The global Tower Crane Market is expecting to touch a valuation of USD 22,232.1 million by the end of the forecast period (2018-2023), Market Research Future (MRFR) in their extensively studied report includes chief drivers and detailed study of segments to deliver reliable prediction about the market future. Rapid urbanization, land banking by governments, government initiatives for infrastructure development, and the expansion of the construction sector are factors expected to drive market demand over the forecast period.
Developed countries in North America and Europe have increased their construction budget significantly. This could portend a good opportunity for the market owing to the demand for high rise projects in urban areas. Emergence of green and energy-efficient buildings are likely to create opportunities for tower cranes. Get Free Sample Report : https://www.marketresearchfuture.com/sample_request/4953 Tower crane rental units are gaining traction owing to the stemming of small and mid-scale developers. Renting is a much more attractive for real estate developers owing to zero maintenance, servicing, and storage fees. However, lack of trained personnel and fluctuating prices of raw materials are factors which can impede the market. Industry Trend: The rapid pace of urbanization and industrialization in emerging economies in the Asia Pacific are likely to pave open up new avenues for expansion for the tower crane market. Swelling of manufacturing and service sectors in Indonesia, Thailand, Brazil, India, and China are likely to expedite infrastructural development in these regions. The boom in population, migration of people to cities, and lack of housing structures in urban areas are likely to create growth opportunities for the market in the coming years. Access Report @ https://www.marketresearchfuture.com/reports/tower-crane-market-4953 Segmentation: The global tower crane market can be segmented by type and application. By type, the market is segmented into self-erecting, flat top, hammerhead, and luffing jib tower cranes. Among these, the self-erecting segment accounted for 33.6% share in 2017. It is predicted to reach a size of USD 7,404.2 million by the end of the forecast period, growing at a 4.24% CAGR. These types of cranes are preferred for the construction of dams, refinery factories, and residential buildings owing to the ease it offers in folding. Furthermore, integration of sensors to assist the crane operator in navigating the equipment is likely to augur the segment growth. Hammerhead towers, on the other head, accounted for 32.0% share in the same year. It can touch USD 7,208.9 million by 2023. Major market applications include dam building, bridge building, high rise building, shipyards, and power plants. High rise buildings accounted for 32.2% market share in 2017, followed by bridge building with 27.5% share and19.9% share captured by dam buildings respectively. The high rise building segment is touted to accrue USD 7,518.9 million by 2023. Regional Analysis: The tower crane market covers the latest trends and opportunities across North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The APAC region accounted for 40.64% market share in 2017 and predicted to touch a size of USD 9,196 million by 2023, growing at a robust 4.58% CAGR over the forecast period. Within APAC, China and Japan collectively accounted for more than 50% of the APAC tower crane market. Both of these countries are foreseen to bring in nearly USD 5,345.1 million by 2023. The North America tower crane market is expected to experience growth at a 4.18% CAGR during the forecast period. Canada and the U.S. are economies contributing to market growth. Development projects of high rise buildings and bridges are likely to expedite market demand in the forthcoming years. Competitive Dashboard: Key players in the tower crane market include Shandong Huaxia Group Co., Ltd (China), XCMG Group (China), Shandong Dahan Construction Machinery Co., Ltd. (China), Yongmao Holdings Limited (Singapore), Manitowoc (U.S.), LIEBHERR (Switzerland), Favelle Favco BHD (Malaysia), HKTC (Korea), Guangxi Construction Engineering Group Ltd. (China), Zhejiang Construction Machinery Group Co., Ltd. (China), Sichuan Construction Machinery (Group) Co. (China), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Terex Corporation (U.S.), Wolffkran International AG (Switzerland), and Fangyuan Group Co. Ltd. (China). About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
June 2021
Categories |