Rise in Investments in Public and Private Infrastructure Drives Self Erecting Tower Cranes Market Growth
According to our latest market study on "Self Erecting Tower Cranes Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity – by Application and Lifting Capacity," the market was valued at US$ 782.98 million in 2023 and expected to reach US$ 1,355.31 million by 2031; it is anticipated to record a CAGR of 7.1% from 2022 to 2030.
Self-erecting cranes are widely used in small to medium-scale construction projects. The cranes improve productivity by providing the material to the exact point of location, thus reducing additional labor costs. It also occupies a small footprint and offers several services at the construction site. Self-erecting crane reduces the additional vehicle requirement on-site and minimizes the amount of time required for material handling on-site, thus increasing site safety and lowering the additional cost of material handling. Key players are offering the self-erecting crane on a rental basis owing to the high cost of purchase for the cranes. The demand for this crane is growing across developing countries at a rapid pace owing to its lower cost compared to tower cranes.
Self Erecting Tower Cranes Market Share — by Region, 2022
Source: The Insight Partners Analysis
The self erecting tower cranes market growth is driven by the thriving global construction market, which amounted to US$ 7.3 trillion in 2021; the figure is projected to double by 2030. Furthermore, there is an upsurge in construction activities, and the emphasis on enhancing operational efficiency on worksites has emerged as a paramount priority for major industry players worldwide. Thus, the demand for self erecting tower cranes has increased over the last few years.
There is a rise in urbanization and infrastructure projects in various countries across the globe, which leads to continuous demand for construction equipment to navigate the intricate needs of modern infrastructure development. Thus, self erecting tower cranes play a crucial role in shaping modern infrastructure and economic growth, which drives the self erecting tower cranes market growth. According to United Nations, in 2023, 82.0% of the population lived in cities. With a rapidly increasing urban population, the construction sector is growing at a rapid pace. Small-scale construction activities are upsurging across the world. Self-erecting tower cranes are especially suited for construction sites that are for short duration and require frequent transportation, material handling, erection of construction equipment, and dismantling.
The self erecting tower cranes market ecosystem is a complex and interconnected network involving various stakeholders, technologies, regulations, and market dynamics. Suppliers play a crucial role by providing necessary components and parts for the assembly of self erecting tower cranes. This includes manufacturers of motors, boom, and other essential components. Reynolds Rigging & Crane Service, Inc; Bronson Crane; SNM Group; and Kranlyft Group are a few of the suppliers operating in the self erecting tower cranes market. The core entities within the ecosystem are the manufacturers of self erecting tower cranes. These companies design, produce, and distribute a wide range of cranes, including self erecting tower cranes. Liebherr International AG, The Manitowoc Co Inc., Terex Corp., FMGru S.r.l, Gruas Saez S.L, Gru Dalbe srl, Tavol Cranes Group. Co. Ltd., Dawson Group Ltd., P&J Arcomet, and Action Construction Equipment Limited are among the key players operating in the self erecting tower cranes market.
The scope of the self erecting tower cranes market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
In terms of revenue, Europe dominated the self erecting tower cranes market share in 2023. The market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany is projected to hold the largest share of the European market during the forecast period. The country has the largest construction market that recorded a revenue of US$ 175 billion in 2020, as per the data provided by the Germany Trade and Invest (GTAI). In addition, the German government's initiatives toward residential construction boost the demand for self-erecting cranes in the country. In 2024, the German government is aiming to build 400,000 apartments a year. In addition to residential construction, investments in infrastructure development bolster the self-erecting cranes market growth.
The self erecting tower cranes market in Asia Pacific is likely to register the highest CAGR during the forecast period, owing to the rapid development of construction projects. India is projected to grow with the largest market share during the forecast period. Investments in residential buildings and infrastructure development with the use of advanced technology-based construction equipment are growing in India. The government of India is focused on building infrastructure by making significant investment plans. In 2022, the government launched Gati Shakti Plant with a US$ 1.3 trillion investment for infrastructure development in India. Also, the government launched the "Smart Cities Mission" and "Housing for All" initiative programs to foster development in the country. In the Indian government budget 2023–2024, the budget capital allocation for infrastructure development in the country was increased by 33% compared to 2022, reaching US$ 122 billion. Such growing infrastructure development and the expanding residential sector across India are expected to create ample opportunity for the self-erecting crane market during the forecast period
The self erecting tower cranes market analysis is carried out by identifying and evaluating key players in the market across different regions. Liebherr International AG, The Manitowoc Co Inc., Terex Corp., FMGru S.r.l, Gruas Saez S.L, Gru Dalbe srl, Tavol Cranes Group. Co. Ltd., Dawson Group Ltd., P&J Arcomet, and Action Construction Equipment Limited are a few of the key players operating in the market. The self erecting tower cranes market report includes growth prospects owing to the current self erecting tower cranes market trends and their foreseeable impact during the forecast period.
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the self erecting tower cranes market. The market forecast can help stakeholders plan their growth strategies. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present in the self erecting tower cranes market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com