Tower crane is considered as a centerpiece equipment in the construction industry. It is a modern crane that consists of various basic parts. It consists of three main sections: base, tower mast and slewing unit. It is used for the task of heavy lifting in constructional purposes. It offers the facility of movement from all the directions. It can do several movements such as jack- operation, slewing, self-erection, wire twisting, climbing frame, smooth hoisting, self-climbing, and trolley movement.
According to study, “Global Tower Crane Market Information: by Type (Flat Top, Hammerhead), Application (High Rise Building, Dam Building) and Region - Global Forecast Till 2023” the key companies operating in the global tower crane market are Manitowoc, Favelle Favco Berhad, Zoomlion Heavy Industry Science & Technology, Liebherr Group, Terex Corp., Sarens n.v./s.a., Maxim Crane Works, L.P., Mediaco, Action Construction Equipment Ltd., GRT Tower Cranes, Tiong Woon Corporation Holding Ltd., Mammoet, E-Cranes, Construcciones Metalicas Comansa S.A, Anupam Industries Limited. The key companies are involved in new product introduction strategies to provide differentiated machines and address fluctuating customer demand. Players are also integrating advanced technical features into the new products to provide high performance & productivity to application industries. Additionally, companies are proposing enhanced customer support through sales representatives, distributors, and company sales offices.
Based on product, tower crane market is segmented into fixed and mobile. The fixed segment is sub-segmented into loader crane, telescopic crane, stacker crane, hammerhead crane, self-erecting tower crane, gantry crane, bulk handling crane, deck crane, jib crane, and level luffing crane. The mobile segment is sub-segmented into railroad crane, harbor crane, truck mounted crane, all terrain crane, carry deck crane, floating crane, aerial crane, side lifter crane, crawler crane, pick & carry crane, and telescopic crane. Based on capacity, market is segmented into up to 5 tons, 5 to 10 tons, 10 to 20 tons, 20 to 50 tons ad above 50 tons. Based on design, market is segmented into top slewing and bottom slewing. Top slewing segment dominate the market due to their suitability for medium to high-rise building projects & longer duration needs. In addition, based on end-use, market is segmented into building & construction, infrastructure, residential, marine & sea ports, civic infrastructure, mining and others.
The tower crane market is driven by rise in demand for tower crane rental units, followed by increase in global population & rapid urbanization, growth in government support in the construction sector, increase in development of high-rise commercial & residential structures and rise in rate of operational efficiency. However, fluctuating prices of raw materials and lack of availability of skilled labor may impact the market. Moreover, rapid industrialization & urbanization in emerging economies is a key opportunity for market.
Based on geography, the North-America region dominates the tower crane market, followed by European region owing to increase in construction of high-rise buildings and growth in demand for better infrastructure in the regions. The Asian-Pacific region is estimated to witness higher growth rate due to rise in investments in residential as well as non-residential sectors over the forecast period. It is predictable that future of the market will be bright on account of several ongoing & upcoming infrastructure development projects.
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Ankur Gupta, Head Marketing & Communications