Global Tower Crane Rental Market Size, Status and Forecast 2030
The Tower crane market size is expected to grow at a rate of 5?GR in the forecast period. A Tower crane is stationary equipment used to lift heavy things, and it can lift 20 tons. Tower crane is mainly used in the construction sector, but it has also been used in various industries. Construction activities have increased significantly due to the shifting migration of people from rural to urban areas and the rising population. As a result, promising growth in the construction activities has propelled the demand of the Tower crane market.
Leading construction organizations and companies use tower cranes heavily to finish the project on time. Tower cranes are used for lifting heavy tools like acetylene torches and generators. They are also used for lifting concrete, steel, and other concrete materials. The cranes add great value to the construction space, and it will boost the tower crane industry in the coming years. Additionally, tower cranes can also be seen in building bridges, dams, power generation plants, and others. The rapid growth of urbanization will also influence the demand for tower cranes, leading to the growth of the crane market. Many businesses take tower cranes for rent, which will lead to the growth of the tower crane rental market.
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Market segmentation
The Tower crane market is segmented on the product, lifting capacity, and application.
By product, the Tower crane market is further carried out into self-erecting, hammerhead, flat top, and luffing jib. The flat-top segment had a share of over 15% in 2018, and it is gaining rapid demand due to the easy and safe handling features in the advanced and newly developed machine. The Tower crane market is segmented into less than 5 tons, 6-20 tons, and more than 10 tons by lifting capacity. The 6-20 ton segment is expected to grow at a CAGR rate of 8% in the forecast period. By application, the Tower crane market is segmented into dam building, bridge building, power plants, high-rise buildings, and shipyards.
Regional analysis
The major regions in the Tower crane market are North America, Europe, Asia-Pacific, and others. The European market region is growing faster due to the need for efficient weight lifting machines in mining, utility, and construction applications. Highly advanced machines are used in these sectors owing to create a safer environment. Additionally, Europe has many safety regulations that further boost the demand of the Tower crane market. The market in the North American region will grow rapidly in the forecast period due to the adoption of advanced technology and the presence of strong key players. The market in the Asia-Pacific region will also grow due to rising in the population.
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Industry news
COMANSA has launched upgrade models of tower cranes 21LC660 and 21LC750. The design of this new tower crane is for the 21LC1050 flat-tower crane. There are three versions of this crane: 24, 36, and 48 tons. It will offer better and safer operations to the crane operator.
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