Future Market Insights, an ESOMAR-certified research and consulting firm, released the Tower Crane Market report that analyzed past and current trends, including macroeconomic factors, while forecasting the industry's future trends.
According to data, the global tower crane sales are anticipated to reach $19.3 billion by the end of 2021, while forecasting an annual growth of 4.8 percent throughout the next decade.
This is reflected by the expectation of companies to develop innovative construction equipment that meet individualized demand.
“Increasing investment in commercial construction as well as in the construction of civic in recent years is expected to provide an impetus to tower cranes sales,” said a Future Market Insights analyst. “Rental base sales will continue to have a greater weightage as against direct ownership based procurement.
“Competitive price offering, increase in end user satisfaction on the performance and use of advanced technologies are the key strategies adopted by manufacturers operating in the market.”
In 2020, the demand for tower cranes decreased due to the effects of COVID-19 on the construction industry as a whole. However, this decline, for most, only lasted a few months, resuming to a healthy rate during Q2 — creating a positive outlook in the tower crane market.
For the remainder of 2021, the tower crane market anticipates less than a 4 percent year-to-year growth, while the U.K. market is expected to register a 3.7 percent year-to-year growth.
In addition, the U.S. will continue to account for 85 percent of the regional market share in North America. On the other hand, Germany and France will account for the majority of sales within Europe.
Key contributors in the market include:
- Zoomlion Heavy Industry Science & Technology Company Ltd.
- Terex Corporation
- Action Construction Equipment
- Sany Group
Key players, in the tower crane industry, are forecasted to account for over half of the overall market value share.
The Tower Crane Market report is provided by Future Market Insights and edited by Chantal Zimmermann.