According to a recent report by Future Market Insights (FMI), the tower crane market is set to achieve a significant milestone, reaching US$ 21,063.30 million in 2023 and projected to further soar to a remarkable US$ 33,661.95 million by 2033. This impressive growth is expected to be underpinned by a Compound Annual Growth Rate (CAGR) of 4.8% between 2023 and 2033.
The development of an optimal tower crane demands a wealth of expertise and experience. In most construction sites, cranes are securely anchored to foundations. As construction professionals strive to enhance productivity, efficiency, and safety, tower cranes have steadily increased in size and strength. Depending on project requirements, both stationary and mobile cranes can be deployed for various tasks.
Modern tower cranes empower construction firms to achieve greater productivity and efficiency. These cranes enable the construction of tall buildings even in densely populated urban areas using environmentally sustainable methods. Notably, they also expedite project completion, offering cost savings associated with labor as one of their most appealing features.
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Companies that develop buildings benefit from tower cranes because they can work more quickly and effectively. To handle even the heaviest tasks effortlessly, these heavy-lifting staples will come in handy. The tower cranes are not only a great addition to any urban aesthetic, but also they also come in handy for lifting heavy items, such as concrete, steel, and other heavy items.
A portable option also eliminates the need to carry bulky equipment. Automation and remote operation technologies are gradually being adopted by the construction industry. Remote control and automation could lead to tower cranes becoming less dependent on on-site operators. The result can be an improvement in safety and efficiency, as well as a reduction in labor costs.
Key Takeaways:
- By design, bottom stewing cranes will contribute 63.4% of market revenue through 2033.
- According to the forecast, hammerhead cranes will hold a 35.6% market share.
- The United Kingdom is expected to experience a CAGR of 4% until 2033.
- Throughout 2033, the demand for tower cranes in the United States is expected to increase by 4.5% CAGR.
- By 2033, the tower crane market in India is predicted to expand at 5.8% CAGR until 2033.
“New manufacturing techniques and efficient tower cranes will drive demand. Increasing safety regulations and rental rates will drive market growth over the next few years,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Various players operate in the tower crane industry, making it moderately competitive. It is becoming increasingly common for players to carve out a niche for a specific demographic. Strong partnerships with a high focus on innovation have benefited the market. As a result, a series of tower cranes have been launched since the beginning of the decade.
Market Developments Include
- In September 2023, The NFT Group, headquartered in Abu Dhabi, is the exclusive distributor of Potain cranes in the Middle East and has one of the world’s largest tower crane fleets. As part of the vast NEOM development, two Potain tower cranes have been purchased and are being shipped immediately to a Saudi Arabian tourist attraction. An MCT 1005 and an MCT 1105 are two of Potain’s largest topless tower cranes, but one is the newest.
- In October 2023, Manitowoc launched its Grove GRT8100-1 rough-terrain crane and Grove five-axle all-terrain cranes at GIS Expo 2023, Europe’s largest lifting, transportation, and industrial exhibition. With so many customers, partners, and colleagues attending the GIS Expo, the event has become increasingly important.
Key Companies Operating in the Tower Crane Market:
- Xuzhou Construction Machinery Group Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Company Ltd.
- Liebherr
- Terex Corporation
- Manitowoc
- Sany Group
- Action Construction Equipment
- Konecranes
- Raimondi
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Tower Crane Industry Segmentation Analysis:
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 Type:
- Self-Erecting
- Hammerhead Cranes
- Luffing Jib Cranes
- Mobile Cranes
By End-use:
- Building & Construction
- Civic Infrastructure
- Marine & Sea Ports
- Mining
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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