Westford, USA, Dec. 06, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global tower crane market size will reach a value of USD 16.57 Billion by 2031, with a CAGR of 9.70% during the forecast period (2024-2031). The increase is explained by the continuous global upsurge in building and infrastructure development initiatives, contributing to a significant increase in the global tower crane market share. Rail, road, port, and transit projects were funded in June 2023 by the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) initiative. The initiative provided more than USD 2.2 billion for 162 infrastructure projects throughout the country. These projects cover a broad range of activities, including improving roads and bridges, improving public transit, upgrading railroads, developing ports, and undertaking various sustainable infrastructure projects.
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Browse in-depth TOC on the ” Tower Crane Market”
Pages – 202
Tables – 64
Figures – 77
Tower Crane Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.90 Billion |
| Estimated Value by 2031 | USD 16.57 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.70% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing construction activities |
| Key Market Opportunities | Development of portable tower cranes |
| Key Market Drivers | Growing preference for high-rise buildings |
Construction Application to Hold Significant Growth due to Increasing Demand for Material Handling
The construction sector dominating, reflecting a robust global tower crane market outlook due to its high demand for heavy lifting, precise material handling, and extended reach in large-scale projects. Such demand is supported by urbanization and increased spending on infrastructure, for example tower crane are very important for the construction of high-rise buildings and industrial structures as complex lifted operations, which utilize the efficiency of these machines, are often required in such construction.
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Less than 20 Tons to Lead Market due to Versatility and Cost-Effectiveness
The dominance of tower cranes with a lifting capacity of less than 20 tons in the global tower crane industry is driven by their versatility and cost-effectiveness, which suit a wide range of mid-sized construction projects, especially in residential and commercial developments. These cranes facilitate movement, erection, and servicing thus answering the quest for effective and cheap less complex lifting equipment.
Europe to Dominate Market due to Urban Renewal Projects and Strict Safety Regulations
Europe’s dominance in the global tower crane market is driven by robust infrastructure investment, urban renewal projects, and strict safety regulations that favor advanced, high-quality cranes. The genre’s devotion to green building and contemporary town development outside the region creates a demand for effective crane solutions that do not harm the environment while established manufacturers ensure operational benchmarks are more than met.
Tower Crane Market Insight
Drivers:
- Developing Regions is Boosting Demand for Construction
- Integration of Automation and Smart Censors
- Remote-Controlled Systems in Tower Cranes
Restraints:
- high Cost of Tower Cranes
- Complex Maintenance and Operational Requirements
- Fluctuating Construction Sector Slowdown
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Segments covered in Tower Crane Market are as follows:
- Type
- Self-erecting, Luffing Jib, Hammer Head, Flat Top
- Application
- Construction, Industrial, Utility
Prominent Players in Tower Crane Market
- Liebherr-International AG (Switzerland)
- Terex Corporation (USA)
- Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)
- XCMG Group (China)
- Manitowoc Cranes, LLC (USA)
- Potain (France)
- Sany Group Co., Ltd. (China)
- Kobelco Construction Machinery Co., Ltd. (Japan)
- Favelle Favco Berhad (Malaysia)
- Wolffkran AG (Germany)
Key Questions Answered in Global Tower Crane Market Report
- What is the projected global tower crane market size by 2031, according to SkyQuest?
- Which factors are driving the demand for tower cranes in the construction sector?
- Why is Europe expected to dominate the global tower crane market?
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This report provides the following insights:
- Analysis of key drivers (Emergence of eco-friendly cranes, crane rentals becoming an attractive option, Increased construction of wind farms), restraints (Large footprint of tower cranes, high manufacturing costs of tower cranes), opportunities (Demand for modular cranes, smart sensors in tower cranes enables real-time monitoring).
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the tower crane market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the tower crane market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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