Impact of COVID-19 on the Global Tower Crane Market
The COVID-19 pandemic, which started in November 2019, has negatively impacted the global economy as sectors such as energy, manufacturing, construction, and automotive were affected significantly. The construction sector has witnessed a significant decline in the number of projects worldwide. Most countries across the world have imposed lockdown restrictions, which have resulted in supply chain disruptions, changes in demand, a decline in production, shutting down of manufacturing plants, and halting of various projects and other activities in the construction sector which in turn, has lowered the demand for tower cranes end-user consumers. Infrastructure and construction projects across the world have been halted or delayed due to which there has been a decrease in the demand for tower cranes in the global market. Thus, the global market for tower cranes has been adversely impacted by the COVID-19 pandemic. In addition to this, the tower cranes manufacturers and suppliers are also facing several challenges such as production shutdown, supply chain disruptions, unavailability of workers and raw materials, and cash flow constraints. Hence, the pandemic has considerably disrupted the supply chain momentum as well as product demand in the tower cranes market. However, the demand for tower cranes is anticipated to grow significantly along with the growth in residential, commercial, and industrial construction projects during the coming months. Such factors are likely to influence the tower cranes market. Furthermore, the global players in the market are focused on the development of new business models and strategies to address the lowered demand in the global market.
Global Investment in The Construction industry (USD Trillion)