This market study from Technavio segments the global tower crane market by end user (infrastructure sector, residential sector, and commercial sector) and by geography (APAC, EMEA, and the Americas). Vendor analysis of this market includes key companies like Favelle Favco, Liebherr, Saren Group, Terex, and Zoomlion.
Technavio’s market research analysts estimate the global tower crane market to grow at a CAGR of around 6% between 2015 and 2019. Increase in urban infrastructure projects, high rise building projects, and high rise residential apartment construction projects across globe are some of the key factors driving the demand for tower cranes. APAC dominates the global market for tower cranes, occupying around 45% of the overall market share. Increase in commercial real estate investments in countries like China, India, and Indonesia, is a major factor propelling this region’s growth.
The new market research report from Technavio provides a breakdown and analysis of the tower cranes segments by technology.
“Fuel-efficient tower cranes are gaining prominence in the market, owing to increasing environmental concerns. Vendors are introducing advanced tower cranes in the market capable of lifting heavy loads, besides being cost-effective and providing high level of safety. Potain MCT 205 and Potain MCT 85 are topless tower cranes with advanced features such as easy to erect and transport. Manufacturers are also developing tower cranes which can provide real-time information about the equipment performance,” says Navin Rajendra, Industry Manager, Heavy Industry, Technavio Research.
Infrastructure sector is the largest end-user of tower cranes, owing to huge investments in construction activities across the globe. Urbanization has led to the development of mega urban regions which have surged the demand for tower cranes. Moreover, rapid urbanization has enhanced the development of smart cities, which has necessitated the use of advanced construction technologies, thereby boosting the demand for tower cranes.
The leading vebdors in the global tower crane market include Favelle Favco, Liebherr, Saren Group, Terex and Zoomlion. Competition in the market is continually increasing as end users are focusing more on manufacturers that have the ability to manufacture technologically advanced, eco-friendly tower cranes. The provision of financing options such as flexible monthly down payments, availability of rental services for customers who cannot afford expensive tower cranes, and lease of equipment on monthly, yearly, and daily basis is a critical factor that enhances vendor competition in this market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Tower Crane Market 2015-2019.
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