Tower Crane Market is expected to reach $9,907.1 million in 2028 | at a CAGR of 4.8%

March 17, 2022 Off Uncategorized,

Tower Crane Market Outlook

The surge in urbanization is a major factor influencing the demand for tower cranes in developing nations such as India, Vietnam, Brazil, and others.

PORTLAND, OR, UNITES STATES, March 17, 2022 /EINPresswire.com/ — global tower crane market delivers a comprehensive study of the market, including its dynamics, structure, characteristics, Key players, growth and demand drivers, etc. As a Complete Analysis report, it covers all details inside analysis and outlook according to Allied Market Research.

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.

Top 10 Key Players

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
XCMG
Zoomlion Heavy Industry Science & Technology Co., Ltd.

Key Findings Of The Study

By type, the flat top segment dominated the tower crane market share in 2020.
By lifting capacity, the 6 to 10-ton segment is expected to generate high revenue, globally.
By application, the construction segment garnered major share of the tower crane market in 2020.
By region, Asia-Pacific dominated the market in 2020.
By region, LAMEA is expected to witness a high growth rate during the forecast period.

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The tower crane industry is expected to witness a significant growth from the prefabricated construction activities. The inclination toward prefabricated and precast building components for construction of bridges, dams, and other infrastructure is expected to boost the tower crane market growth in the near future

Key Market Segments

By Type

Self-erecting
Luffing Jib
Hammer Head
Flat Top

By Lifting Capacity

Less than 5 ton
6 to 10 ton
More than 10 ton

By End-User Industry

Building Construction
Infrastructural Construction
Energy
Others

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