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What's Driving the Tower Crane Market Growth? Liebherr Group, XCMG Group, The Manitowoc Company, Sany Group, Terex Corporation
Tower Crane Market
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Tower Crane Market is expected to exceed USD 5.5 billion by 2025. The growing requirement of heavy material handling & lifting operations across various industry verticals is supporting the demand for tower cranes. Construction of high-rise & multi-storey buildings globally to cater to the increasing population & urbanization trend is a major factor driving the industry growth. These machines facilitate easy & fast operations and provide high operational efficiency in construction projects.
Advanced operator safety & comfort features integrated into new machines add up to the benefits over conventional & bulky cranes. High equipment cost is a factor restraining the tower crane market due to high prices set up by manufacturers across the globe.
Prominent players present in the tower crane market include Action Construction Equipment Ltd, Favelle Favco, FMGru, Hankook Tower Crane, JASO Industrial Cranes, Jost Cranes, Liebherr Group, Linden Comansa, Manitowoc Cranes, Raimondi Cranes S.p.A., Sany Group, Shandong Dahan Construction Machinery Co, Ltd., Terex Corporation, WOLFFKRAN International AG, XCMG Group, Yongmao, Zhejiang Construction Machinery Group, Zoomlion Heavy Industry Science and Technology Co. Ltd.
Manufacturers are competing due to high pricing pressure and are focused on offering new technologies at reasonable prices. Owing to the high demand from rental vertical, manufacturers are partnering with the rental providers globally & developing products depending on customers' demands, further developing the tower crane market.
Tower Crane Market Growth Drivers: --
1. Increasing high-rise building activities across the globe
2. Accelerating crane rental demand in North America & Asia Pacific
3. Utilization of heavy equipment at post & shipyards globally
4. Presence of several tower crane manufacturers in Europe
5. Recovering construction sector in Latin America
6. Development of urban infrastructure in South Africa and India
7. High demand for tower cranes from the utility sector in MEA
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In the tower crane market, rental applications are growing rapidly due to the availability of technically advanced and low-priced machines across the globe. The industry is witnessing the emergence of several rental providers owing to the rising demand from construction & utility sectors globally. Increased focus on reducing the carbon footprint & pollution from general to complex construction activities in several countries is creating the need for new machines in the industry. Rental products are majorly deployed in government & general infrastructure projects by contractors due to a limited machine fleet owned by them. Equipment users are shifting towards rental options to save transportation & machine maintenance costs, further adding up to the tower crane market expansion.
Bottom slewing models are gaining popularity in the tower crane market due to increasing demand for automated & digitally advanced equipment in construction and material handling sectors. These machines offer high productivity and can be easily erected & dismantled, further reducing operational costs for contractors. Self-erecting models experience utilization in low-rise construction activities and short-term projects owing to faster installation features. Additionally, the rising popularity of various equipment to replace traditional manual options and gain more efficiency is supporting the industry growth.
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