A crane is primarily used for lifting heavy loads and transporting them to other places. The tower crane is the type of fixed crane. These cranes are operated from a fixed place and are used to carry heavy loads. Tower Cranes are principally used in civil engineering construction works and in heavy equipment manufacturing for material handling. Growing construction sector, across the globe is driving the growth of the market. Additionally, technological innovation in crane models, also have a positive impact on the growth of the market. However, the high maintenance cost and high initial investment, may hamper the growth of the market. Tower cranes usually come with a high price tag. Hence, several market players therefore offer rental services to customers who are not willing to spend on expensive tower cranes.
Hence, Global Tower Cranes Market is expected to grow at a CAGR of 4.4% during the forecast period.
Growing Construction Sector, across the globe drives the growth of Tower Crane Market
Prominent Players in the global tower crane market include Liebherr Group (Switzerland), The Manitowoc Company, Inc. (U.S.), Terex Corporation (U.S.), Action Construction Equipment Ltd (India), ABUS Kransysteme GmbH (Germany), Shandong Dahan Construction Machinery Co.,Ltd (China), Zoomlion Heavy Industry Science&Technology Co., Ltd. (China), Manitex International Inc. (U.S.), Sany Group (China), Wolffkran Inc. (U.S.), Morrow Equipment Company (U.S.), and Krøll Cranes A/S (Denmark).
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Market Research Analysis
For this study, the global tower cranes market has been divided on the basis of type, and application. On the basis of type, the market has been segmented as self-erecting crane, flat top tower crane, luffing jib tower crane, and hammerhead tower crane. The hammerhead segment is expected to grow at the highest CAGR during the forecast period. Hammerhead cranes are versatile and efficient. These cranes are well suited for heavy lifting and placement duties on the most challenging jobsites. They can also help you save time on other jobsite duties by easily moving materials from one area to another.
Self-erecting tower cranes are especially suited to construction sites that are of short duration, requiring frequent operations of transport, setting up, erection and dismantling. This crane is suitable for both, road and containerized transport. The erection is quick, and is carried out with simple and automated systems. Luffing jib tower cranes are specially designed for urban use. They have outstanding reach that needs little room for slewing motions, and a special advantage if many cranes are working at the same time on high-rise buildings and power plant sites.
Based on applications, the market has been segmented as oil & gas, construction, shipping & port and others. Construction segment accounted for the largest market share. Due to increasing population and urbanization, there has been a shift in the population in the urbanized areas, especially in developing nations. This transition leads to the increasing demand for homes and residential complexes. This drives the demand of the market from this sector. Additionally, increased investment in new commercial constructions and infrastructure projects, also increase the demand from this sector. Shipping & ports is another major application of the market. Oil & gas sector is expected to contribute significantly during the forecast period. Cranes are used in oil & gas sector for loading and unloading articles such as drill pipes, and containers.
Scope of the Report
This study provides an overview of the global tower crane market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Tower Crane market by its type, by application, and region.
- Self-Erecting Crane
- Flat top Tower Crane
- Luffing Jib Tower Crane
- Hammerhead Tower Crane
- Oil & Gas
- Shipping & Port
- North America
- Asia Pacific
- Rest of the World
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Increasing up gradation, repair and rehabilitation of both, the existing infrastructure and power grids and distribution networks, drive the growth of the market in Europe. Germany and the U.K. are the major markets in Europe. In U.K., the construction values in both the public and private sectors is increasing, continuously. This will create huge potential demand for the market in future. North America is another major region for the market. The U.S. is the major markets in North America. Strong development in commercial and residential structures in the U.S., is anticipated to fuel the demand for market in the region.
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