April 15, 2020
According to the research report titled ‘Tower Crane Market Size By Product , By Design, By Lifting Capacity, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, tower crane market is expected to surpass USD 5.5 billion by the year 2025.
Rising number of heavy material lifting & handling operations across several industry verticals is a major factor driving the tower crane market. These machines fasten and ease operations as well as offer superior operational efficiency during construction activities. Rapid urbanization and growing population have increased the construction of multi-story and high-rise buildings. Advanced operator comfort and safety features incorporated into novel machines are fueling the market expansion. However, high costs associated with tower cranes may act as a restraining factor to the overall market growth.
By design, bottom slewing crane segment is presumed to expand substantially during the forecast period. Shifting inclination towards digitized and automated equipment for material handling in construction sector is propelling the popularity of such design. Bottom slewing cranes provide better productivity and can be easily dismantled and erected, which further helps in minimizing the operational costs. Rising adoption of self-erecting models in low-rise construction projects owing to faster installation is aiding the segmental growth.
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Based on the application spectrum, tower crane market share from rental segment is expected to grow significantly during the estimated timeframe. Upsurge in demand from utility and construction sector is encouraging rental providers to diversify their services. Rental products are extensively used in general and government infrastructure projects owing to limited machine fleet. These machines incur less maintenance and transportation cost. Increasing efforts towards reducing the pollution levels are fostering the demand for tower cranes on rental basis.
Considering the geographical landscape, North America tower crane industry is anticipated to witness remunerative growth rate through 2025, primarily due to growing adoption of technologically advanced machines across numerous industry verticals in the U.S. Surging investments by public and private entities towards infrastructural development is promoting the business scenario in North America.
Liebherr Group, XCMG Group, Manitowoc and Terex Corp. are some established companies operating in tower crane market.
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