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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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 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.
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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
Tower Crane Market
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
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Product Synopsis
A recent market study published by FMI on the Tower Crane market includes global industry analysis for 2016-2020 & opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters of the Tower Cranes market, the growth prospects of the market are obtained with maximum precision.