Tower Crane Market Report: Size, Growth, Key Players, and Outlook

According to IMARC Group's latest research report, titled "Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights into the tower crane market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global tower crane market reached a value of US$ 6.61 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.13 Billion by 2027, exhibiting a CAGR of 5.30% during 2022-2027.

Tower Crane Market Outlook:

A tower crane represents the machine that is capable of lifting heavy goods and large tools, including acetylene torches and generators, with minimum human assistance. It comprises of a base, mast, slewing unit, working and machinery arm, hook and trolley, operator cab, etc. The tower crane is usually equipped with a maximum load limit and a load-moment limit switch to prevent the machine from overloading. In addition to this, it is fixed to the ground on a concrete slab and sometimes attached to the sides of various structures.

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Tower Crane Market Growth:

The increasing automation levels in the construction sector, owing to the growing technological advancements, are primarily driving the tower crane market. Additionally, government bodies across countries are focusing on infrastructure development, which involves the building of basic foundational services, such as bridges, dams, pipelines, road networks, ports, railways, aqueducts, etc. This, along with the widespread adoption of tower cranes at construction sites in the residential, commercial, and industrial sectors, is further catalyzing the market growth. Moreover, the rising integration of anti-collision devices in tower cranes to prevent collision with nearby structures is acting as another significant growth-inducing factor. Furthermore, the launch of special-purpose product variants that facilitate the removal of overburden from tunneling or shaft excavation in hydel power projects is anticipated to fuel the tower crane market over the forecasted period.

Key Market Segmentation:

Competitive Landscape with Key Players:

• Action Construction Equipment Ltd.
• Eng Cranes Srl
• Favelle Favco Berhad (Muhibbah Engineering)
• HKTC
• JASO Tower Cranes
• Liebherr
• Sany Heavy Industry Co. Ltd
• Shandong Huaxia Group Co. Ltd.
• Terex Corporation
• WOLFFKRAN International AG
• Yongmao Holdings Limited
• Zoomlion Heavy Industry Science
• Technology Co. Ltd.

Breakup by Type:

• Self-Erecting
• Luffing Jib
• Hammer Head
• Flat Top

Breakup by Lifting Capacity:

• Less than 5 Ton
• 6 to 10 Ton
• More than 10 Ton

Breakup by End Use Industry:

• Building Construction
• Infrastructural Construction
• Energy
• Others

Breakup by Region:

• North America (United States, Canada)
• Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance 
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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