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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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.
Tower cranes have been consistently employed for lifting and transporting heavy loads on the top of the construction site. Owing to the ongoing crisis caused by COVID-19 pandemic, the production and supply chain activities have seen a major slump yet the consumption will improve with the economic recovery post the containment period following the pandemic.
The COVID-19 pandemic has caused severe impact on the global economy at various levels and the impact is seen on construction industry as well. The tower crane market also is projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant plunge in demand in 2020.
With a number of end users affected in regions such as North America, East Asia and Asia-Pacific, the shortage in demand and supply are expected to result in a significant drop in Y-O-Y growth yet FMI expects global tower crane market to grow at 4.8% CAGR through 2031.
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.
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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.
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.
Competitive Analysis:
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 cranes market is expected to be fairly consolidated, with key players accounting over half of the overall market value share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are XCMG, Zoomlion Heavy Industry Science & Technology Company Ltd., Liebherr, Terex Corporation, Action Construction Equipment, Raimondi, Sany Group, Konecranes, and others.
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By Segmentation:
By Lifting Capacity
Up to 5 Tons, 5 to 10 Tons, 10 to 20 Tons, 20 to 30 Tons, 50 to 250 Tons,
By Design
Top Slewing, Bottom Slewing,
By Product Types
Self-Erecting, Hammer Head Cranes, Luffing Jib Cranes, Mobile Cranes,
By End-Use
Building & Construction, Civic infrastructure, Marine & Sea Ports, Mining, Others.
By Region
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa.