Tower cranes can lift a total of around 20 tons and are mostly used for the construction of high-rise building projects. Technavio market research analysts estimate the increase in urban infrastructure projects, high rise building projects, and high rise residential apartment construction projects across globe to impel market growth during the forecast period. Consequently, this market is expected to generate a revenue of more than USD 8 billion by 2019.
Geographically, the APAC region is estimated to account for more than 45% of the total market share by 2019. Increasing investments in urban infrastructure projects across countries such as China, India, and Indonesia is expected to augment market growth in APAC during the forecast period.
End-user segmentation of the tower crane market
In this market analysis, Technavio’s market research analyst has estimated the infrastructure segment to be the largest segment during the forecast period followed by the residential and commercial sectors. Huge investments made by the governments of several countries across world are expected to result in this segment’s high market share during the forecast period.
Competitive landscape and key vendors
Competition in the market is continually increasing as end users are focusing more on manufacturers that have the ability to manufacture technologically advanced, eco-friendly tower cranes. The provision of financing options such as flexible monthly down payments, availability of rental services for customers who cannot afford expensive tower cranes, and lease of equipment on monthly, yearly, and daily basis is a critical factor that enhances vendor competition in this market during the forecast period.
Leading vendors in this market are -
Other prominent vendors are Natraj Associates, ABUS Crane system, Shandong Dahan Construction Machinery, Linden Comansa America, KRHI, Hankook Tower Crane, Escorts Construction Equipment, Manitowoc Cranes, Jayem Manufacturing, Action Construction Equipment, and Jinan Dongyue Tower Crane Manufacturers.
Growth drivers, challenges, and upcoming trends: Tower cranes
Upcoming trends such as the growing demand for fuel-efficient and advanced tower crane are rapidly gaining popularity due to their cost effective performance and high level of safety. Construction companies across the globe prefer using fuel-efficient equipment as it enables fuel savings and emits less carbon. Moreover, the introduction of stringent government policies pertaining to carbon emission levels is expected to spur the adoption of advanced tower cranes during the forecast period.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global tower crane market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global tower crane market?
What are the key market trends impacting the growth of the global tower crane market?
What are the challenges to market growth?
Who are the key vendors in the global tower crane market?
What are the market opportunities and threats faced by the vendors in the global tower crane market?
Trending factors influencing the market shares of the EMEA, Americas, and APAC?
What are the key outcomes of the five forces analysis of the global tower crane market?
Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report – Global Tower Crane Market 2015-2019 Technavio recognizes the following companies as the key players in the Global Tower Crane Market: Favelle Favco, Liebherr, Saren Group, Terex and Zoomlion Other Prominent Vendors in the market are: Natraj Associates, ABUS Crane system, Shandong Dahan Construction Machinery, Linden Comansa America, KRHI, Hankook Tower Crane, Escorts Construction Equipment, Manitowoc Cranes, Jayem Manufacturing, Action Construction Equipment, and Jinan Dongyue Tower Crane Manufacturers. Commenting on the report, an analyst from Technavio’s team said: “The growth of equipment rentals is one of the major trends. With the construction equipment industry being capital-intensive, many small firms are unable to invest heavily in advanced tower cranes; however, many vendors offer equipment on a rental basis. This is expected to lead to increased adoption of tower cranes.” According to the report, the market is driven by many growth factors, one of which is the growth of high-rise building construction worldwide. Growing populations and the migration of people to urban areas have led to an increase in demand for new cities with efficient transport infrastructure facilities, which has resulted in a significant rise in the number of urban infrastructure projects across different countries. This has escalated demand for tower cranes. In addition, increased investment in infrastructure development Further, the report states that changing customer needs are one of the major challenges. Regardless of the customer usage of tower cranes, manufacturers are required to create features such as reduced carbon emissions, equipment suited for light construction work, and fuel efficiency, which are value additions to all customers.