USD 7.20 billion
Tower Crane Market Size, Share, Growth Analysis, By Type(Self-erecting, Luffing Jib, Hammer Head, Flat Top), By Application(Construction, Industrial, Utility), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20C2047 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
64
|Figures:
77
Tower Crane Market Insights
Tower Crane Market size was valued at USD 7.9 Billion in 2023 and is poised to grow from USD 8.67 Billion in 2024 to USD 18.18 Billion by 2032, growing at a CAGR of 9.70% during the forecast period (2025-2032).
The tower crane market, which has numerous regional participants and was valued at USD 1.88 billion in 2022, consists of manufacturers and suppliers in addition to suppliers. Given the demand from seaports, mining operations, and building projects, it is anticipated to have healthy growth during the projection period.
The tower crane industry's expansion can be hampered by a lack of qualified operators. The higher expense of training in some nations is a contributing factor to the shortage of competent personnel. The rising expenses of purchasing tower cranes is another issue that contractors face. Accidents could happen if heavy equipment is used in rural regions with no regard for safety regulations. The use of modern tower cranes will be favoured, nevertheless, if the government increases its efforts and investments in infrastructure development and ensures operator safety.
US Tower Crane Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Construction
Fastest Growth
Industrial
Growth Rate
9.70% CAGR
Global Tower Crane Market ($ Bn)
Country Share for Europe Region (%)
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Tower Crane Market Segmental Analysis
Global Tower Crane Market is segmented on the basis of lifting capacity, application, type and region. By lifting capacity, the market is segmented into <20 tons, 20-50 tons, 50-100 tons, >100 tons. By application, market is segmented into construction, industrial, utility. By type, the market is segmented into self-erecting, luffing jib, hammer head, flat top. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Tower Crane Market Analysis by Application
In 2022, the construction sector had the biggest revenue share (52.5%), and it is projected that it will continue to lead during the forecast period. The segment's expansion is anticipated to be supported by ongoing residential and commercial infrastructure developments taking place all over the world. Once erected, tower cranes are immobile until the project is finished. Because mobile cranes are portable, builders that work on several projects typically choose them. By lowering the amount of time the equipment is idle, the use of this technology can also increase production.
In terms of revenue, the utilities segment is anticipated to experience the greatest CAGR of 6.6%. The rise can be ascribed to the widespread use in oil and gas projects, power projects, utility projects, as well as other projects involving crucial applications, including subterranean construction. Both at the construction sites and their separate yards, utility firms need these products.
Tower Crane Market Analysis by Lifting Capacity
During the projected period, the segment of tower cranes weighing less than 20 tonnes is anticipated to dominate the market. The demand for tower cranes in the construction of homes and businesses is what is driving this market segment's expansion.
The market for tower cranes with a capacity of 20 to 50 tonnes is anticipated to expand at the fastest rate during the forecast period. The need for tower cranes in the development of industrial and infrastructural projects has contributed to the expansion of this market sector.
Global Tower Crane Market By Application
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Tower Crane Market Regional Insights
One of the top tower cranes exporting regions is Europe. Among the top contributors to the tower crane market are Germany, Italy, Spain, and France. Tower cranes are required for a sizable wind plant in Europe. As a result, it is anticipated that the demand for tower cranes would increase as wind capacity installations rise throughout Europe. Europe added 15.4 GW of new wind power capacity, a 27% increase from 2018. Currently, the area has 205 GW of wind energy capacity. With a total installed capacity of 15.4 GW, there have been significant fluctuating wind turbine installation trends in recent years.
Asia-Pacific is anticipated to have the highest growth rate, with China and India leading the way. Some of the most notable high-growth economies, which serve as important manufacturing hubs and well-liked travel destinations, are found in the Asia-Pacific region. Due to its plentiful natural reserves and low labor costs, the region draws investors. The UN Economic and Social Commission for Asia and the Pacific (UNESCAP) estimates that it received about 45% of global FDI and accounted for 52% of global FDI outflow. China and India are anticipated to drive the region's growth. Construction investment in these economies is driven by the growing emphasis on creating new infrastructure and renovating ageing buildings.
Global Tower Crane Market By Region
- Largest
- Fastest
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Tower Crane Market Dynamics
Tower Crane Market Drivers
Increasing construction activities
- The growth of the global tower crane market is closely linked to the overall construction industry. The increasing demand for residential and commercial buildings, as well as infrastructure projects such as bridges, dams, and railways, is driving the need for tower cranes. Rapid urbanization and population growth in emerging economies are particularly significant contributors to the demand for construction projects and subsequently tower cranes.
Growing preference for high-rise buildings
- The trend toward vertical construction, especially in urban areas, has significantly impacted the tower crane market. High-rise buildings are becoming increasingly popular due to limited land availability and the need to accommodate a growing population in urban centres. Tower cranes are essential for the efficient construction of tall structures, as they can lift heavy materials to great heights and cover a wide radius of operation.
Tower Crane Market Restraints
Limited accessibility in congested urban areas
- Tower cranes require a significant amount of space for their installation and operation. In densely populated urban areas, finding suitable sites for tower crane placement can be challenging. Additionally, logistical issues related to transporting and assembling tower cranes in congested areas can restrict their use, thereby limiting market growth in these locations.
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Tower Crane Market Competitive Landscape
The global tower crane market is highly competitive and consists of numerous players, including manufacturers, suppliers, and rental companies. The competitive landscape is characterized by intense competition, product innovation, geographical expansion, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.
Tower Crane Market Top Player’s Company Profiles
- Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)
- Manitowoc Cranes, LLC (United States)
- Potain (France)
- Sany Group Co., Ltd. (China)
- Kobelco Construction Machinery Co., Ltd. (Japan)
- Favelle Favco Berhad (Malaysia)
- Wolffkran AG (Germany)
- COMANSA (Spain)
- Tadano Ltd. (Japan)
- Kroll Cranes A/S (Denmark)
- JASO Industrial Cranes (Spain)
- Vicario Armando S.r.l. (Italy)
- Sarens NV/SA (Belgium)
- NFT Specialized in Tower Cranes (United Arab Emirates)
- Minglong Holding Group Co., Ltd. (China)
- Raimondi Cranes (Italy)
- Yongmao Holdings Limited (China)
- Wilbert Tower Cranes GmbH (Germany)
- Yongmao Støtteben (Denmark)
Tower Crane Market Recent Developments
-
In March 2024, Stephenson Equipment (SEI) became the main distributor for Montarent Cranes in the USA. SEI has been working with Montarent from the Netherlands since 2017, mainly for their mobile tower cranes. SEI is also a top dealer for Manitowoc and uses Potain self-erecting tower cranes in their Montalift mobile tower cranes.
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In December 2023, Manitowoc announced the launch of Potain MCH 175 luffing cranes at the CII EXCON 2023 event.
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In July 2023, Zoomlion, a heavy machinery company, strengthened its ties with Africa during the 3rd China-Africa Economic and Trade Expo in Changsha, China, held from June 29 to July 2. On July 3, Zoomlion Agriculture Machinery Co., Ltd. signed a strategic partnership with the Ethiopian Agricultural Businesses Corporation (EABC), aiming to combine their expertise for mutual benefit.
Tower Crane Key Market Trends
- Modular and lightweight designs : There is a growing trend towards modular and lightweight tower crane designs. Modular tower cranes offer flexibility in terms of height and configuration, making them suitable for various construction projects. Lightweight tower cranes are easier to transport, assemble, and dismantle, reducing the logistical challenges associated with their use. These design trends cater to the demand for versatility, cost-effectiveness, and ease of deployment in different construction scenarios.
Tower Crane Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global tower crane market has witnessed significant growth over the years, driven by various factors such as increasing construction activities, the demand for high-rise buildings, technological advancements, government initiatives, expansion of the energy sector, global urbanization, and emerging market demand. Tower cranes play a crucial role in the construction industry, enabling efficient lifting and positioning of heavy materials and equipment at great heights. One of the key drivers of the market is the increasing construction activities worldwide. The demand for residential, commercial, and infrastructure projects has been on the rise, fuelled by rapid urbanization and population growth. High-rise buildings, in particular, have gained popularity due to limited land availability and the need to accommodate growing urban populations. This trend has further fuelled the demand for tower cranes, as they are essential for the efficient construction of tall structures. Technological advancements have also played a significant role in shaping the global tower crane market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.20 billion |
| Market size value in 2031 | USD 16.57 billion |
| Growth Rate | 9.70% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tower Crane Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tower Crane Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Tower Crane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tower Crane Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tower Crane Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tower Crane Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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