Tower Crane Market to value $7.5 Bn by 2030, Says Global

Selbyville, Delaware, Oct. 25, 2022 (GLOBE NEWSWIRE) —

The tower crane market size is expected to cross a valuation of USD 7.5 billion by 2030, according to latest research report by Global Market Insights Inc.

Rapid industrialization in developed economies of Europe and North America has fueled the need for tower cranes at construction sites and infrastructural projects. New technological advancements have enabled tower crane manufacturers in Europe to develop novel equipment models. The addition of smart features has further helped enhance the overall performance and efficiency of tower cranes.

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The self-erecting tower crane market is predicted to hold over 6% of the revenue share by 2030. Self-erecting cranes are widely used across smart city projects. They are easy to set up, safe, efficient, and reliable, making them an ideal choice for construction, mining, oil & gas applications. Rising government focus on infrastructure development has elevated the demand for heavy equipment. It has emerged as an effective tool for contractors to deal with labor shortage and other challenges associated with material handling at manufacturing and construction sites.

The 6 to 20-metric-ton lifting capacity cranes are anticipated to attain around 7% gains from 2022 to 2030. Tower crane models such as hammerhead, flat-top, and luffing jib cranes have the capacity to handle 6-20-metric-ton of load. Features like advanced software solutions, reduced pollution levels, and the availability of multiple technical specifications will drive consumer inclination towards 6-20-metric-ton capacity cranes.

The rental application has captured more than 20% of the tower crane market share in 2021. Tower crane rental services have gained prominence among small-scale contractors owing to its favorable deployment costs. As construction and manufacturing activities are gaining…