Tower cranes are crucial equipment, and modern types of balance cranes offer ideal blends of lifting capacity and height, and are used in various sectors for a range of applications. A tower crane comprises base, mast, and slewing unit, wherein the base is attached to the mast, which determines the height of the crane. In addition, the mast is attached to the slewing unit, which allows the crane to rotate, and the slewing unit consists of gears and motor. The equipment is mostly used for lifting and transporting heavy loads. The equipment generally comprises one or more simple machines so as to gain mechanical advantages that are beyond the normal human capability. Tower cranes have many applications, including loading and unloading of heavy freight in the transport industry, and can also move larger volumes of materials in the construction industry and can be used to assemble large and heavy machinery in the manufacturing industry.
The global tower crane market report has been segmented on the basis of product, capacity, design, end-use, and region.
On the basis of product, the global tower crane market has been segmented fast-erecting cranes, hammer head cranes, luffing jib cranes, self-erecting cranes, and mobile cranes. Revenue from the mobile cranes segment is estimated to increase at a comparatively higher rate over the forecast period.
On the basis of capacity, the global tower crane market has been segmented into Up to 5 Tons, 5 to 10 Tons, 10 to 20 Tons, 20 to 50 Tons, and above 50 Tons. The 20 to 50 Tons segment is expected to account for significant revenue share in the global market over the forecast period.
On the basis of design, the global tower crane market has been segmented top slewing and bottom slewing. The Top slewing segment is expected to account for significant market share in the global market.
On the basis of end use, the global tower crane market has been segmented into building & construction, civic infrastructure, marine & sea ports, and mining. The building & construction segment is expected to account for significant revenue share in the global market, which is attributable to increasing construction activities and growing industrialization and renovation of old residential and commercial buildings.
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Asia Pacific market contributed largest revenue share in the global market in 2016, and is expected to maintain its dominance over the forecast period. Revenue from the market in Asia Pacific is estimated to expand at a comparatively higher CAGR, followed by North America and Europe respectively. This is attributable to increasing construction activities in economies in countries such as China, India, Japan, and Indonesia. Moreover, growth in spending capacity, rising urbanized population, increasing industrialization, etc. are among other factors expected to fuel growth of the market in this region.
Key players operating in the global market include HKTC, Kroll Cranes A/S, Liebherr, Linden Comansa, Manitowoc, Raimondi, Sany Group, Terex Corporation, XCMG, and Zoomlion Heavy Industry Science & Technology Company Ltd.