According to the recent research report titled ‘Global Tower Cranes Market Size study, by Crane type (Hammerhead, Luffing, Self-erecting) by Lifting Capacity (5T, 10T, 16T, 20T, 25T) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global tower cranes market was valued at USD 5 billion in 2020 and is projected to expand at a CAGR of 6% over 2021-2027, subsequently garnering a valuation of USD 7.52 billion by the forecast period-end.
 

Rapid technological advancements, along with rising demand from real estate and building activities are the primary factors driving global tower cranes marketplace growth. Rising urbanization and increased investments in renewable energy resources are further expected to boost market growth over the coming years.
 

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Notably, tower cranes are widely utilized in the development and design phase to perform various tasks on the job site, such as moving heavy elements like concrete and steel.
 

Speaking of restraints, strict government rules and regulations concerning COVID-19, and subsequent fall in demand and supply of tower cranes is anticipated to stymie market growth over the projected period.
 

Speaking of geographical ambit, Asia Pacific, Europe, North America, and Latin America are the regions considered for the analysis of worldwide tower cranes industry. The report cites that Asia Pacific is a significant region in terms of market share due to increased infrastructural advancements.
 

According to Savills India, demand for real estate (data centers) is predicted to increase by 15-18 million square feet by the end of 2025. Moreover, by the end of 2022, India's residential construction demand is predicted to reach 20 million dwellings in metropolitan regions. Such developments are expected to fuel the regional market expansion.
 

Meanwhile, Europe market value is expected to increase at a robust growth rate over 2021-2027, creditable to private players' strong investments in the construction sector.
 

Elaborating on competitive landscape, NFT Group, Xuzhou Construction Machinery Group Co. Ltd. (XCMG Group), Liebherr-International AG, Terex Corporation, Zoomlion Heavy Industry Science & Technology Co. Ltd., Action Construction Equipment Ltd., Sarens N.V., SANY Global, Manitowoc Company Inc., and Morrow Equipment Co. LLC are the prominent firms operating in global tower cranes market sphere.