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.
Construction Application to Hold Significant Growth due to Increasing Demand for Material Handling
The construction sector dominates due to its high demand for heavy lifting, precise material handling, and extended reach in large-scale projects. Such demand is supported by urbanization and increased spending on infrastructure; for example tower cranes are very important for the construction of high-rise buildings and industrial structures as complex lifted operations are often required in such construction.
Less than 20 Tons to Lead Market due to Versatility and Cost-Effectiveness
The dominance of tower cranes with a lifting capacity of less than 20 tons in the global tower crane industry is driven by their versatility and cost-effectiveness. This suits a wide range of mid-sized construction projects especially in residential and commercial developments.
Europe to Dominate Market due to Urban Renewal Projects and Strict Safety Regulations
Europe's dominance in the global tower crane market is driven by robust infrastructure investment, urban renewal projects, and strict safety regulations that favor advanced high-quality cranes. The devotion to green building creates a demand for effective crane solutions that do not harm the environment while established manufacturers ensure operational benchmarks are met.
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