Market Trends of Tower Cranes Industry
The Infrastructure Segment Holds a Major Share
Tower cranes are essential pieces of construction equipment designed to efficiently lift and transport heavy materials, including concrete, steel beams, and prefabricated components, to different levels of a construction site. This capability significantly contributes to expediting the building process.
Infrastructure is the essential framework that supports both local and global trade, as well as industrial and agricultural activities. It includes the necessary organizational and physical structures needed for effective business operations. The infrastructure sector focuses on critical areas such as electricity, transportation networks, water management systems, and urban development.
The rapid growth of cities, increasing population, and economic development, especially in developing nations, are significantly boosting the demand for modern and improved infrastructure. Projections indicate that the urban population will rise from 3.9 billion to approximately 6.3 billion by 2050.
The Asian Development Bank (ADB) projects that an estimated USD 1.7 trillion will be required yearly for infrastructure investment in Asia until 2030. This level of investment is crucial for the region to maintain its economic growth, reduce poverty, and effectively combat climate change's effects.
The Government of India's ongoing infrastructure development projects have created a demand for tower cranes with varying tonnages and lifting capabilities due to the numerous investments being made in infrastructure development.
Regional governments can improve investments, reduce traffic congestion, and stimulate economic growth by investing in infrastructure projects. The government's emphasis on improving transportation infrastructure has increased the need for tower cranes.
The infrastructure sector is experiencing significant development worldwide, leading to a growing demand for tower cranes, which is expected to continue in the coming years.
Asia-Pacific Dominates the Market
The demand for tower cranes is largely fueled by Asian countries, where there has been a significant increase in infrastructure development projects and the construction of high-rise commercial and residential buildings across Asia-Pacific.
Several infrastructure developments being undertaken by governments and many other private firms have been a major driving force in increasing the demand for tower cranes. Singapore, for instance, has a huge infrastructure development program initiated by the government, which is another contributing factor to the demand for tower cranes.
India is also witnessing multiple infrastructure development investments from the government, which may boost the demand for tower cranes for various tonnages and lifting capabilities across the country. Compared to other conventional options, these machines' heavyweight lifting capacities are expected to boost their usage, particularly in urban construction activities.
The Indian government’s initiatives focusing on infrastructure development, housing projects, smart cities, and industrial corridors continue to fuel the demand for construction equipment in the country. With ongoing projects and a growing emphasis on sustainable and efficient construction practices, the market is poised for sustained growth, attracting domestic and international players seeking opportunities in this evolving landscape.
- The Ministry of Housing and Urban Affairs (MoHUA) is pivotal in formulating policies, implementing programs, and coordinating urban development activities. Under the MoHUA, bodies like the National Buildings Construction Corporation (NBCC) undertake construction projects, providing consultancy services, project management, and infrastructure development for various government agencies and organizations.
ASEAN is witnessing an infrastructure boom, with major projects approved in Vietnam, Thailand, the Philippines, Malaysia, and Indonesia. In several cases, these have been facilitated through loans and other assistance provided by other major economies, like India, Japan, and China. Several rail and road projects are expected to further add up to the demand for tower cranes in the ASEAN countries over the forecast period.
Considering such developments, the tower crane market in Asia-Pacific is likely to witness steady and consistent growth over the forecast period.
