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 2024-2031

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.