Westford, USA, Dec. 06, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global tower crane market size will reach a value of USD 16.57 Billion by 2031, with a CAGR of 9.70% during the forecast period (2024-2031). The increase is explained by the continuous global upsurge in building and infrastructure development initiatives, contributing to a significant increase in the global tower crane market share.
Rail, road, port, and transit projects were funded in June 2023 by the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) initiative. The initiative provided more than USD 2.2 billion for 162 infrastructure projects throughout the country. These projects cover a broad range of activities, including improving roads and bridges, improving public transit, upgrading railroads, developing ports, and undertaking various sustainable infrastructure projects.
Tower Crane Market Overview:
- Market Revenue in 2023: USD 7.90 Billion
- Estimated Value by 2031: USD 16.57 Billion
- Growth Rate: Poised to grow at a CAGR of 9.70%
- Forecast Period: 2024-2031
- Report Coverage: Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
- Segments Covered: Type, Application, and Region
- Geographies Covered: North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Tower Crane Market Insight
"Construction sector dominating reflects a robust global tower crane market outlook due to its high demand for heavy lifting," noted industry experts.
The dominance of tower cranes with a lifting capacity of less than 20 tons in the global industry is driven by their versatility and cost-effectiveness suitable for mid-sized construction projects.
Main Drivers & Restraints:
- Main Drivers: - Developing regions boosting demand for construction
- Integration of automation and smart sensors
- Remote-controlled systems in tower cranes
- Main Restraints: - High cost of tower cranes
- Complex maintenance requirements
- Fluctuating construction sector slowdown
Sectors Covered:
- Luffing Jib
- Hammer Head
- Flat Top
- Self-Erecting
Prominent Players:
- Liebherr International AG (Switzerland)
- Terex Corporation (USA)
- Zoomlion Heavy Industry Science Technology Co., Ltd. (China)
- XCMG Group (China)