October 25, 2022 04:10 ET | Source: Global Market Insights Inc. Global Market Insights Inc.
Selbyville, Delaware, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Underslung Eot Crane
The tower crane market size is expected to cross a valuation of USD 7.5 billion by 2030, according to latest research report by Global Market Insights Inc.
Rapid industrialization in developed economies of Europe and North America has fueled the need for tower cranes at construction sites and infrastructural projects. New technological advancements have enabled tower crane manufacturers in Europe to develop novel equipment models. The addition of smart features has further helped enhance the overall performance and efficiency of tower cranes.
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The self-erecting tower crane market is predicted to hold over 6% of the revenue share by 2030. Self-erecting cranes are widely used across smart city projects. They are easy to set up, safe, efficient, and reliable, making them an ideal choice for construction, mining, oil & gas applications. Rising government focus on infrastructure development has elevated the demand for heavy equipment. It has emerged as an effective tool for contractors to deal with labor shortage and other challenges associated with material handling at manufacturing and construction sites.
The 6 to 20-metric-ton lifting capacity cranes are anticipated to attain around 7% gains from 2022 to 2030. Tower crane models such as hammerhead, flat-top, and luffing jib cranes have the capacity to handle 6-20-metric-ton of load. Features like advanced software solutions, reduced pollution levels, and the availability of multiple technical specifications will drive consumer inclination towards 6-20-metric-ton capacity cranes.
The rental application has captured more than 20% of the tower crane market share in 2021. Tower crane rental services have gained prominence among small-scale contractors owing to its favorable deployment costs. As construction and manufacturing activities are gaining grip worldwide, customers are steadily shifting toward rental options to avoid expenses associated with construction equipment. Rental tower crane services can help deter expenses linked to storage space, maintenance costs, initial asset costs, and the tenure to pay off equipment financing.
Latin America tower crane industry is projected to surpass USD 550 million revenue by 2030. Substantial growth in the construction sector will positively impact industry progress throughout LATAM countries. Multiple governments and private sectors are investing heavily in megaprojects such as airports, malls, railway stations, and residential structures. Such initiatives will offer lucrative business prospects to tower crane companies in the region. In June 2022, Brazilian rental company Cordeiro announced the purchase of a 500-ton Tadano-Demag AC 8.500-1 tower crane. The crane will be ideal for wind farm applications such as long-term wind maintenance contracts.
The competitive landscape of tower crane market is inclusive of manufacturing companies like Zhejiang Construction Machinery Group, Action Construction Equipment Limited, FMGru srl, JASO Industrial Cranes, The Manitowoc Company, Inc, Raimondi Cranes S.p.A., SANY GROUP, HanKook Tower Crane Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd. (XCMG), and Terex Corporation.
These tower crane market players are implementing strategic expansion of business via mergers & acquisitions along with the launch of innovative products for customers. For instance, in August 2022, Chinese machinery giant SANY GROUP unveiled its latest tower crane which features 15 patented technologies and has undergone upgrades in areas of safety, convenience, and comfort.
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2.1   Tower crane industry 360º synopsis, 2018– 2030 2.1.1   Business trends 2.1.1.1   Total Addressable Market (TAM), 2023 - 2030 2.1.2   Regional trends 2.1.3   Product trends 2.1.4   Design trends 2.1.5   Lifting capacity trends 2.1.6   Application trends Chapter 3   Tower crane industry Insights 3.1   Introduction 3.2   Impact of COVID-19 outbreak 3.3   Impact of Russia-Ukraine conflict 3.4   Tower crane industry ecosystem analysis 3.5   Technology & innovation landscape 3.6   Regulatory landscape 3.7   Industry impact forces 3.7.1   Growth drivers 3.7.1.1   Increasing high-rise building activities across the globe 3.7.1.2   Accelerating crane rental demand in North America & Asia Pacific 3.7.1.3   Utilization of heavy equipment at port and shipyards globally 3.7.1.4   Presence of several tower crane manufacturers in Europe 3.7.1.5   Recovering construction sector in Latin America 3.7.1.6   Development of urban infrastructure in South Africa and India 3.7.1.7   High demand for tower cranes from the MEA utility sector 3.7.2   Industry pitfalls & challenges 3.7.2.1   Lack of skilled operators 3.7.2.2   High cost of tower cranes 3.7.2.3   Operational challenges due to environmental changes 3.8   Key initiatives & news 3.9   Patent analysis 3.10   Price trend analysis 3.11   Growth potential analysis 3.12   Porter’s analysis 3.13   PESTEL analysis Browse Our Reports Store - GMIPulse @ https://www.gminsights.com/gmipulse About Global Market Insights Inc.
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