Tower Crane Market: Snapshot
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.
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Tower Crane Market: Industrial Insights
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.
Tower Crane Market: Key Trends
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.
Tower Crane Market: Geographical Perspective
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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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.