The Tower Crane Market is being driven by Increasing demand for high-rise buildings
The Tower Crane Market is expected to grow at a CAGR of 5.27% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 948.1 million. In the construction industry, luffing jib tower cranes have emerged as a preferred choice for large-scale projects and the installation of heavy industrial equipment. These cranes offer significant advantages, including high landing accuracy, increased safety, and substantial lifting capacity. Designed for urban construction sites, luffing jib tower cranes boast extended reach and the ability to accommodate slewing motions. Their adoption leads to enhanced operational efficiency when multiple cranes are employed on high-rise buildings and power plant sites concurrently. The rapid pace of urbanization and infrastructure development has fueled the demand for luffing jib tower cranes, as they deliver superior lift capacity and can effectively operate in confined spaces.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Infrastructure, Residential, Commercial) Geography (APAC, North America, Europe, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Tower Crane Market Research Report
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The Tower Crane Market is witnessing significant growth due to the increasing demand for concrete slabs in skyscraper construction and housing structures. Tower cranes are essential heavy machinery in construction activities, with key components including the operator cab, trolley, hook, machinery arm, working arm, slewing unit, and load-moment limit switch. These cranes have maximum load limits to ensure safety and efficiency. Energy-efficient and eco-friendly solutions are becoming increasingly important in the tower crane market. This includes telematics and automation technologies that optimize crane performance and reduce fuel consumption. Government efforts to enforce safety guidelines and promote skilled operators further boost the market. Rental services for tower cranes are also on the rise, providing flexibility for construction projects of various sizes. Hammerhead tower cranes are popular due to their versatility and ability to handle large loads. The tower crane market is expected to continue growing, driven by the need for heavy machinery in construction projects and the ongoing trend towards sustainable and efficient solutions.
According to Technavio, the tower crane market is a significant segment of the expansive global construction machinery and heavy transportation equipment market. This market encompasses a range of product categories, including heavy-duty trucks, compact earthmoving equipment, road construction and compaction equipment, crushing and screening equipment, concrete equipment, civil engineering equipment, lifting equipment, and related machinery. The global construction machinery and heavy transportation equipment market expansion is primarily driven by the burgeoning urbanization trend, leading to substantial investments in construction projects due to the increasing demand for residential properties, such as single-family homes and multi-family dwellings.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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