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IMARC Group’s latest research report, titled “Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global tower crane market reached a value of US$ 6.61 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.13 Billion by 2027, exhibiting a CAGR of 5.30% during 2022-2027. A tower crane represents the machine that is capable of lifting heavy goods and large tools, including acetylene torches and generators, with minimum human assistance. It comprises of a base, mast, slewing unit, working and machinery arm, hook and trolley, operator cab, etc. The tower crane is usually equipped with a maximum load limit and a load-moment limit switch to prevent the machine from overloading. In addition to this, it is fixed to the ground on a concrete slab and sometimes attached to the sides of various structures.
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Important Attribute and highlights of the Report:
The increasing automation levels in the construction sector, owing to the growing technological advancements, are primarily driving the tower crane market. Additionally, government bodies across countries are focusing on infrastructure development, which involves the building of basic foundational services, such as bridges, dams, pipelines, road networks, ports, railways, aqueducts, etc. This, along with the widespread adoption of tower cranes at construction sites in the residential, commercial, and industrial sectors, is further catalyzing the market growth. Moreover, the rising integration of anti-collision devices in tower cranes to prevent collision with nearby structures is acting as another significant growth-inducing factor. Furthermore, the launch of special-purpose product variants that facilitate the removal of overburden from tunneling or shaft excavation in hydel power projects is anticipated to fuel the tower crane market over the forecasted period.
Key Players Included in Global Tower Crane Market Research Report:
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Breakup by End Use Industry:
TOC for the Tower Crane Market Research Report:
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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