Tower Cranes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tower Cranes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Tower Cranes Market was valued at USD 5.29 Billion in 2021 and is expected to reach USD 7 .59 Billion by 2027, registering a CAGR of 6.2% during the forecast period.

The Covid-19 pandemic hurt the Tower Cranes Market due to the stringent lockdown and social distancing norms set across the world. Amid the lockdown situation, construction activities across the majority of the countries were halted, which in turn hampered the demand for tower cranes. Also, with the restriction on global transport, heavy-duty tower cranes commonly used in handling port cargo, have lost demand in the market in 2020. However, as economic activities resume, the demand for tower cranes may tend to bounce back over the forecast period.

Over the medium term, increased urbanization, tower cranes' outstanding stability, and increased investment in renewable energy development are likely to witness major growth for the market. The surge in demand for prefabricated buildings to be erected on construction sites, due to the faster construction completion, is another major area that requires heavy-duty construction cranes, which is further expected to increase the demand for tower cranes during the forecast period.

Rising construction activities are likely to increase the demand for tower cranes across the globe. The rise in commercial & residential constructions is anticipated to witness major growth for the market during the forecast period.

New technologies like connected equipment and tools, telematics, smartphone applications, intelligent control are some of the latest technological advancements which likely to drive demand in the future. Introduction to intelligent control technology that consists of safety features with additional logic prommable control system that control the tower crane operation with less hazard.

Key Market TrendsThe 5T and 10T Lifting Capacity Segments Lead the Market

With rapid urbanization, the need for tower cranes is expected to increase during the forecast period. The 5T and 10T lifting capacity cranes are expected to be the most used type in construction activity, due to the broad spectrum of uses these cranes can offer. Also, most of the material that needs lifting from the crane falls under this category and has also led to these segments leading the market during the forecast period.

The availability of different designs for this lifting capacity category has attracted a lot of interest and attention from potential buyers and contractors of different agencies and countries. The increased demand for these machines in several sectors like energy, oil, and gas, and port-material handling requirements is another major advantage for this category of cranes.

Also, the high tip hoisting capacity offered by the 10T capacity cranes is an attractive characteristic for buyers looking for heavyweight hoisting up over huge heights

The lower emissions from these cranes and the ease of usage in terms of adding and removing the crane bars for the flexible height of the crane is another advantage.

Asia-Pacific Is The Leading Market

Asian countries are primarily driving =the demand for tower cranes due increase in infrastructure development activities and the development of high-rise commercial and residential projects across Asia-Pacific. Several infrastructure developments being undertaken by governments and many other private firms have been a major driving force to increase the demand for tower cranes. Singapore, for instance, has a huge infrastructure development program initiated by the government, which is another contributing factor to the demand for tower cranes.

India is also witnessing multiple infrastructure development investments from the government, which can be a factor in the requirement of tower cranes for various tonnages and lifting capabilities across the country. These machines' heavyweight lifting capacities, as compared to other conventional options, will boost their use, particularly in urban construction activities.

ASEAN is witnessing an infrastructure boom, with major projects approved in Vietnam, Thailand, the Philippines, Malaysia, and Indonesia. In several cases, these have been facilitated through loans and other assistance provided by other major economies, like India, Japan, and China. Several rail and road projects are expected to further add up to the demand for tower cranes in the ASEAN countries over the forecast period. For instance,

• In March 2021, the Thai Government is set to sign three contracts in connection with the Thai-Sino high-speed train project between Bangkok and Nakhon Ratchasima. Additional three contracts, including civil works for the Ban Pho-Phra Kaew section, civil engineering works along the Bang Sue-Don Muang section, and works between Don Muang and Nava Nakhon will also be signed after the preparation of the documents.
• Jakarta-Bandung is a proposed high-speed rail project in Indonesia, connecting the capital city of Jakarta to the textile hub of Bandung. The project is being developed by PT Kereta Cepat Indonesia China, a joint venture formed between a consortium of Indonesian state-owned companies and China Railway International.

Considering such developments, tower cranes market in Asia-Pacific is likely to witness a steady and consistent growth over the forecast period.

Competitive Landscape

Key market players in the tower crane market include Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., Action Construction Equipment Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd., Terex Corporation, Liebherr-International AG, and XCMG Group. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry. For instance,

• In August 2022, Sany Bharat expanded its presence in India. The company expanded its dealership network across Karnataka, Chennai, and Andhra Pradesh states.
• In March 2022, XL Kranlogistik signed a partnership agreement with Terex Corporation. Through this partnership, the XL Kranlogistik placed a significant order for fourteen Terex Tower Cranes to add to their already extensive Terex crane fleet.
• In May 2021, Zoomlion Heavy Industry Science & Technology Co., Ltd launched the full operation of its tower crane intelligent manufacturing (IM) factory in Hunan, China.

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