Global Tower Crane Market to grow at 4.8% CAGR through 2031: FMI

The COVID-19 pandemic has caused severe impact on the global economy at various levels and the impact is seen on construction industry as well. The tower crane market also is projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant plunge in demand in 2020.

With a number of end users affected in regions such as North America, East Asia and Asia-Pacific, the shortage in demand and supply are expected to result in a significant drop in Y-O-Y growth yet FMI expects global tower crane market to grow at 4.8% CAGR through 2031.

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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.

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.

Competitive Landscape

The tower crane market is moderately competitive, with presence of large number of players operating in the market. Some of the players are focusing to carve a niche for specific demography. The market has been benefiting from robust partnerships with high focus on innovations. This has led to a series of tower crane launches in the last few years.

For instance:

  • In 2020, Potain launched a tower crane focusing on home building and high-rise.
  • Comansa has recently launched the largest crane, called 21CM750, manufactured at its plant in Hangzhou

Some of the leading companies operating in the market are:

  • Zoomlion Heavy Industry Science & Technology Company Ltd.
  • Xuzhou Construction Machinery Group Co., Ltd.
  • Liebherr
  • Terex Corporation
  • Manitowoc
  • Sany Group
  • Action Construction Equipments
  • Konecranes
  • Raimondi
  • Comanasa S.A.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

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