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.
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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.
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 tower crane market has registered substantial growth in the last few years. This growth trend is projected to continue over the coming years on the back of increasing applications of tower crane on construction sites across the globe. These cranes have applications across diverse sectors, including building & construction, civic infrastructure, marine & sea ports, mining, and others. Considering this, expansion of construction and civic utility activities will create scope for application, encouraging growth in the coming years.
In its new study, ESOMAR-certified market research and consulting firm, Future Market Insights (FMI), offers insights about key factors fueling the demand for tower crane. The report tracks the global sales of tower crane in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the building and construction industry in general, and tower crane in particular.
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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.
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.
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By Lifting Capacity
- Up to 5 Tons,
- 5 to 10 Tons,
- 10 to 20 Tons,
- 20 to 30 Tons,
- 50 to 250 Tons.
- Top Slewing,
- Bottom Slewing.
By Product Types
- Hammer Head Cranes,
- Luffing Jib Cranes,
- Mobile Cranes.
- Building & Construction,
- Civic infrastructure,
- Marine & Sea Ports,
- North America,
- Latin America,
- East Asia,
- South Asia & Pacific,
- Middle East & Africa.
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry