Press Release

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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Relevant Reports

India Tower Crane Market 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), Competition, Forecast & Opportunities, 2019-2029

Automotive | Nov, 2023

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.

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