Tower Crane Market Growth Set to Surge USD 9.90 billion by 2028

The inclination toward prefabricated and precast building components for construction of bridges, dams, and other infrastructure is expected to boost growth.

WILMINGTON, DELAWARE, March 4, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, Tower Crane Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Lifting Capacity and End-user Industry : Global Opportunity Analysis and Industry Forecast, 2021-2028

The global tower crane market was pegged at $6.68 billion in 2020 and is estimated to hit $9.90 billion by 2028, registering a CAGR of 4.8% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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Dynamics of the Market:
Tower cranes are mostly fixed and offer heavy lifting and handling operations on very high heights. These cranes constitute of a vertical mast and an operating jib or arm, along with other components including, a counter jib, an operating cabin, slewing unit, hoist winch, and a hook, which assists in lifting and maneuvering heavy materials and goods efficiently. Tower cranes are mostly widely utilized in the construction of buildings and other structures owing to high demand for material handling and transportation on high elevations.

Surge in urbanization, exceptional stability offered by tower cranes, and rise in investment on renewable energy development fuel the growth of the global tower crane market. However, rise in demand for prefabricated construction is expected to create lucrative opportunities in the industry.

According to the application, the building construction industry is the largest contributor toward the growth in demand for tower cranes. The rapid urbanization and necessity of high-rise buildings, especially, to accommodate the surge in urban population is expected to drive the tower cranes market growth.

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Top Players:
The major players operating in the tower crane industry include Action Construction Equipment Ltd., ENG CRANES Srl, JASO Tower Cranes, Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., WOLFFKRAN International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

Regional Analysis:
The tower crane market is segmented on the basis of type, lifting capacity, application, and region.
By type, it is classified into self-erecting, luffing jib, hammer head, and flat top.
By lifting capacity, it is categorized into less than 5 ton, 6 to 10 ton, and more than 10 ton.
By application, it is divided into building construction, infrastructure, energy, and others.
By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.

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David Correa
Allied Market Research
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