Tower Crane Market is predicted to reach USD 10.37 Billion at a CAGR of 4.80% during the forecast period

Pune, India, August, 2023 /press release/- Market Research Future Published a Cooked Research Report on Tower Crane Market Research Report.

Market Research Future (MRFR) has published a cooked research report on the “Global Tower Crane Market” that contains information from 2022 to 2032. The Global Tower Crane Market is estimated to register a CAGR of 4.80% during the forecast period of 2022 to 2032.

MRFR recognizes the following companies as the key players in the Global Tower Crane Market XCMG Group, Shandong Huaxia Group Co., Ltd, Shandong Dahan Construction Machinery Co., Ltd, Manitowoc, Yongmao Holdings Limited, and LIEBHERR.

Market Highlights

The Global Tower Crane Market is accounted to register a CAGR of 4.80% during the forecast period and is estimated to reach USD 10.37 Billion by 2032.

The Tower Crane Market refers to the global industry involved in the manufacturing, sales, rental, and operation of tower cranes. Tower cranes are large, tall, and powerful lifting machines commonly used in construction sites for lifting and moving heavy materials and equipment. Tower cranes consist of a tall mast or tower that is fixed to the ground and a rotating jib arm with a lifting hook at the end. The lifting capacity of tower cranes can range from several tons to hundreds of tons, depending on their size and design. They are capable of lifting materials to great heights and have a wide working radius, making them suitable for use in tall buildings, bridges, and other large construction projects.

Segment Analysis

The Global Tower Crane Market has been segmented based on Type, and Application.

Based on Type, the market is segmented into Flat Top, Hammerhead. the flat top segment has dominated the market due to its versatile design and widespread usage in various construction projects. Flat top tower cranes are preferred for their ease of assembly and dismantling, as well as their ability to work in confined spaces.

Based on Application, the Market has been segmented High Rise Building, Dam Building. the high rise building segment holds the dominant position in the market. This is primarily attributed to the increasing construction of tall buildings and skyscrapers in urban areas. Tower cranes play a crucial role in lifting heavy materials and equipment to great heights, making them ideal for high-rise construction projects.

Regional Analysis

The Global Tower Crane Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Tower Crane Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Tower Crane Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Tower Crane Market comprises of Middle East, Africa, and Latin America.

The Asia-Pacific Tower Crane Market is poised to be the dominant force in this industry, driven by significant growth in the construction, mining, and transport sectors in emerging economies. Notably, China's Tower Crane market currently holds the largest market share, showcasing its substantial presence in the region.

The Europe Tower Crane market holds the second-largest market share, mainly attributed to the growing adoption of efficient weight-lifting equipment in mining and construction applications. Within the European region, the German Tower Crane market currently holds the largest market share, while the UK tower crane market showcases the highest growth rate, indicating a rising demand for tower cranes in these countries.

North America is projected to experience the fastest growth from 2023 to 2032. This growth is fueled by rapid urbanization, government initiatives for infrastructure development, and expansion in the construction sector.

Key Findings of the Study

·         The Global Tower Crane Market is expected to reach USD 10.37 Billion by 2032, at a CAGR of 4.80% during the forecast period.

·         The Indian tower crane market has emerged as the fastest-growing market within the Asia-Pacific region, indicating a rapid expansion of tower crane usage and demand in India.

·         Based on Application, the Market has been segmented into High Rise Building holding the largest market in 2022.

·         XCMG Group, Shandong Huaxia Group Co., Ltd, Shandong Dahan Construction Machinery Co., Ltd, Manitowoc, Yongmao Holdings Limited, and LIEBHERR.

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