Tower Crane Market Share, Size, Trends, Industry Analysis Report, By Product Type (Self-Erecting, Luffing Jib, Hammer Head, and Flat Top); By Lifting Capacity; By End Use; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3111
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global tower crane market was valued at USD 5.89 billion in 2023 and is expected to grow at a CAGR of 6.45% during the forecast period. Rapidly growing development of various types of advanced systems, such as intelligent service panels, high-speed hoist mechanisms, cranes with optimized pulley rope angles, and remote monitoring, along with the extensive rise in industrialization across several developing nations including China and India, are among the prominent factors propelling the global market growth. Additionally, major market players are heavily investing in research & development activities to develop more innovative and advanced machines with higher capabilities are further expected to create huge growth opportunities for the market in the near future.
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For instance, in September 2022, KenzFigee, introduced its up-tower crane, with a capacity of around 30 tonnes, and can perform generator & gearbox exchanges. The new modular and lightweight tower crane will be easy to install with the help of a wind turbine generator.
Furthermore, the rapidly growing population across the globe is increasing the demand and need for higher infrastructural development and surge in the penetration for tower cranes at shipyards to cope with the change in import and export standards. Manufacturers are also trying to adopt newly developed technologies like intelligent control technology and powerful boom systems will stimulate product demand worldwide.
The research report offers a quantitative and qualitative analysis of the tower crane market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the tower crane market. The rapid emergence of the lethal coronavirus across the globe has resulted in lockdowns and various other restrictions, due to which manufacturing projects were on hold, and the supply of raw materials required in the construction sector has been disrupted, that declined the sales of tower cranes across the globe during the pandemic.
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Industry Dynamics
Growth Drivers
The significant demand from the construction industry worldwide, as this industry has been expanding and continuously becoming complex in the last few years, and infrastructure investments has also been growing exponentially across several countries, which are likely to drive the global market growth over the study period. The growing requirement for mobile cranes on ground level for the movement of heavy materials, including bricks, cement sacks, and iron beams, because of the numerous advantages associated with these cranes, augmenting the demand and growth of the market.
Moreover, the significant expansion of the eCommerce industry, especially in South-East Asia, has fueled the warehousing and intralogistics sector. The economy is experiencing a sturdy increase in the need for efficient and improved tower cranes. With the overall economic growth in the region, various 3PL companies are heavily investing in the manufacturing of cranes to meet the rising demand from warehouses and docks.
Report Segmentation
The market is primarily segmented based on product type, lifting capacity, end-user, and region.
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By Product Type |
By Lifting Capacity |
By End-User |
By Region |
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Self-erecting segment accounted for the largest market share in 2022
The self-erecting segment accounted for considerable global market share in 2022 and is likely to retain its position throughout the projected period. The growth of the segment market can be largely attributable to its wide range of beneficial features, including being effectively operable on tight boundary sites where many material handling equipment cannot operate while providing excellent reach and lifting capacity and can be used on-site electricity or by a generator. Moreover, these types of cranes have gained high traction as they improved the health & safety on site because of the less manual handling and environment friendly, propelling the segment market growth significantly.
The flat top segment is expected to expand at a substantial growth rate over the forecast period, mainly driven by its growing adoption for congested work sites or sites where cranes need to overlap, and they are also a great option for performing work near power plants and airports. Additionally, flat-top cranes have easy maintenance access & built-in safety features, long-lasting parts, a load measurement system, and an economic frequency convertor motor that fuels its adoption for various construction projects across the globe.
6 to 10 ton segment held the significant market revenue share in 2022
The 6-to-10-ton segment held the largest market share in 2022 in terms of revenue, which is highly attributed to an increased usage of these lifting capacity cranes in construction activity because of the broad spectrum of uses of these types of cranes. Moreover, the easy availability of a variety of designs under this lifting capacity category has paved the way for higher adoption across different agencies and countries, along with the increasing demand for these machines across several sectors, including energy, oil & gas, and port-material handling requirements, are other factors projected to boost the growth of the segment.
Additionally, the high tip hosting capacity offered by the 10-ton capacity cranes is another characteristic for buyers looking for the heavy-weight hoisting up over significant heights, thereby fueling the demand for the product extensively over the coming years.
Infrastructural construction segment is expected to witness highest growth over anticipated period
Infrastructural construction is projected to grow at a significant CAGR during the anticipated period, as the global contrition industry has undergone several substantial changes in the recent few years along with the rapid growth in the investment for infrastructure development, especially in emerging economies like India, China, and Indonesia. In addition, the widespread applications of tower cranes in earth moving equipment, including heavy loading, accurate movement, high cycle rating, and various new infrastructure campaigns, offset the economy, which is further likely to impact the segment market in the near future positively.
The demand in Asia Pacific is expected to witness significant growth
The Asia Pacific region is emerging as the fastest growing region in the global market over the coming years, which is mainly accelerated by extensive growth in the construction and material handling industries coupled with high awareness regarding automation and significantly growing emphasis on leading economies such as China, India, and Australia. Additionally, the region is witnessing a significant infrastructure boom, with various major projects approved in Thailand, Vietnam, the Philippines, Indonesia, and Malaysia have also fueled the demand for tower cranes.
North America dominated the global market in 2022 and is projected to maintain its dominance during the projected period. The presence of highly technologically advanced machines, a safer work environment for workers, larger economic expansion, and surging people's desire to shift to apartments are the primary factors driving the demand and growth of the regional market.
Competitive Insight
Key players in the market include Xuzhou Construction, Zoomlion Heavy Industry, Liebherr International, Terex Corporation, Action Construction Equipment, Konecranes, Raimondi, Sany Group, JASO Tower Cranes, XCMG, Sarens, ENG Cranes, Manitowoc Company, Guangxi Construction Engineering, and Fangyuan Group.
Recent Developments
- In January 2022, Wolffkran introduced its first 800T meter jib crane. The new crane has a capacity of 40 T & a maximum jib length of around 80 meters & a four-chord jib & low tower head.
- In October 2022, Zoomlion introduced its latest tower cranes in Europe, R220-10S & R90-5RE. The cranes have been developed in collaboration with Chinese & German teams of Zoomlion Construction & are equipped with various intelligent functions, including one-button super lifting and zero-speed hovering.
Tower Crane Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 6.26 billion |
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Revenue forecast in 2032 |
USD 10.33 billion |
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CAGR |
6.45% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product Type, By Lifting Capacity, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science & Technology Company Ltd., Liebherr International AG, Terex Corporation, Action Construction Equipment, Konecranes, Raimondi, Sany Group, JASO Tower Cranes, XCMG, Sarens N.V., ENG Cranes Srl, Manitowoc Company Inc., Guangxi Construction Engineering Group Ltd., and Fangyuan Group. |
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FAQ's
Key companies in tower crane market are Xuzhou Construction, Zoomlion Heavy Industry, Liebherr International, Terex Corporation, Action Construction Equipment, Konecranes, Raimondi, Sany Group, JASO Tower Cranes.
The global tower crane market expected to grow at a CAGR of 6.4% during the forecast period.
The tower crane market report covering key segments are product type, lifting capacity, end-user, and region.
Key driving factors in tower crane market are increasing investment on renewable energy development and exceptional stability offered by tower cranes.
The global tower crane market size is expected to reach USD 14.27 billion by 2032.
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