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According to a new report from The Insight Partners, the global self-erecting tower cranes market is projected to reach $1.35 billion by 2031. This impressive growth is attributed to the ongoing surge in construction activities, rapid urbanization and significant investments in public and private infrastructure projects.
Self-erecting cranes are widely used in small to medium-scale construction projects, offering benefits such as reduced labor costs, improved productivity and a compact footprint. These advantages, coupled with their ability to reduce vehicle requirements and enhance site safety, have led to rising demand in developing countries where cost-effective construction solutions are in high demand.
The Asia Pacific region is leading the market, with expected continued growth. Europe and North America follow closely, while India is anticipated to witness considerable growth due to its burgeoning infrastructure and residential sector. As the construction landscape evolves, self-erecting cranes are becoming an increasingly popular choice for both residential and commercial projects.
The market is further segmented by application and lifting capacity, with cranes under 5 tons accounting for the largest share in 2023. Leading companies in the industry are seemingly focused on expanding their product offerings and geographic reach to maintain a competitive edge.
