Construction activities have increased exponentially over the years. The rapid rise in urbanization and the swift migration of people from rural to urban areas for finding job opportunities have increased considerably. These factors have contributed to the escalating construction activities in the residential and commercial segments. Hence, the booming construction sector is expected to harness promising growth for the global tower crane market during the assessment period of 2020-2030.
Leading construction companies use tower cranes on a large scale as they help in optimization of work and timely execution of a particular project. A tower crane is prominently used for lifting heavy tools like generators and acetylene torches. They are also utilized for lifting steel, concrete, and other building materials. These cranes find great use in compact construction spaces. The shrinking open spaces for constructing buildings will act as a robust growth generator for the tower crane market.
Tower cranes are available in a plethora of types and variants. On the basis of product, the global tower crane market can be classified into hammerhead, self-erecting, luffing jib, and flat top. They are available in designs such as bottom slewing crane and top slewing crane. Based on lifting capacity, the tower crane market can be segmented into below 5 metric tons, 6 to 220 metric tons, 21 to 50 metric tons, 51 to 80 metric tons, and 80 tons and above.
The study on the tower crane market helps the CXOs to bury the barriers of fake information and offers a full analysis of varied segments. The report offers a five-point (emerging trends, competitive landscape, a scrutinized detail of the regions, key players, and latest developments) benefit to the stakeholder. This factor plays an important part in imparting the right information to the stakeholder.
Furthermore, the study pays attention to the effect of the SARS-CoV-2 pandemic and also on the dangers that may hurt the growth of the tower crane market. The analysis by the researchers also highlights the opportunities and challenges that the tower crane market is anticipated to face between 2020 and 2030.
The tower crane market comprises numerous players. These players indulge in fierce competition. For introducing novel products for the end-user, manufacturers in the tower crane market invest heavily in research and development activities.
The players also focus on advertising strategies. These strategies describe the features and uniqueness of each manufacturer’s tower crane to the customer base. Expansion activities play a crucial role in magnification of the product portfolio. These activities also aid manufacturers to explore novel insights.
Mergers and acquisitions along with joint ventures, collaborations, and partnerships assist the players to increase their influence across the tower crane market.
Some well-established players in the tower crane market are Hankook Tower Crane, WOLFFKRAN International AG, Zoomlion Heavy Industry Science and Technology Co. Ltd., Shandong Dahan Construction Machinery Co, Ltd., JASO Industrial Cranes, and Action Construction Equipment Ltd.
Government initiatives regarding public infrastructure have risen substantially over the years. Construction of dams, bridges, hospitals, and other public and private infrastructure facilities has brought tremendous growth prospects for the tower crane market and is estimated to continue the same between 2020 and 2030.
The tower crane market in Europe may observe extensive growth across the forecast period of 2020-2030. The growing utilization of advanced machinery in the construction industry across the region may serve as a vital growth factor. Asia Pacific’s tower crane market may also gain rapid growth during the tenure of 2020-2030 owing to the booming population and swift urbanization.
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