Tower Crane Market

Global Tower Crane Market Research Report: By Product (Flat Top, Hammerhead, Luffing Jib, Self-erecting), By Design (Top Slewing Crane, Bottom Slewing Crane), By Lifting Capacity (Below 5 Metric Tons, 6 to 80 Metric Tons, Above 80 Metric Tons), By Application (Construction, Mining, Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Automobile & Transportation | January 2024 | Report ID: EMR00389 | Pages: 301

The global tower crane market was valued at USD 5.40 billion in 2023 and is estimated to reach approximately USD 8.52 billion by 2032, at a CAGR of 5.2% from 2024 to 2032.

Since its beginning, the tower crane sector has experienced incredible expansion and innovation. Tower cranes are an essential part of the construction industry, standing tall over construction sites. These sturdy, vertical lifting machines are distinguished by their tall steel mast and jib, which offer the height and reach required to move bulky goods and equipment during building projects. They are essential in the construction of large-scale infrastructure projects, high-rise structures, and infrastructure development because of their adaptability in handling heavy loads and navigating a variety of job site situations.

The tower crane has evolved throughout time due to improvements in technology, which have improved its efficiency, safety features, and ability to support heavy loads. The need for faster and safer building techniques, growing infrastructure projects, and urbanization are all driving up demand for these cranes globally. The tower crane industry is positioned to continue innovating and adapting to meet the ever-increasing demands of contemporary construction difficulties as the construction landscape changes, guaranteeing its crucial role in reshaping skylines across the globe.

 

 

TOWER CRANE MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

5.40 Bn

Projected Market Value (2032)

8.52 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product, By Design, By Lifting Capacity, By Application, & Region

Segments Covered

By Product, By Design, By Lifting Capacity, By Application, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Tower Crane Market Dynamics

The dynamics of the tower crane market are complex, and influenced by a variety of elements including industry demands, economic conditions, regulatory changes, and technology improvements. Technological advancements are crucial in pushing the market for crane designs that are safer, more effective, and less harmful to the environment. Technological developments in automation, telematics, and IoT integration improve crane operations by decreasing downtime and increasing productivity. The market is greatly influenced by economic variables, and demand is impacted by changes in construction activity.

The demand for tower cranes is greatly impacted by infrastructure spending, urban development initiatives, and economic stability. Furthermore, changes in market dynamics can be caused by regional differences in construction trends and government measures like stimulus packages or regulatory reforms. The business is also impacted by changes in environmental and safety requirements, which have led to the development of cranes with improved safety features and smaller environmental footprints. Industry needs for cost-effectiveness, adaptability, and sustainability have an additional impact on the market. More and more people are looking for cranes that can manage a variety of project requirements while having the least negative effects on the environment. The tower crane industry is shaped by a complex interaction of factors such as economic situations, industry demands, regulatory landscapes, and technology advancements, all of which interact to shape market growth and innovation.

 

Global Tower Crane Market Drivers

  • Rapid Urbanization and Infrastructure Development

Modern infrastructure is becoming increasingly necessary as people move into urban areas across the globe. When it comes to building the key infrastructure and architectural wonders that characterize emerging cities, tower cranes are essential. Tower cranes are the only equipment with the precision and lifting capabilities needed to meet the growing number of high-rise buildings, bridges, transportation networks, and commercial hubs.

The vertical reach and load-bearing capacities required to build the skylines of the future are provided by these enormous machines. Furthermore, the market for these specialist cranes is further supported by the growing need for tall buildings in developing countries that view urbanization as a driver of economic progress. Tower cranes are becoming more and more in demand as cities transform into smart, sustainable hubs and as infrastructure to facilitate these developments is built, making them essential instruments in the fast-changing urban landscapes of the world.

  • Growth in the construction industry

Building activity rises in response to the needs of infrastructure development, residential dwellings, commercial spaces, and industrial complexes as economies grow and urbanization quickens. Tower cranes play a crucial role in enabling large development projects because of their exceptional lifting powers and reach. The demand for this specialized machinery is driven by the rise in construction projects, ranging from small-scale developments to large-scale infrastructural endeavors. Furthermore, the expansion of the construction sector is frequently linked to breakthroughs in technology and creative architectural ideas, calling for cranes that can adjust to changing project specifications. Tower cranes are essential to sustaining the construction boom because of the mutually beneficial relationship between the expansion of the construction sector and the demand for sophisticated, effective, and adaptable equipment. The tower crane industry is constantly evolving and becoming more prominent worldwide, and one of the main drivers of this trend is the growing construction landscape, which is being driven by economic advancement and development initiatives.

 

Restraints:

  • High Initial Investment and Maintenance Costs

Purchasing a tower crane requires significant up-front costs, which include installation, transportation, and setup costs in addition to the crane itself. The financial strain on construction companies is further increased by continuing maintenance, repairs, and operations expenses. These costs can be major deterrents to entry or growth for smaller businesses or projects with tighter budgets. Furthermore, because operating a tower crane requires specialized knowledge and skills, hiring qualified staff and paying for training raises the overall cost of operations. Given the uncertainty of building project deadlines and the possibility of idle equipment, the expensive nature of these cranes may put off potential purchasers or put a burden on finances. Because of this, even with the indisputable advantages tower cranes provide to the building industry, the large initial outlay and continuous maintenance expenses continue to be significant barriers, limiting the availability and viability of using this essential equipment in a range of construction projects.

  • Skilled Labor Shortage

Because of the complexities and safety concerns associated with operating such large gear, operating a tower crane calls for specific knowledge and training. But there aren't nearly as many crane operators as there are qualified to meet the growing demand. In addition to reducing construction projects' efficiency, a lack of skilled workers puts workers' safety at risk when they handle this sophisticated machinery.

The problem is made worse by the time and money needed to educate new operators, which increases operating expenses and delays project completion dates. This problem is made worse by the crane industry's aging workforce, which results in a shortage of newly qualified workers to replace retired military operators. Ultimately, this shortage restricts the best use of tower cranes, which limits the industry's ability to satisfy the escalating demands of construction projects and impedes the tower crane market's total growth potential. To improve this simple market constraint, efforts must continue to be directed at addressing the shortage through training programs, apprenticeships, and technology developments designed to make crane operations simpler.

 

Opportunities:

  • Development of Smart Cities and Modern Infrastructure

Smart cities require sophisticated infrastructure to support their progress because they are driven by sustainability and technological integration. When it comes to developing the cutting-edge technologies and structures that characterize these cities like sophisticated communication centers, environmentally friendly buildings, or intelligent transportation networks tower cranes become indispensable instruments. Their ability to handle intricate building requirements with versatility is a wonderful fit for the diverse needs of contemporary urban development.

The focus on sustainability in smart city efforts creates opportunities for creative crane designs that give priority to environmental responsibility, energy efficiency, and green building techniques. There is a small but significant market opportunity for specialist cranes that can handle complex installations like sensors, renewable energy systems, and futuristic architectural ideas. The need for technologically sophisticated and flexible tower cranes is expected to increase as cities across the globe set out on this revolutionary path toward smarter, more efficient urban environments. This will establish the market as a crucial facilitator in forming the future infrastructural framework of these cities.

  • Increasing Renewable Energy Projects

Specialized infrastructure is needed for renewable energy projects like wind farms, solar installations, and hydropower facilities as the globe moves faster toward sustainable energy alternatives. Tower cranes are essential to the construction of these energy-producing assets because they can precisely and robustly install large wind turbines, solar panels, and hydropower components. Specialized crane designs have created a niche industry since these projects frequently require cranes with enhanced ability to carry big and bulky renewable energy equipment. 

The ongoing global proliferation of renewable energy projects, propelled by eco-friendly considerations and governmental subsidies, guarantees a steady market for tower cranes in this industry. Crane manufacturers and service providers stand to gain greatly from the growing demand for cranes that can operate in difficult terrain, reach enormous heights, and make it easier to assemble renewable energy infrastructure. The market for tower cranes stands to gain a great deal from its crucial role in assisting these important projects as renewable energy takes on a more prominent position in the world of energy.

 

Segment Overview

By Product

Based on product, the global tower crane market is divided into a flat top, hammerhead, luffing jib, and self-erecting. The hammerhead category dominates the market with the largest revenue share in 2023. The name hammerhead crane comes from their design, which is like a hammerhead, and its horizontal jib with counter-jib. Because of their fixed horizontal jib, which provides stability and accuracy, they are frequently utilized in high-rise construction projects and have exceptional lifting capabilities. Topless cranes, commonly referred to as flat top tower cranes, are distinguished from other types of tower cranes by the absence of their typical apex or peak. Because of their simpler assembly and disassembly, they are more suited for crowded work sites.

The Flat-top cranes are appropriate for both commercial and residential construction projects because of their greater lifting capacity and longer hook heights. Lofting jib cranes are distinguished from other tower cranes by their movable, vertically adjustable jib. They can operate in tight areas or close to towering buildings thanks to their mobility, which prevents the jib from running into nearby structures. For urban construction, when clearance is critical and space is at a premium, luffing jib cranes are the perfect solution. Tower cranes that self-erect are made to be simple to assemble and disassemble, and they frequently have telescoping masts that enable self-assembly without the need for extra tools. Because of its great mobility, self-erecting cranes are appropriate for smaller construction projects or locations that need to be repositioned frequently.

 

By Design

Based on the design, the global tower crane market is categorized into top-slewing cranes and bottom-slewing cranes. The top-slewing cranes category leads the global tower crane market with the largest revenue share in 2023. The slewing unit of these tower cranes is located at the top of the mast, enabling rotation of the crane's whole upper section. The crane's slewing mechanism, which is often powered by a motor, allows it to spin 360 degrees in a horizontal direction. Due to their wide operating radius and ability to lift large loads, top-slewing cranes are quite versatile. They are frequently employed in large-scale infrastructure developments and towering construction projects, such as high-rise buildings. On the other hand, the slewing mechanism of tower cranes with bottom slewing is located near the base of the mast. Because of this design, the crane's base can move on a turntable or slew ring, leaving the upper portion of the crane including the jib and load stationary. Cranes with bottom slewing are renowned for their dependability and simplicity of upkeep. They are frequently utilized on smaller construction sites or in situations where the crane's ability to spin freely is restricted by physical space.

 

By Lifting Capacity

Based on lifting capacity, the global tower crane market is segmented into below 5 metric tons, 6 to 80 metric tons, and above 80 metric tons. The 6 to 80 metric tons segment dominates the tower crane market. This category includes a wider variety of lifting capacities that can support loads that are medium-sized to quite hefty. This category of tower cranes is adaptable and can be used for a variety of construction projects, such as infrastructural improvements, commercial complexes, and mid-sized residential buildings.

They provide a versatile range of building needs by providing a balance between lifting capability and agility. These types of tower cranes are intended for lower lifting duties and can normally handle loads up to five metric tons. These cranes are frequently utilized for jobs involving lightweight materials, residential construction, and smaller-scale construction projects. They are appropriate for jobs that don't demand substantial lifting because of their lower size and lifting capacity. Above 80 metric tons category of tower cranes, heavy-duty devices meant to manage loads over 80 metric tons are shown. Large-scale construction projects including the construction of high-rise buildings, factories, and significant infrastructural improvements use these cranes. They are essential for managing the heavy materials and equipment needed for such large-scale undertakings because of their sturdy construction and great lifting capacities.

 

By Application

Based on application, the global tower crane market is divided into construction, mining, and others. The construction category dominates the market with the largest revenue share in 2023. The construction industry is the main and largest market for the use of tower cranes. When erecting buildings, skyscrapers, bridges, and other infrastructure projects, tower cranes are essential. During the construction process, they make it easier to lift and move bulky items like steel, concrete, and prefabricated components. Tower cranes are used in civil engineering, commercial, industrial, and residential projects in the building industry, demonstrating their adaptability to a range of construction requirements. Although it is not as well-known as the building business, the mining sector uses tower cranes. They are frequently used in mining operations to carry out duties like installing and repairing mining equipment, moving commodities into and out of mining sites, and assisting with the construction of infrastructure linked to mining facilities.

 

Global Tower Crane Market Overview by Region

The global tower crane market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2023. The construction industry in the region is strong and is distinguished by large-scale urban development initiatives, improvements to the infrastructure, and technological breakthroughs. The need for tower cranes with the height and lifting capacities required for major projects has been fueled by the need for towering buildings, particularly in urban areas. In addition, strict safety laws and an emphasis on technological advancement have prompted the creation of sophisticated tower crane models, improving their effectiveness and safety attributes in North America.

The stable economy and welcoming investment environment in the area have also encouraged ongoing construction, which has increased demand for tower cranes. The industry has continuously grown because of sectors like infrastructure development, residential construction, and commercial real estate. In February 2020, At the U.S.-hosted CONEXPO 2020 trade event, Manitowoc, a U.S.-based corporation, introduced the MHR 175 tower crane under the Potain brand. The hydraulic luffing technique of the MRH 175 does away with the requirement for wire rope installation. Moreover, eco-friendly crane designs have been adopted in North America due to the region's tendency toward sustainable construction techniques, which is in line with the region's emphasis on environmental consciousness.

 

 

The tower crane market in Asia-Pacific is expected to grow at the highest compound annual growth rate (CAGR) throughout the projected period. Skyscrapers, apartment buildings, and infrastructure projects are in high demand due to rapid urbanization, population growth, and infrastructure development in nations like China, India, and Southeast Asia. Construction activity is consistently driven by government-led development projects and investments in smart city initiatives. Furthermore, as technology advances and legal frameworks change in the area, creative and effective tower crane solutions are used, creating a dynamic environment with significant growth potential.

 

Global Tower Crane Market Competitive Landscape

In the global tower crane market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global tower crane market include,

  • COMANSA
  • FAVELLE FAVCO BERHAD
  • Grúas Sáez, S.L.
  • JASO Tower Cranes
  • LIEBHERR
  • Raimondi
  • Sichuan Construction Machinery (Group)Co., Ltd
  • Terex Corporation
  • The Manitowoc Company, Inc.
  • WOLFFKRAN International AG.
  • XCMG Group
  • Zoomlion Heavy Industry Science & Technology Co., Ltd., and various others.

 

Global Tower Crane Market Recent Developments

  • In December 2023, Specialist in tower crane hire Trident Lifting Solutions Limited has been bought by remediation, groundworks, and RC frame contractor Statom Group. The Trident company, with a turnover of £19 million, is set to merge with the larger Statom Group, which generated £144 million in revenue during the 2022–2023 fiscal year.
  • In January 2023, China witnessed the introduction of the Potain MCT 1005 M50 flat top tower crane by The Manitowoc Company, Inc. With a 50-ton lifting capacity, it is intended for usage in Southeast Asia and other growing markets.
  • In May 2022, The acquisition of Laurent Keller, a French tower crane company, has been announced by international tower crane specialist Uperio Group. Laurent Keller is a very promising addition to our organization, with its robust customer base and good reputation.
  • In September 2021, To Complete Global Crane Operations, Stafford Crane Group Acquires Soima Cranes of Portugal. Through this acquisition, SCG will be able to further enhance its customer service in rental operations and regain control over the design and production of its tower crane equipment.

 

Scope of the Global Tower Crane Market Report

Tower Crane Market Report Segmentation

ATTRIBUTE

DETAILS

By Product

  • Flat Top
  • Hammerhead
  • Luffing Jib
  • Self-erecting

By Design

  • Top Slewing Crane
  • Bottom Slewing Crane

 

By Lifting Capacity

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

By Application

  • Construction
  • Mining
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Tower Crane Market Size and Forecast: To identify and estimate the market size for the global tower crane market segmented by product, by design, by lifting capacity, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of tower crane between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global tower crane market
  • Market Influencing Factors: To find out the factors which are affecting the sales of tower crane among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global tower crane market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Construction Companies
  • Manufacturers and Suppliers
  • Research and Development Teams
  • Urban Planners and Developers
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, The tower crane market is classified into North America, Europe, Asia Pacific, and the Rest of the world
According to tower crane market research, the market is expected to grow at a CAGR of ~5.2% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032.
North America held the largest share in 2023.
The major players operating in the global tower crane market include COMANSA; FAVELLE FAVCO BERHAD; Gruas Saez, S.L.; JASO Tower Cranes; LIEBHERR; Raimondi; Sichuan Construction Machinery (Group)Co., Ltd; Terex Corporation; The Manitowoc Company, Inc.; WOLFFKRAN International AG.; XCMG Group; Zoomlion Heavy Industry Science & Technology Co., Ltd. ,and various others.