Tower Crane Market Size Worth USD 9.43 Billion by 2034 | CAGR: 5.0%

The global tower crane market size is expected to reach USD 9.43 billion by 2034, according to a new study by Polaris Market Research. The report “Tower Crane Market Size, Share, Trends, Industry Analysis Report: By Product (Fast Erecting Cranes, Hammerhead Cranes, Luffing Jib Cranes, and Mobile Cranes), Capacity, Application, Design, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Tower cranes are essential equipment in the construction of high-rise buildings, bridges, and other large structures. The cranes offer solutions for lifting heavy materials, placing prefabricated components, and performing various other tasks in vertical construction projects. They are characterized by their height, versatility, and ability to lift substantial loads to significant heights, making them crucial for modern construction projects.

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The rapid urbanization and infrastructure development in emerging economies have increased the demand for residential buildings, commercial complexes, and public infrastructure, all of which require the use of tower cranes. Furthermore, advancements in technology have led to the development of smarter, more efficient cranes, which has fueled the tower cranes market demand. The market witnessed various innovations such as automated control systems, remote monitoring, and load-sensing technologies, improving both performance and safety on construction sites. The need for precision and speed in construction projects has further propelled the adoption of tower cranes.

Tower Crane Market Report Highlights

• In terms of product, the mobile cranes segment is expected to grow at a robust pace in the coming years owing to their mobility and ease of transportation, which make them ideal for projects requiring frequent relocation.
• Based on application, the construction segment dominated the tower crane market share in 2024 due to the continuous demand for high-rise buildings, commercial complexes, and infrastructure development.
• In the global market, Asia Pacific held the largest revenue share in 2024 due to intense mining activities in countries such as China, India, and Australia.
• The North America tower crane market is expected to witness a considerable CAGR during the forecast period due to strong construction activity in countries such as the US and Canada.
• The Asia Pacific tower crane market is expected to grow at the fastest pace during the forecast period owing to the rapid urbanization and industrialization in countries such as China, India, and Japan.
• A few of the global key market players are Raimondi; Sichuan Construction Machinery Co., Ltd; Terex Corporation; The Manitowoc Company, Inc.; WOLFFKRAN International AG; XCMG Group; Zoomlion Heavy Industry Science & Technology Co., Ltd.; COMANSA; FAVELLE FAVCO BERHAD; Grúas Sáez, S.L.; JASO Tower Cranes; Sany Group; Neremat Inc.; Skycrane; and LIEBHERR.

Polaris Market Research has segmented the tower crane market report on the basis of product, capacity, application, design, and region:

By Product Outlook (Revenue, USD Billion, 2020–2034)

• Fast Erecting Cranes
• Hammerhead Cranes
• Luffing Jib Cranes
• Mobile Cranes

By Capacity Outlook (Revenue, USD Billion, 2020–2034)

• Below 5 Metric Tons
• 6 to 80 Metric Tons
• Above 80 Metric Tons

By Application Outlook (Revenue, USD Billion, 2020–2034)

• Construction
• Mining
• Others

By Design Outlook (Revenue, USD Billion, 2020–2034)

• Top Slewing
• Bottom Slewing

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Tower Crane Market Report Scope