HomeIndustry SectorsBusiness and marketsTower crane market to reach $5.5bn by 2025

Tower crane market to reach $5.5bn by 2025

According to a new research report by Global Market Insights, the global tower crane market is set to surpass $5.5 billion by 2025.

The global shipments are anticipated to grow at 9% CAGR from 2019 to 2025. Growing infrastructure transformation and construction activities, and the resultant utilisation of equipment for lifting heavy loads, are accelerating the tower crane market growth.

Luffing jib cranes are expected to grow at over 5% CAGR from 2019 to 2025. These cranes are gaining high demand in the tower crane market applications owing to the vertical load lifting features and high-capacity jibs.

In the tower crane market, bottom slewing cranes are gaining traction due to the easy erection and dismantling features associated with them. Machines with lifting capacities ranging from 6 to 20 and 21 to 50 metric tonnes are witnessing demand from general construction & utility sectors. These machines are used in several rehabilitation projects in urban and metro cities for precast & special framework development across the globe.

Rental applications in the tower crane market was valued at over $850 million in 2018 are gaining a high demand from local and established contractors across various regions. The customers are shifting toward rental options to address the increasing demand from construction, utility, and infrastructure sectors, which need several machines.

As a result, the contractors procure rental machines due to low prices as compared to direct purchasing and the availability of technically equipped products with rental operators.

Several rental companies in Europe and North America offer enhanced support & services to customers that include maintenance, repair, and operator training programs, adding up to the development of the industry.

The Asia Pacific tower crane market is expected to witness a rapid expansion and grow at a CAGR of 9.5% from 2019 to 2025 owing to the several ongoing & upcoming infrastructures, commercial, and residential projects in China, Japan, India, Singapore, Malaysia, etc.

The Indian market is witnessing the emergence of several manufacturer facilities and rental providers due to the low investment capabilities of customers. The Indian cities are observing space constraints & population increase, which will support for construction activities and related machines.