TOWER CRANES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Tower Cranes Market Analysis:

The Tower Cranes Market has been valued at USD 5.29 Billion in 2021 and is projected to reach USD 7.59 Billion by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.

The Tower Cranes Market experienced a decline due to the global Covid-19 pandemic, which resulted in strict lockdown measures and the implementation of social distancing protocols worldwide. These measures led to the suspension of construction activities in many countries, consequently impacting the demand for tower cranes. Additionally, the restrictions on global transportation negatively affected the demand for heavy-duty tower cranes commonly used in port cargo handling in 2020. However, as economic activities gradually resume, the demand for tower cranes is expected to recover over the forecast period.

In the medium term, factors such as increased urbanization, the exceptional stability of tower cranes, and heightened investments in renewable energy development are expected to drive significant growth in the market. The growing demand for prefabricated buildings, which require heavy-duty construction cranes for efficient erection on construction sites, is also anticipated to contribute to the increased demand for tower cranes during the forecast period.

The global rise in construction activities is expected to fuel the demand for tower cranes. The expansion of commercial and residential construction projects is projected to drive substantial market growth during the forecast period.

Furthermore, the introduction of new technologies such as connected equipment and tools, telematics, smartphone applications, and intelligent control systems is anticipated to drive future demand. The implementation of intelligent control technology, which incorporates safety features and a programmable control system to enhance the operational safety of tower cranes, is expected to reduce hazards and further stimulate market growth.

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