Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The Tower Cranes Market was valued at USD 5 Billion in 2020 and is expected to reach USD 7 Billion by 2026, registering a CAGR of 6% during the forecast period.
The Covid-19 pandemic had a negative impact on the Tower Cranes Market due to the stringent lockdown and social distancing norms set across the world. Amid the lockdown situation, construction activities across majority of the countries were halted , which in turn hampered the demand for tower cranes. Also, with the restriction on global transport, heavy-duty tower cranes commonly used in handling port cargo, have also lost the demand in the market in 2020.
The global tower crane market is growing due to increased urbanization, tower cranes’ outstanding stability, and increased investment in renewable energy development. The surge in demand for prefabricated buildings to be erected on construction sites, due to the faster construction completion, is another major area that requires heavy-duty construction cranes, which is further expected to increase the demand for tower cranes.
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Tower Cranes Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
Key Market Trends
The 5T and 10T Lifting Capacity Segments Lead the Market
With the rapid urbanization, the need for tower cranes is expected to increase during the forecast period. The 5T and 10T lifting capacity cranes are expected to be the most used type in construction activity, due to the broad spectrum of uses these cranes can offer. Also, most of the material that needs lifting from the crane falls under this category and has also led to these segments leading the market with about half of the total market share in 2020.
The availability of different designs for this lifting capacity category has attracted a lot of interest and attention from potential buyers and contractors of different agencies and countries. The increased demand for these machines in several sectors like energy, oil, and gas, and port-material handling requirements is another major advantage for this category of cranes.
Also, the high tip hoisting capacity offered by the 10T capacity cranes is an attractive characteristic for buyers looking for heavyweight hoisting up over huge heights
The lower emissions from these cranes and the ease of usage in terms of adding and removing the crane bars for the flexible height of the crane is another advantage.
Asia Pacific Is The Leading Market
Asian countries are primarily driving =the demand for tower cranes due increase in infrastructure development activities and the development of high-rise commercial and residential projects across Asia-Pacific. Several infrastructure developments being undertaken by governments and many other private firms have been a major driving force to increase the demand for tower cranes. Singapore, for instance, has a huge infrastructure development program initiated by the government, which is another contributing factor to the demand for tower cranes.
India is also witnessing multiple infrastructure development investments from the government, which can be a factor for the requirement of tower cranes of various tonnages and lifting capabilities across the country. These machines’ heavyweight lifting capacities, as compared to other conventional options, will boost their use, particularly in urban construction activities.
The growing regional population and fast urbanization will necessitate efficient infrastructure, housing, and structures.
Key market players in the tower crane market include Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., Action Construction Equipment Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd., Terex Corporation, Liebherr-International AG, and XCMG Group. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.