Market outlook of the global tower crane market
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
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.
Favelle Favco, Liebherr, Saren Group, Terex, Zoomlion, 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, Jinan Dongyue Tower Crane Manufacturers.
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