-- According to the report Luffing jib tower crane market is forecast to achieve over 5% CAGR from 2019 to 2025. These cranes are gaining high demand in the tower crane market applications owing to the vertical load lifting features and high-capacity jibs. These models offer variable working, short counter jib, and can be operated in congested building operations, providing high productivity than other cranes. Due to the variable working radius, these cranes do not interfere in other crane operations & reduce the number of crashes between machines working on the same sites.
In terms of shipments the global tower crane market will grow at 9% CAGR and will exceed 40 thousand units by 2025. The revenue is estimated to cross USD 5.5 bn in the forecast year 2025.
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The overall tower crane market, pertaining to increasing product demands, has been witnessing numerous technological advancements, including the integration of hydraulic systems or electric motors & internal combustion engines (ICEs). These advancements greatly increase the component’s efficiency and facilitate an enhanced level of productivity for end-use sectors. Not to mention, the ICEs & electric motors also help in eliminating carbon emissions – a major factor to be considered, given the regulations that are currently enforced on the construction, utility & mining sectors. As on today, an increasing number of manufacturers & customers are focusing more on employing environmentally friendly practices to reduce the global pollution, which would open up new growth avenues for the overall tower crane industry.
Rental applications in the tower crane market was valued at over USD 850 million in 2018 are gaining a high demand from local & established contractors across various regions. The customers are shifting toward rental options to address the increasing demand from construction, utility, and infrastructure sectors, which need several machines. As a result, the contractors procure rental machines due to low prices as compared to direct purchasing and the availability of technically equipped products with rental operators.
Browse key industry insights spread across 300 pages with 427 market data tables & 26 figures & charts from the report, “Tower Crane Market Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/tower-crane-market
Several rental companies in Europe and North America offer enhanced support & services to customers that include maintenance, repair, and operator training programs, adding up to the development of the industry. Additionally, the rental companies provide equipment on a weekly and monthly basis and offer high flexibility to payments, creating a huge product demand.
The India tower crane market is also witnessing a rise in production capacities & rental facilities because of customers’ low investment profiles. Driven by the numerous ongoing & upcoming residential, infrastructure & commercial projects across prominent APAC economies, including China, Singapore, Japan, Malaysia and Australia, the APAC tower crane market is slated to experience a CAGR of 9.5% over 2019-2025.
The Indian cities are observing space constraints & population increase, which will support for construction activities and related machines. Several companies including ACE, Manitowoc, Zoomlion, and Escorts have emerged in the Indian tower crane market owing to the demand from high-rise building activities.
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The construction sector is considered to be of extreme importance in the European economy given that it is home to more than three million enterprises that directly employ a total of 18 million individuals, as claimed by the European Builders Confederation. The organization further estimates that the European construction sector accounts for more than 9% of the total GDP of the European Union. While the economic crisis severely affected the continent’s construction segment between 2008 & 2013, the market slowly began its recovery in 2015.
Partial Table of Contents (ToC) of the report:
Chapter 3. Tower Crane Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2025
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. End-use landscape
3.3.5. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Driverless cranes
3.4.2. Anti-collision systems
3.5. Regulatory landscape
3.5.1.1. North America
3.5.1.2. Europe
3.5.1.3. Asia Pacific
3.5.1.4. Latin America
3.5.1.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing high-rise building activities across the globe
3.6.1.2. Accelerating crane rental demand in North America & Asia Pacific
3.6.1.3. Utilization of heavy equipment at post & shipyards globally
3.6.1.4. Presence of several tower crane manufacturers in Europe
3.6.1.5. Recovering construction sector in Latin America
3.6.1.6. Development of urban infrastructure in South Africa and India
3.6.1.7. High demand for tower cranes from the utility sector in MEA
3.6.2. Industry pitfalls & challenges
3.6.2.1. Unavailability of skilled operators
3.6.2.2. High cost of tower cranes
3.6.2.3. Operational challenges due to environmental changes
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2018
3.9.1. Company market share analysis
3.9.2. Strategy dashboard (New product development, M&A, R&D, Investment landscape)
3.10. PESTEL analysis
Chapter 4. Tower Crane Market, By Product (Revenue & Shipment)
4.1. Key trends by product
4.2. Flat top
4.2.1. Market estimates and forecast, 2015 – 2025
4.3. Hammerhead
4.3.1. Market estimates and forecast, 2015 – 2025
4.4. Luffing jib
4.4.1. Market estimates and forecast, 2015 – 2025
4.5. Self-erecting
4.5.1. Market estimates and forecast, 2015 – 2025
Chapter 5. Tower Crane Market, By Design (Revenue & Shipment)
5.1. Key trends by design
5.2. Top slewing crane
5.2.1. Market estimates and forecast, 2015 – 2025
5.3. Bottom slewing crane
5.3.1. Market estimates and forecast, 2015 – 2025
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/tower-crane-market
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