Tower Crane Market Worth $9,907.1 Million by 2028 | Key Factors & Global Industry Analysis

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Tower Crane Market by Type (Self-erecting, Luffing Jib, Hammer Head, and Flat Top), Lifting Capacity (Less than 5 ton, 6 to 10 ton, and More than 10 ton), and End-user Industry (Building Construction, Infrastructural Construction, Energy, and Others)

According to a new report published by Allied Market Research, titled, “Tower Crane Market by Type, Lifting Capacity, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global tower crane market size is expected to reach $9.9 billion in 2028 from $6.6 billion in 2020, growing at a CAGR of 4.8% from 2021 to 2028. In 2020, Asia-Pacific dominated the market, in terms of revenue, accounting for a 46.4% share of the global tower crane market.

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Tower cranes are mostly fixed and offer heavy lifting and handling operations on very high heights. These cranes constitute of a vertical mast and an operating jib or arm, along with other components including, a counter jib, an operating cabin, slewing unit, hoist winch, and a hook, which assists in lifting and maneuvering heavy materials and goods efficiently. Tower cranes are mostly widely utilized in the construction of buildings and other structures owing to high demand for material handling and transportation on high elevations.

Moreover, Asia-Pacific is the highest contributor in the tower crane market. China holds majority of the global share in tower cranes production as well as consumption. The China based firm Zoomlion Heavy Industry Science & Technology Co., Ltd. is the largest manufacturer of tower cranes in the region. In addition, despite the pandemic, China witnessed positive sales during 2020, when compared to the declined sales of tower cranes across the globe. This was mainly due to the early response toward the spread of COVID-19 infections and provision of healthcare facilities for the infected patients.

Covid-19 Impact Analysis

The COVID-19 pandemic has negatively affected the tower crane market mainly due to the halt in international trade, prolonged lockdowns, and ceased construction processes. However, except China, all other countries witnessed a steep decline in demand for tower cranes during 2020.

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Key Players

The major players operating in the tower crane industry include Action Construction Equipment Ltd., ENG CRANES Srl, JASO Tower Cranes, Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., Terex Corporation, WOLFFKRAN International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

Key Benefits For Stakeholders

The report provides an extensive analysis of the current and emerging global tower crane market trends and dynamics.

In-depth tower crane market analysis is conducted by constructing market estimations for the key market segments between 2019 and 2027.

Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.

A comprehensive tower crane market opportunity analysis of all the countries is also provided in the report.

The global tower crane market forecast analysis from 2020 to 2027 is included in the report.

The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.

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Name: David Correa
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Organization: Allied Market Research
Address: 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States
Phone: 18007925285

Release ID: 89029614

Name: David Correa
Email: Send Email
Organization: Allied Market Research
Address: 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States