US & Canada, Jan. 09, 2025 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, “the global Self Erecting Tower Cranes Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Residential Construction, Commercial Construction, and Others), Lifting Capacity (Upto 5 Tons, 5 to 10 Tons, and Above 10 Tons) and Geography”.
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Self-erecting cranes are widely used in small to medium-scale construction projects. The cranes improve productivity by providing the material to the exact point of location, thus reducing additional labor costs. It also occupies a small footprint and offers several services at the construction site. Self-erecting crane reduces the additional vehicle requirement on-site and minimizes the amount of time required for material handling on-site, thus increasing site safety and lowering the additional cost of material handling. Key players are offering the self-erecting crane on a rental basis owing to the high cost of purchase for the cranes. The demand for this crane is growing across developing countries at a rapid pace owing to its lower cost compared to tower cranes.
The report runs an in-depth analysis of market trends, key players, and future opportunities. Different types of self erecting tower cranes include upto 5 tons, 5 to 10 tons, above 10 tons. Self erecting tower crane manufacturers procure specific grades of materials from raw material suppliers and process them further to develop the final product.
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Market Overview and Growth Trajectory:
Self Erecting Tower Cranes Market Growth: One of the primary factors behind the increasing demand for self erecting tower crane is the increasing urbanization and increased construction activities. Urbanization results in the conversion of land for residential, commercial, industrial, and transportation use. According to the updated list of urban areas provided by the United States Census Bureau in December 2022, urban population in the US increased by 6.9% between 2010 and 2023. The West region of the US remained the most urban of the country’s four census areas, with 88.9% of its inhabitants living in cities, followed by the Northeast region with 84.0% as of 2022. Apart from the US, Spain has also witnessed a notable rise in urbanization. According to United Nations in 2023, 82.0% of the population lived in cities. With a rapidly increasing urban population, the construction sector is growing at a rapid pace. Small-scale construction activities are upsurging across the world. Self-erecting tower cranes are especially suited for construction sites that are for short duration and require frequent transportation, material handling, erection of the construction equipment, and dismantling.
Growing Construction Activities Across Globe: In Asia Pacific, demand for self-erecting cranes is rising significantly owing to rapidly growing construction activities. According to the Asia Development Bank Organization, Asia Pacific countries invest around US$ 1.7 trillion per year in the construction sector. The sector is growing at a rapid pace owing to increasing demand for residential construction projects and rapid infrastructure developments in the public sector. The European economy relies heavily on the construction sector. With over 3 million businesses, the sector accounts for around 9% of the European Union’s (EU) GDP. In 2021, the European Union (EU) invested 5.6% of its GDP in housing. This percentage varied throughout the member states, ranging from 7.6% in Cyprus, 7.2% in Germany, 2.1% in Ireland, and 2.2% in Latvia to 2.3% in Poland. In January 2024, the European Climate, Environment, and Infrastructure Executive Agency received ∼ 400 applications requesting US$ 20 billion for transport infrastructure projects. The rising population propels the demand for public infrastructure and the development of new transport networks and residential structures. As per the data published by the European Union in 2023, the EU’s population increased from 446.7 million in January 2022 to 448.4 million in January 2023. In 2021, various construction projects were commenced that included A303/A30/A358 Road Corridor Improvement, E39 Herdal-Royskar Motorway, Nizhnekamsk-Naberezhnye Chelny Bypass, Banja Luka-Prijedor-Novi Grad Motorway, and Llogara Tunnel.
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Rise in Investments in Public and Private Infrastructure Projects: Self-erecting cranes are widely used in small to medium-scale construction projects. The cranes improve productivity by providing the material to the exact point of location, thus reducing additional labor costs. It also occupies a small footprint and offers several services at the construction site. Self-erecting crane reduces the additional vehicle requirement on-site and minimizes the amount of time required for material handling on-site, thus increasing site safety and lowering the additional cost of material handling. Key players are also offering the self-erecting crane on a rental basis owing to the high cost of purchase for the cranes. The demand for this crane is growing across developing countries at a rapid pace owing to its low cost compared to tower cranes. This type of crane is highly recommended for low-budget infrastructure development projects. The construction project at the Stockholm metro extension is valued at US$ 3.35 billion, which is currently in construction phase and is expected to be completed by 2026.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.
Self Erecting Tower Cranes Market Segmentation, Applications, Geographical Insights:
- Based on application, the global self-erecting crane market is segmented into residential construction, commercial construction, public infrastructure, and others. The public infrastructure segment held the largest market share in 2023.
- Based on lifting capacity, the global self-erecting crane market is bifurcated into less than 5 tons and 5 tons to 10 tons. The less than 5 tons segment held a larger share in 2023.
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Key Players and Competitive Landscape:
The Self Erecting Tower Cranes Market is characterized by the presence of several major players, including:
- Liebherr International AG
- The Manitowoc Co Inc
- Terex Corp.
- FMGRU SRL
- Gruaz Saez S.L
- Tavol Cranes Group
- ACE
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Self Erecting Tower Cranes Market Recent Developments and Innovations:
- ” Terex Self Erecting Cranes announced the appointment of Kranlyft UK as authorised distributor for the UK and Ireland. With immediate effect, Kranlyft UK will offer the complete range of Terex Self-Erecting Cranes, including the newest CSE range and the unique FC 6.24—Europe’s only self-erecting top-slewing crane, along with sales, service, and parts support.”
- “With a radius of 55 m and a hook height of up to approx. 66 m, the Liebherr 125 K is currently the largest fast-erecting crane on the market. Visitors at Intermat 2024 in Paris can now see the innovative K series concept for themselves. A well thought-out assembly system and low logistics costs make the Liebherr fast-erecting cranes particularly useful for shorter projects.”
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Conclusion:
India is the fastest growing country for the self-erecting crane market owing to increasing investment toward construction activities and infrastructure development projects. Investments in residential building and infrastructure development with the use of advanced technology-based construction equipment are growing in India. The government of India is focused on building infrastructure by making significant investment plans. In 2022, the government launched Gati Shakti Plant with a US$ 1.3 trillion investment for infrastructure development in India. Also, the government launched the “Smart Cities Mission” and “Housing for All” initiative programs to foster development in the country. In the Indian government budget 2023–2024, the budget capital allocation for infrastructure development in the country was increased by 33% compared to 2022, reaching US$ 122 billion. Such growth in infrastructure development and the growing residential sector across India is expected to create ample opportunity for the self-erecting crane market during the forecast period.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material providers, manufacturers, suppliers and distributors, and end users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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