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The global tower crane market is poised for significant growth, projected to reach USD 9.90 billion by 2028. This surge is attributed to the increasing preference for prefabricated and precast building components in the construction of bridges, dams, and other infrastructure projects.
A recent report by Allied Market Research titled "Tower Crane Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Lifting Capacity, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021-2028" sheds light on this promising trajectory.
In 2020, the global tower crane market was valued at $6.68 billion. The forecast indicates a Compound Annual Growth Rate (CAGR) of 4.8% from 2021 to 2028. The report offers comprehensive insights into key investment areas, successful strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving market trends.
According to the report, the hammer head segment is expected to play a pivotal role in driving growth within the global tower crane market. This underscores the significance of this particular segment in influencing market dynamics and shaping industry trends.
The steady growth of the tower crane market reflects the ongoing evolution and innovation within the construction sector. As demand for efficient and reliable construction equipment continues to rise, manufacturers and stakeholders are poised to capitalize on emerging opportunities and address evolving customer needs.
The findings of the report highlight the immense potential for growth and expansion within the tower crane market, presenting lucrative prospects for industry players and investors alike.
