tower crane market in GCC is expected to have significant growth avenues in terms of new opportunities for future sales of tower crane, owing to increased civic utilities and construction activities in the UAE and KSA.
KSA’s “Vision 2030” has led to a major surge in international investment in the country. Moreover, KSA is planning to invest over USD 30 billion in airport infrastructure development by 2020 through Public–Private Partnerships (PPPs). This is expected to augment the demand for tower cranes the forecast period.
How big is the Rental Space in Tower Crane Market?
New buying as well as rentals continue to create opportunities for tower crane sales. Rental sales will continue to be a lucrative channel for tower crane manufacturers. Ratio between direct end user sales varies from metropolitan to peripheral regions. Government construction projects, which largely make use of rented machinery, remain a key avenue for manufacturers. Companies such as Maxim Crane Works, Essex Rental Corp, Sanghvi Movers, and others are offering rental tower cranes from different manufacturers.
Which is the Preferred Tower Crane Platform?
The demand of tower crane types varies from region to region, as in North America and Middle East & Africa, top slewing platforms expected to contribute significant share in the global tower crane market. Demand of top slewing platforms in Asia Pacific is expected to boost in the forecast period with substantial growth in the forecast period.
What is the Market Share of Hammer Head Cranes?
Hammer head cranes are expected to lead in terms of both market share and growth rate during the forecast period. The segment is expected to hold nearly one third of the market value share throughout the forecast period attributing to their easy maneuverability and operational versatility coupled with higher load capabilities while operating in the construction projects.
Where are Tower Cranes Mostly Used?
Construction industry accounts for the bulk of demand for tower crane globally. Demand is especially high in the large-scale industry segment. Civic utilities is another lucrative segment, where the cranes are used for civic projects such as small scale infrastructure projects. The increasing prominence of high rise buildings in the developed and developing countries across the globe is creating high growth virtues for the growth in demand for tower cranes over the coming years.
The tower crane market is moderately competitive, with presence of large number of players operating in the market. Some of the players are focusing to carve a niche for specific demography. The market has been benefiting from robust partnerships with high focus on innovations. This has led to a series of tower crane launches in the last few years.
- In 2020, Potain launched a tower crane focusing on home building and high-rise.
- Comansa has recently launched the largest crane, called 21CM750, manufactured at its plant in Hangzhou
Some of the leading companies operating in the market are:
- Zoomlion Heavy Industry Science & Technology Company Ltd.
- Xuzhou Construction Machinery Group Co., Ltd.
- Terex Corporation
- Sany Group
- Action Construction Equipments
- Comanasa S.A.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Report
Historical Data Available for
USD Million for value and Units for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Oceania, Turkey, Northern Africa, South Africa
Key Segments Covered
Lifting Capacity, Design, Product Type, End-Use, and Region.
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered in the Report
- Which is the most lucrative market for Tower Cranes?
East Asia currently leads the global market for Tower Cranes. Sales in East Asia will be over 21% of total demand throughout the forecast period. Within East Asia, China will account for the lion’s share.
- Which are the top-selling Tower Cranes?
Top Slewing (Hammer Head Tower Cranes) are highly sought-after for many applications. The demand for top slewing is expected to remain high in the near future due to increasing investment in construction activities around the world.
- Which is the most lucrative application for tower crane?
Tower cranes are widely used in construction applications. Their usage in demolition, construction of buildings and roads is rising day-by-day.
- Which are some of the leading tower crane manufacturers?
Some of the leading companies manufacturing tower crane are XCMG, Sany Group, Liebherr, Konecranes, Action Construction Equipment, Manitowoc, Terex Corporation, etc.
Enquiry before Buying
Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Is a sample of this report available for evaluation?
Yes, you can request a sample and it will be sent to you through an email.
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Tower Crane Market
By Lifting Capacity
- Up to 5 Tons
- 5 to 10 Tons
- 10 to 20 Tons
- 20 to 30 Tons
- 50 to 250 Tons
- Top Slewing
- Bottom Slewing
By Product Types
- Hammer Head Cranes
- Luffing Jib Cranes
- Mobile Cranes
- Building & Construction
- Civic infrastructure
- Marine & Sea Ports
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa