Market Overview:
This report offers a comprehensive analysis of the global tower crane industry, with a specific emphasis on the leading market players and their respective market shares. The report provides detailed information on company profiles, recent technological advancements, strategies, products and service offerings, and revenue. It also highlights the different tactics adopted by major players in the market, such as partnerships, novel product launches, mergers, new product management, and collaborations to gain a competitive edge.
According to a report by Allied Market Research, the global tower crane industry size is estimated at $6.68 billion in 2020 and is projected to reach $9.90 billion in 2028, exhibiting a notable compound annual growth rate (CAGR) of 4.8% during the forecast period.
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A tower crane is an industrial machine designed to lift heavy goods, including steel, concrete, and large tools such as acetylene torches, generators, and other construction materials, with minimal human intervention. It consists of a base, a mast, a slewing unit, and working and machinery arms, hooks, and trolleys, as well as an operator cab. The crane is equipped with a load limit and load-moment limitation switch to ensure that it does not overload. It is typically fixed to a concrete slab on the ground and is sometimes connected to the sides of various structures.
Research Methodology:
Allied Market Research uses a comprehensive research approach that includes data analysis using a combination of both bottom-up and top-down methods and verifying the final market figures through interviews with experts. The industry forecast is prepared using a huge database of macro and industry-specific data. The growth rates of the market are determined by a variety of factors and their degree of influence on the market, including market drivers, challenges, new opportunities, government regulation, macroeconomic conditions, etc. Data is collected from our internal databases as well as from key stakeholders in the industry.
Furthermore, secondary research is conducted to gather economic landscape and new trends, market segmentation, regional insights, key players’ information, technological innovations, key dynamics, and more. Secondary research includes investor presentations, articles from recognized authors, government bodies, company websites, directories, and databases.
Primary research involves confirming internal market insights and assumptions with key industry players and value chain participants. To gain knowledge of the most recent trends and scenarios, the primary interview is conducted. Primary interviews are not only intended to validate data but also to get a better understanding of the market environment, historical patterns, mid- to long-term prospects, government initiatives, etc.
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Key Market Segmentation:
The global tower crane market is divided into different categories based on type, lifting capacity, end-user industry, and region.
By Type:
- Hammer head
- Self-erecting
- Flat top
- Luffing jib
By End User Industry:
- Infrastructural Construction
- Building Construction
- Energy
- Others
By Lifting Capacity:
- > than 5 ton
- 6 to 10 ton
- < than 10 ton
By Region:
- North America
- Europe
- Asia-pacific
- LAMEA (Latin America, Middle East, Africa)
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