November 23, 2021
According to the research report titled ‘Global Tower Cranes Market Size study, by Crane type (Hammerhead, Luffing, Self-erecting) by Lifting Capacity (5T, 10T, 16T, 20T, 25T) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global tower cranes market was valued at USD 5 billion in 2020 and is expected to reach USD 7.52 billion by the end of forecast timeframe 2021-2027, registering a year-on-year growth rate of 6% throughout the period.
As per the findings of the report, rapid technological improvements, as well as escalating demand from real estate and construction sectors are the major factors driving worldwide tower cranes market growth.
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As per data provided by Savills India, demand for real estate (data centers) is predicted to expand by 15-18 million square feet by the end of 2025.
Moreover, fast-paced urbanization and growing investments in renewable energy resources are expected to enhance the market outlook.
Despite the positive outlook, enforcement of rules and regulations by governments due to the COVID-19 pandemic along with a fall in demand & supply of tower cranes might hinder market growth in the coming years.
Apart from this, the market report includes both qualitative and quantitative data for each of the sub-segments with respect to crane type, lifting capacity, and geography. It provides thorough information on all investment opportunities available in these segments to help stakeholders amplify their revenue.
From a regional perspective, key geographies considered for assessing worldwide tower cranes market scope are North America (U.S., Canada), Europe (U.K., Germany, Spain, France, Italy), Asia Pacific (Japan, China, India, South Korea, Australia,) and Latin America (Mexico, Brazil).
Among the aforementioned, Asia Pacific accounts for a substantial market share, owing to rising number of infrastructural development activities. Moreover, Europe market is expected to grow at a remarkable rate, owing to heavy investments by private companies.
Considering the competitive landscape, major companies influencing global tower cranes market are NFT Group, LLC, Liebherr-International AG, Zoomlion Heavy Industry Science and Technology Co. Ltd., Sarens NV, Manitowoc Co. Inc., Morrow Equipment Co. LLC, Action Construction Equipment Ltd., Terex Corp., and Xuzhou Construction Machinery Group Co. Ltd.