SELBYVILLE, Del., June 6, 2019 /PRNewswire/ -- The growth of the tower cranes market for the 6 to 20 metric tons lifting capacity segment is set to expand at over 8% CAGR during 2019 to 2025. The growing requirement of heavy material handling & lifting operations across various industry verticals is supporting the demand for tower cranes. Construction of high-rise and multi-story buildings globally to cater to the increasing urban population is a major factor driving the industry's growth.
According to the report by GMI, the revenue of tower cranes market will grow at a 7% compound annual growth rate and the industry will cross USD 5.5 billion valuation by 2025. In volume,the market is growing at a CAGR of 9% to exceed the total shipment of 40 thousand units in 2025. Endowed with a wide-ranging expanse of applications, the tower crane market has emerged as a lucrative investment avenue in the overall construction industry. The increasing number of infrastructure activities and the resultant deployment of equipment for heavy loads has popularized the component across various business verticals, leading to a major impact on tower crane industry statistics.
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In the tower crane market, rental applications are growing rapidly due to the availability of technically advanced and low-priced machines across the globe. The industry is witnessing the emergence of several rental providers owing to the rising demand from construction & utility sectors globally. Increased focus on reducing the carbon footprint & pollution from general to complex construction activities in several countries is creating the need for new machines in the industry. Rental products are majorly deployed in government & general infrastructure projects by contractors due to a limited machine fleet owned by them. Equipment users are shifting towards rental options to save transportation & machine maintenance costs, further adding to the tower cranes market expansion.
The North America tower crane market is developing at a rapid pace due to several ongoing & upcoming infrastructure development projects in the region. The utilization of technically advanced machines across various industries, including utility, mining, etc., in the U.S. is adding up to the demand for these machines. Furthermore, high government & private investments in construction & infrastructure transformation activities are supporting industry growth. The U.S. is witnessing the emergence of several local & international rental providers, which have partnered with manufacturers to offer heavy-weight lifting machines.
The Asia Pacific tower cranes market will witness a CAGR of 9.5% CAGR up to 2025 driven by the several ongoing & upcoming infrastructures, commercial and residential projects in the region. The Indian market is witnessing the emergence of several manufacturer facilities and rental providers due to the low investment capabilities of customers.
Browse key industry insights spread across 300 pages with 427 market data tables & 26 figures & charts from the report, "Tower Crane Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Regarded as the world's second largest economy, China is focusing on important policy adjustments to ensure the nation advances on a sustainable growth path. The 13th Five Year Plan of the Chinese government has laid special emphasis on infrastructure development in the nation and fast-tracking of the ambitious 'One Belt, One Road' initiative. Under the plan, China aims to expand its the high-speed rail network, construct new expressways, upgrade ports, and build new water conservation projects. In a nutshell, all of these projects would require massive deployment of construction equipment – a factor that would certainly benefit the commercial prospects of the tower cranes market in China.
Companies active in the tower cranes market like Terex Corporation, Manitowoc Cranes, XCMG Group, Liebherr Group, Zoomlion Heavy Industry, Action Construction Equipment Ltd, Favelle Favco, FMGru, Hankook Tower Crane, JASO Industrial Cranes, Jost Cranes, Linden Comansa, Raimondi Cranes S.p.A., Sany Group, Shandong Dahan Construction Machinery Co, Ltd., WOLFFKRAN International AG, Yongmao and Zhejiang Construction Machinery Group.
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Tower Crane Market shipments to cross 40 thousand units by 2025
Global Tower Crane Market size is set to exceed USD 5.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.