USD 125.39 billion
Tower Crane Market Size, Share, and Growth Analysis
Global Tower Crane Market By Type (Hammerhead, Luffing Jib), By Application (Construction, Mining), By Design (Top Slewing Crane, Bottom Slewing Crane), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG20C2047 |
Region:
Global |
Published Date: February, 2025
Pages:
202
|Tables:
64
|Figures:
77
Format -
Tower Crane Market Insights
Global Tower Crane Market size was valued at USD 125.39 billion in 2023 and is poised to grow from USD 135.8 billion in 2024 to USD 256.99 billion by 2032, growing at a CAGR of 8.3% during the forecast period (2025-2032).
High investments in infrastructure development coupled with rapid industrialization and urbanization are slated to boost sales of tower cranes in the future. Surging use of prefabricated construction and modular construction materials is also expected to bolster the adoption of tower cranes going forward. Increase in the construction of renewable energy infrastructure, high-rise building, and bridges around the world is also estimated to favor the global tower crane market growth in the long run. Integration of autonomous and remote-control technologies can also help companies improve their sales of tower cranes over the coming years. Improving the capacity of tower cranes and powering them with electric power are also key areas of interest for tower crane manufacturers. However, high costs of acquisition and maintenance, shortage of skilled operators, space constraints in urban environments, and economic slowdowns are forecasted to impede tower crane sales across the study period and beyond.
US Tower Crane Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Construction
Fastest Growth
Mining
Growth Rate
8.3% CAGR
Global Tower Cranes Market ($ Bn)
Country Share for North America Region (%)
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Tower Crane Market Segments Analysis
Global Tower Crane Market is segmented by Product, Design, Lifting Capacity, Application and region. Based on Product, the market is segmented into Flat Top, Hammerhead, Luffing Jib and Self-Erecting. Based on Design, the market is segmented into Top Slewing and Bottom Slewing. Based on Lifting Capacity, the market is segmented into Below 5 Metric Tons, 6-80 Metric Tons and Above 80 Metric Tons. Based on Application, the market is segmented into High Rise Buildings, Dams, Bridges, Power Plants and Shipyards. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Type
Hammerhead tower cranes are forecasted to account for a major chunk of the global tower crane market share going forward. The ability of hammerhead tower cranes to reach extraordinary heights with high payloads and precision is increasing its preference for a wide variety of applications across different industry verticals. Moreover, hammerhead tower cranes can be easily used in compact urban spaces, which makes them perfect for construction operations in densely populated urban areas. Moreover, lower emissions and higher efficiency offered by hammerhead tower cranes as compared to other construction equipment is also expected to bolster the dominance of this segment over the coming years.
Meanwhile, the demand for luffing jib tower cranes is slated to rise at a significant pace in the future. High efficiency in operating in densely populated areas with a smaller slew radius as compared to other types of cranes is helping create new opportunities via this segment. Easy navigation of complex construction spaces and minimized disruption to surrounding environments are also forecasted to help boost the sales of luffing jib tower cranes in the long run. However, the high complexity of luffing jib cranes and higher maintenance costs of the same are expected to hurt the market share of this segment to a certain extent going forward.
Analysis by Application
The construction application segment is forecasted to spearhead the sales of tower cranes as per this global tower crane market analysis. Growing investments in infrastructure development activity around the world on the back of rising industrialization and urbanization are helping this segment bring in the most revenue. High investments in construction of high-rise buildings and skyscrapers are also estimated to offer new business scope for tower crane vendors focusing on this segment. Developing countries looking to improve their economic growth are expected to be the top markets for tower crane companies focusing on construction applications across the study period.
On the other hand, the demand for tower cranes in mining applications is slated to increase at a steady pace over the coming years. Surging demand for mined metals and minerals around the world and growing investments in expansion of mining operations are slated to help this segment generate new opportunities. Growing demand for efficient machinery in mining and establishment of new mining operations in different parts of the world are also expected to favor the sales of tower crane through 2032. High versatility of tower cranes in various mining operations is also estimated to offer new business scope in the long run.
Global Tower Cranes Market By Application
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Tower Crane Market Regional Insights
North America is estimated to lead the global tower crane industry over the coming years. High construction activity, presence of leading tower crane suppliers, and launch of multiple new high-rise projects are helping this region bring in the most revenue. The United States and Canada are estimated to be the top markets for all tower crane companies looking to make a mark in the North American region. The energy efficient nature of tower cranes is making them popular among sustainable construction companies. Availability of multiple construction equipment rental services in North America is also expected to boost the sales of tower cranes over the coming years.
Asia-Pacific is anticipated to emerge as the fastest growing market for tower crane companies on a global level in the future. High investments in infrastructure development, rapid urbanization and industrialization, presence of tower crane manufacturers, and rapidly increasing population are key factors promoting the demand for tower cranes in this region. Launch of supportive government initiatives to promote economic development is also expected to indirectly influence tower crane sales in the Asia Pacific through 2032. India, China, Japan, and South Korea are slated to emerge as the most rewarding markets for tower crane vendors in the Asia Pacific region.
Global Tower Cranes Market By Geography
- Largest
- Fastest
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Tower Crane Market Dynamics
Tower Crane Market Drivers
Use of Prefabricated Construction Materials
Rising emphasis on fast-tracking construction activity and projects to meet the rapidly increasing demand has led to high adoption of prefabricated construction and modular construction elements. Tower cranes play a vital role in lifting and placing these heavy prefabricated components required for construction thereby also favoring global tower crane market outlook along the way.
Surge in Infrastructure Development Activity
Growing urbanization and industrialization to promote economic growth around the world has resulted in high infrastructure development activity. Tower cranes are extensively used in the construction of high-rise buildings, bridges, and other infrastructure to lift heavy materials, which is expected to drive market development in the long run.
Tower Crane Market Restraints
Space Constraints in Urban Settings
- Zoning regulations in cramped urban areas and difficulty in deployment of tower cranes in such environments are expected to impede the global tower crane industry growth over the coming years. These issues are expected to push construction companies to opt for other compact construction equipment for urban projects and further slowdown sales of tower cranes through 2032.
High Costs of Acquisition and Maintenance
- Purchasing tower cranes is quite an investment-intensive task and the expenses of maintaining them further add up to the overall costs of ownership for end users. Small and medium enterprises with limited spending potential can’t afford to invest such heavy capital for tower cranes, which in turn, is slated to impede the global demand for tower cranes in the long run.
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Tower Crane Market Competitive Landscape
Tower crane manufacturers should focus on improving the versatility of their offerings to maximize their sales potential. Targeting developing and underdeveloped countries with rising infrastructure development activity is slated to be the best strategy for all tower crane suppliers in the long run. Electrification and use of autonomous technologies are also slated to present new opportunities for tower crane companies.
Top Players in Tower Crane Market
- Manitowoc Cranes (USA)
- Liebherr Group (Germany)
- Terex Corporation (USA)
- Zoomlion Heavy Industry Science & Technology Co., Ltd. (China)
- XCMG Group (China)
- Sany Group (China)
- Fangyuan Group Co., Ltd. (China)
- Comansa (Spain)
- Wolffkran International AG (Switzerland)
- Jaso Tower Cranes (Spain)
- Kroll Cranes A/S (Denmark)
- NFT Group (UAE)
- Raimondi Cranes (Italy)
- Saez Cranes (Spain)
- Wilbert TowerCranes GmbH (Germany)
- Yongmao Holdings Limited (China)
- FMGru (Italy)
- Everdigm (South Korea)
- Shandong Huaxia Group Co., Ltd. (China)
Tower Crane Market Recent Developments
- In November 2024, Manitowoc, a leading American manufacturer of cranes and other equipment announced the launch of its new flat top tower crane at the Bauma China 2024 event. The Potain MCT 2205 features an 80 tonne capacity and an 80-meter jib for use in large-scale infrastructure projects.
- In February 2024, Zoomilion, a renowned construction equipment supplier from China announced the launch of its new hydraulic luffing jib tower crane. The RL165-10 features a 10 tonne capacity and one hydraulic cylinder to luff the jib for various applications across industrial and construction industry verticals.
- In September 2022, KenzFigee, a leading industrial equipment supplier from the Netherlands announced the launch of its first up-tower crane solution for offshore wind. The GenHook(TM) is a modular up-tower crane that features a 30 tonne lifting capacity and is aimed at the rising number of renewable energy infrastructure projects.
Tower Crane Key Market Trends
- Developing Autonomous and Remote-controlled Tower Cranes: tower crane companies are expected to focus on the research and development of autonomous and remote-controlled tower cranes to combat the dearth of skilled operators. Focusing on this tower crane market trend can also help improve operator safety, enhance precision of operations, and reduce the possibility of errors as well.
- Demand in Emerging Countries: Infrastructure development activities in developing countries are expanding at a rapid pace on a global level. Rapid urbanization in regions like Asia-Pacific, the Middle East, and Africa is expected to create new business scope for tower crane suppliers as per this global tower crane market analysis. Demand for affordable and compact tower cranes is slated to rise in emerging countries of the regions.
Tower Crane Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the rise in infrastructure development activity around the world and growing use of prefabricated construction materials are slated to be the key drivers for the market going forward. On the contrary, economic uncertainty and high costs of ownership are slated to slow down and impede the sales of tower cranes in the future. Asia Pacific is estimated to emerge as the fastest growing market for tower crane companies in the world owing to robust industrialization and urbanization in countries such as India and China. Targeting emerging countries and providing autonomous tower crane are slated to be key opportunities as per this global tower crane market forecast.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 125.39 billion |
| Market size value in 2032 | USD 256.99 billion |
| Growth Rate | 8.3% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tower Crane Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tower Crane Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Tower Crane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tower Crane Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tower Crane Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tower Crane Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Tower Crane Market Report Snapshots
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