June 28, 2022 05:04 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, June 28, 2022 (GLOBE NEWSWIRE) -- The global tower crane market size is projected to enter a period of dynamic growth on account of speedy expansion of construction activities across the globe, according to Fortune Business Insights™ in its report, titled “Tower Crane Market Size, Share & Industry Analysis, and Regional Forecast, 2022-2029”. A report produced by Oxford Economics and Global Construction Perspectives and published by the Institution of Civil Engineers forecasted that the global volume of construction output would rise by 85%, reaching an estimated value of USD 15.5 trillion by 2030. China, the US, and India will account for nearly 57% of this growth, the report further highlights. Surging building operations will inevitably generate massive demand for machinery and equipment such as tower cranes, which are crucial in erecting buildings and creating infrastructure for a nation. The tower crane market is expected to make substantial gains from these developments in the forthcoming years.
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Companies Profiled in the Tower Crane Market Report are:
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What Does the Report Offer?
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/tower-crane-market-102883
Increasing Deployment of Flat Top Tower Cranes to Boost Market Prospects
Flat top tower cranes possess a host of favourable characteristics that make them an attractive and efficient candidate in construction activities. For example, these cranes have no tower top and by extension, no pull rod and outrigger, which gives them excellent structural strength and balance. Tower cranes with flat tops are also cost-effective because they have small volume and occupy relatively lesser space, making their installation vastly easier compared to regular cranes and reducing maintenance and warehousing costs substantially. Furthermore, the components that comprise these cranes are changeable, modularized, and standardized, which ensures that all parts of the equipment are utilized, providing high return on investment. Lastly, a flat top crane’s jib boom can be dismantled and replaced mid-air, permitting project managers to use these cranes in special operations such as construction of industrial cooling towers and suspension bridges. Together, these advantages are fueling the tower crane market growth.
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Massive Investments in Construction Sector to Propel the Market in Europe
The European Union (EU) countries are pouring massive amounts of money into the building & construction sector, which is stoking the adoption of advanced equipment in the region. For instance, the European Commission recently announced plans to invest over USD 370 billion in the construction industry over next few years.
Asia Pacific is expected to expand its footprint in the tower crane market share in the coming years on account of skyrocketing demand for construction activities as a result of rapid urbanization. In addition to this, mining and transport activities are growing at a furious pace in India, China, and Vietnam, which is elevating the demand for various types of construction equipment. In North America, strong government support to green projects and public transport infrastructure projects will primarily drive the regional market growth.
Key Players to Concentrate on Tapping Emerging Markets
The competition in the tower crane market is heavy as most players are seeking to capitalize on the lucrative business opportunities created by the booming construction sector. In emerging economies especially, the opportunities to expand and diversify are ample and many of the key players in this market are constantly developing products to suit the needs of these regions.
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