Global Tower Crane Market 2018-2022
About this market
With the rising adoption and preference for prefabricated prefurnished volumetric construction (PPVC), the demand for high-capacity tower cranes has increased considerably in the forthcoming years. Such a rising demand for this construction has encouraged the contractors to create high-capacity, versatile, and accurate tower cranes for lifting and placing heavy loads. Technavio’s analysts predict that the tower crane market will register a CAGR of more than 6% by 2022.Market Overview
Increasing demand for high-rise buildings
Factors including the rapid urbanization and growing global population are directly responsible for the growing demand for high-rise buildings. Consequently, as the high-rise buildings are growing, the demand for tower cranes is also likely to proliferate in the long run.
Lack of skilled manpower
The shortage of skilled manpower affects the speed, safety, and quality of construction projects. Such reluctance toward learning and operating upcoming technologies is expected to hinder the market’s growth in the forthcoming years.
For the detailed list of factors that will drive and challenge the growth of the tower crane market during the 2018-2022, view our report.
The market has a moderately fragmented presence of tower crane manufacturers increasingly focusing on the integration of advanced technologies to improve their market positions. This will result the market to witness intense competition in the forthcoming years. The continuously increasing construction activities, especially from the developing countries will further encourage the market players to launch innovative product offerings.
Technavio Announces the Publication of its Research Report – Global Tower Crane Market 2018-2022
Technavio recognizes the following companies as the key players in the global tower crane market: FAVELLE FAVCO BERHAD, Liebherr Group, Manitowoc, Terex, and Zoomlion Heavy Industry Science&Technology.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing demand for high-capacity tower cranes.”
According to the report, one of the major drivers for this market is the growing construction projects in both advanced and emerging economies encouraging the development of high-rise buildings.
Further, the report states that one of the major factors hindering the growth of this market is the presence of extremely volatile construction industry owing to the global financial crisis.
FAVELLE FAVCO BERHAD
Zoomlion Heavy Industry Science & Technology