Global tower crane sales are set to be valued at US$ 19.3 Bn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report estimates global tower crane market to grow at nearly 4.8% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on tower cranes market growth will evolve in the next decade.
Demand for tower crane waned in 2020, due to the recessionary effects of COVID-19 on the construction activities, resulting in retardation of new and rental sales of tower cranes However, barring a few countries, the construction activities has resumed at a healthy rate post Q2 of the financial year. With the sector undergoing a recovery mode, the immediate as well as long-term growth outlook of Tower Cranes the market remains positive.
The research report analyzes demand for tower crane. The global tower crane market has been analyzed upon covid-19 impact, macroeconomic factors, market trends & market background. As per FMI’s research scope, the market has been analyzed on the basis of applications, customers & regions. The report gives us qualitative and quantitative information on various players in this market. Also, this report tracks the market by both supply side and demand side.
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KEY TAKEAWAYS FROM TOWER CRANES MARKET STUDY
- Following negative returns amid COVID-19, the tower crane market is forecast to register a little below 4% Y-o-Y growth in 2021
- The U.S. will continue accounting for maximum sales in North America, holding over 85% of regional market share
- The U.K. market is likely to register 3.7% Y-o-Y growth in 2021 backed by recovering construction activities
- The demand from Germany and France will account for considerable sales within Europe
- China will emerge dominant in East Asia, while Japan and South Korea markets will continue exhibiting growth at a positive pace.
“Increasing investment in commercial construction as well as in the construction of civic in recent years is expected to provide an impetus to tower cranes sales. Rental base sales will continue to have a greater weightage as against direct ownership based procurement. Competitive price offering, increase in end user satisfaction on the performance, use of advanced technologies are the key strategies adopted by manufacturers operating in the market,” says FMI analyst.
WHO IS WINNING?
Tower crane market is likely to grow at a moderate pace during 2021-2031. However, as it is a mature market hence companies are expected to concentrate increasingly on research and development activities. This will be aimed at developing more in the field of construction equipment that meet personalized requirements of consumers. Collaboration with regional construction contractors or construction companies as a prime strategy expected magnify in the forecast period.
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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.
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.
Valuable Insights into Tower Crane Market
Future Market Insights, in its new report, presents an unbiased analysis of the tower crane market, covering historical demand data and forecast figures for the period between 2021 and 2031. The study divulges compelling insights into the growth witnessed in the market. Based on design, the market covers top slewing and bottom slewing. In terms of product type, the market can be segmented into self-erecting, hammer head cranes, luffing jib cranes, and mobile cranes. On the basis of capacity, the market covers up to 5 tons, 5 to 10 tons, 10 to 20 tons, 20 to 50 tons, 50 to 250 tons, and above 250 tons. Key end users of the market are building & construction, civic infrastructure, marine & sea ports, and mining among others. The market covers North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa as key regional segments.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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