EYE IN THE SKY

Tower cranes are an ubiquitous sight today across infra and real estate projects

- Molly R

At the top of the lift construction industry, there is a good market in tower crane production. Tower cranes are typically in excess supply, so they may offer a good return on investment when looked at as long-term investments. In addition, construction of new towers is expected to gain momentum going forward, driven by growing demand for rooftop residential units and mobile communication towers that require facade or roof construction activities.

In 2019, the value of the tower crane industry was predicted to increase by 12.78% to surpass $9 billion. The construction industry has been a major user of tower cranes; however, robots and other labor-saving marvels are slowly fading away to other more expensive equipment preferences. However, it seems unfortunate that because of this change in market demand, there could be an oversupply of tower cranes on the market, which may lead to a drop in prices. In general, the market is highly fragmented and competitive. Nevertheless, despite this shift in market characteristics, the future of tower crane manufacturing is looking bright, and the industry estimation by 2025 is conservative.

The future is bright for tower cranes, at least in the global market. The market share is predicted to grow from $9.1 billion in 2017 to reach $36.2 billion by 2027.

The significant applications responsible for the growth of the market are: dam building, bridge building, shipyards, power plants, high rise buildings, among other structures.

STANDING TALL