Tower Crane Market to Grow with a CAGR of 7.10% in India through to 2029
The major drivers for the India Tower Crane Market are the
country's booming construction and infrastructure development projects, as well
as the increasing demand for advanced construction machinery to improve
efficiency and safety.
According to TechSci Research report, “India Tower
Crane Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the India Tower Crane Market stood at USD 860 Million
in 2023 and is anticipated to grow with a CAGR of 7.10% in the forecast period,
2024-2029. The India Tower Crane market is experiencing remarkable growth due
to various factors. Firstly, the rapid pace of urbanization and infrastructure
development has led to a significant surge in construction activities across
the country. As a result, there is a high demand for tower cranes to support
these construction projects efficiently. Moreover, the government's strong
focus on building smart cities and infrastructural projects has further fueled
the demand for tower cranes. These projects require the use of advanced
machinery like tower cranes to ensure timely and efficient construction. With the increasing adoption of modern construction
techniques and the need for faster and more complex building processes, tower
cranes have become an indispensable part of the construction industry in India.
They offer the ability to lift heavy loads, reach great heights, and provide
excellent maneuverability on construction sites. In summary, the India Tower
Crane market is witnessing significant growth driven by the rapid urbanization,
infrastructure development, government initiatives, and the increasing demand
for efficient construction methods.
Furthermore, significant advancements in technology
have played a pivotal role in driving the growth of the market. The continuous
development of energy-efficient and user-friendly cranes has not only led to
improved productivity but has also resulted in a substantial reduction in
environmental impact. These remarkable technological innovations have made
tower cranes more reliable, ensuring enhanced safety measures and instilling
confidence among customers. As a result, the market has witnessed a notable expansion,
with an increasing number of customers being attracted to the superior
performance and reliability of these modern cranes. Furthermore, the India
Tower Crane market has not only witnessed a significant increase in foreign
investments, but also garnered attention from international players who have
recognized the enormous potential of the Indian construction industry. This notable
influx of investments has not only accelerated the growth of the market but has
also brought along advanced technologies and invaluable expertise from around
the world. This collaboration of global knowledge and resources has paved the
way for groundbreaking developments and innovations within the industry,
empowering India's construction sector to reach new heights of excellence.
Additionally, the government's initiatives to promote
affordable housing and sustainable development have boosted the demand for
tower cranes in India. With the aim of providing housing for all and creating
environmentally friendly infrastructure, the government has introduced policies
and incentives that encourage the use of tower cranes in construction projects. Overall, the India Tower Crane market is witnessing a
remarkable growth trajectory, driven by the interplay of urbanization,
infrastructure development, government initiatives, technological advancements,
and foreign investments. As construction activities continue to rise and the
need for efficient and sustainable solutions becomes increasingly important,
the demand for tower cranes is expected to further escalate in the coming
years, shaping the future of the construction industry in India.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "India Tower Crane Market”
The India Tower Crane Market is a dynamic and integral
component of the country's construction and infrastructure development sectors.
With India's rapid urbanization and increasing investments in real estate and
infrastructure projects, the demand for tower cranes has grown significantly.
These cranes play a pivotal role in facilitating the construction of high-rise
buildings, bridges, airports, and various other projects. India's construction
sector is experiencing robust growth, driven by factors such as urbanization,
government initiatives like "Make in India" and "Smart Cities
Mission," and the demand for affordable housing. As a result, tower cranes
are in high demand, thanks to their ability to lift heavy materials, precisely
place construction components, and facilitate vertical construction. The market
is marked by the increasing prominence of high-rise construction, which aligns
with the vertical expansion of urban areas to accommodate the growing
population.
Safety and efficiency are paramount concerns in the
construction industry, and tower cranes have evolved to address these. Modern
tower cranes are equipped with advanced safety systems, including load moment
indicators and anti-collision technology, making them safer and more efficient.
These features are essential for reducing accidents and injuries on
construction sites, which has become a significant priority. The infusion of technology into tower cranes is
another defining characteristic of this market. Telematics and IoT integration
provide real-time monitoring and data analysis, enhancing performance and
safety. These technologies allow for remote crane monitoring, contributing to
operational efficiency and minimizing downtime. The market is experiencing a
shift towards smart and automated tower cranes that offer advanced control
systems and automation features.
Customization and modular design have become prevalent
trends, allowing project managers to select crane features that align with
specific project requirements. This customization enhances adaptability and
simplifies assembly and maintenance processes. Additionally, the market has
seen the rise of rental services, offering a cost-effective and flexible
solution for construction companies that may prefer renting tower cranes over
ownership. In summary, the India Tower Crane Market is
characterized by its significant role in the booming construction sector, a
focus on safety and efficiency, technological advancements, customization and
modular design, and the rise of rental services. These features collectively
reflect the adaptability and evolution of the market in response to the
changing demands of the construction and infrastructure development sectors in
India.
Major companies operating in India Tower Crane
Market are:
- Liebherr International AG
- The Manitowoc Company
- Zoomlion Heavy Industry
Science and Technology Co., Ltd.
- SANY Group
- Terex Corporation
- NFT Group
- Maxim Crane Works
- Action Construction Equipment
Ltd.
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“The India Tower Crane market is primarily driven by
rapid urbanization, infrastructure development, and a surge in construction activities.
The government's robust focus on building smart cities and infrastructural
projects has led to an increased demand for tower cranes. Additionally,
advancements in technology leading to the production of energy-efficient and
user-friendly cranes have also contributed to the market growth.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Tower Crane Market – India
Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029, Segmented By Product Type (Flat Top, Hammerhead,
Luffing Jib & Self-Erecting), By Lifting Capacity (Up to 6 ton, 7ton-20
ton, 21 ton-50 ton & Above 50 ton), By Application (Construction, Utility,
Mining, Shipyards & Others), By Country, Competition”, has evaluated
the future growth potential of India Tower Crane Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India Tower Crane Market.
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