Tower Crane Market Report and Forecast 2024-2032

According to the report, the global tower crane market is projected to grow at a CAGR of 4.5% between 2024 and 2032 reaching a value of approximate USD 78.9 billion by 2032. Aided by the surging urbanisation, expansive infrastructural projects, and technological advancements in construction methodologies, the market is expected to grow significantly by 2032.

Tower cranes, an indispensable component in contemporary construction sites, are designed to lift and transport heavy materials and equipment with remarkable precision. Characterised by their towering height and pivotal ability to reach otherwise inaccessible areas, these cranes play a pivotal role in the timely and efficient completion of high-rise buildings and large-scale projects. Their ability to operate in constrained spaces further cements their importance in densely populated urban regions.

The burgeoning tower crane market demand is intimately linked with the ongoing global trend of urbanisation. As more individuals migrate to urban areas in search of better opportunities, the need for vertical construction - high-rise apartments, office complexes, and malls - amplifies. Tower cranes, with their vertical and horizontal reach, become the construction tool of choice to meet these urban infrastructural demands.

Simultaneously, the push for smart cities and large-scale infrastructure projects in emerging economies has fostered a conducive environment for the tower crane market growth. Mega projects such as highways, bridges, and dams necessitate the use of these cranes, ensuring their steady demand.

Technological innovations in the realm of tower cranes have been transformative. Modern tower cranes, often integrated with digital systems, sensors, and automation, offer enhanced safety, efficiency, and precision. Features such as real-time load monitoring, wind speed detection, and remote operability have not only improved operational efficiency but also significantly mitigated on-site risks.

Furthermore, sustainability trends are also influencing tower crane design and operations. Energy-efficient cranes, as well as those that utilise renewable energy sources, are seeing heightened demand, especially in regions with stringent environmental regulations.

Regionally, the Asia Pacific, led by nations like China and India, accounts for a significant portion of the tower crane market share. Rapid urbanisation, governmental infrastructural initiatives, and expanding real estate sectors in these nations are pivotal to this dominance. However, regions like North America and Europe, with their focus on infrastructural redevelopment and sustainability, present significant growth opportunities.

Market Segmentation

The market can be divided based on type, lifting capacity, end-user industry, and region.

Market Breakup by Type

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

Market Breakup by Lifting Capacity

• Less than 5 ton
• 6 to 10 ton
• More than 10 ton

Market Breakup by End-User Industry

• Infrastructural Construction
• Energy
• Building Construction
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tower crane market. Some of the major players explored in the report are as follows:

• Yongmao Holdings Limited
• The Manitowoc Company, Inc
• Liebherr-International Deutschland GmbH
• Terex Corporation
• WOLFFKRAN Group
• Mammoet Group
• Sarens n.v./s.a.
• Zoomlion Heavy Industry Science&Technology Co., Ltd.
• Lampson International LLC
• Deep South Crane & Rigging, LLC
• Others