Global Tower Crane Market

Global Tower Crane Market Size, Share, Growth Analysis, By Type(Self-erecting, Luffing Jib), By Application(Construction, Industrial) - Industry Forecast 2024-2031

Report ID: SQMIG20C2047 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 64 | Figures: 77

Global Tower Crane Market Insights

Global Tower Crane Market size was valued at USD 7.20 billion in 2022 and is poised to grow from USD 7.90 billion in 2023 to USD 16.57 billion by 2031, at a CAGR of 9.70% during the forecast period (2024-2031).

The tower crane market, which has numerous regional participants and was valued at USD 1.88 billion in 2022, consists of manufacturers and suppliers in addition to suppliers. Given the demand from seaports, mining operations, and building projects, it is anticipated to have healthy growth during the projection period.

The tower crane industry's expansion can be hampered by a lack of qualified operators. The higher expense of training in some nations is a contributing factor to the shortage of competent personnel. The rising expenses of purchasing tower cranes is another issue that contractors face. Accidents could happen if heavy equipment is used in rural regions with no regard for safety regulations. The use of modern tower cranes will be favoured, nevertheless, if the government increases its efforts and investments in infrastructure development and ensures operator safety.

US Tower Crane Market is poised to grow at sustainable CAGR for the next forecast year.

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Global Tower Crane Market size was valued at USD 7.20 billion in 2022 and is poised to grow from USD 7.90 billion in 2023 to USD 16.57 billion by 2031, at a CAGR of 9.70% during the forecast period (2024-2031).

The global tower crane market is highly competitive and consists of numerous players, including manufacturers, suppliers, and rental companies. The competitive landscape is characterized by intense competition, product innovation, geographical expansion, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. 'Liebherr-International AG (Switzerland)', 'Terex Corporation (United States)', 'Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)', 'XCMG Group (China)', 'Manitowoc Cranes, LLC (United States)', 'Potain (France)', 'Sany Group Co., Ltd. (China)', 'Kobelco Construction Machinery Co., Ltd. (Japan)', 'Favelle Favco Berhad (Malaysia)', 'Wolffkran AG (Germany)', 'COMANSA (Spain)', 'Tadano Ltd. (Japan)', 'Kroll Cranes A/S (Denmark)', 'JASO Industrial Cranes (Spain)', 'Vicario Armando S.r.l. (Italy)', 'Sarens NV/SA (Belgium)', 'NFT Specialized in Tower Cranes (United Arab Emirates)', 'Minglong Holding Group Co., Ltd. (China)', 'Raimondi Cranes (Italy)', 'Yongmao Holdings Limited (China)', 'Wilbert Tower Cranes GmbH (Germany)', 'Yongmao Støtteben (Denmark)'

The growth of the global tower crane market is closely linked to the overall construction industry. The increasing demand for residential and commercial buildings, as well as infrastructure projects such as bridges, dams, and railways, is driving the need for tower cranes. Rapid urbanization and population growth in emerging economies are particularly significant contributors to the demand for construction projects and subsequently tower cranes.

Modular and lightweight designs : There is a growing trend towards modular and lightweight tower crane designs. Modular tower cranes offer flexibility in terms of height and configuration, making them suitable for various construction projects. Lightweight tower cranes are easier to transport, assemble, and dismantle, reducing the logistical challenges associated with their use. These design trends cater to the demand for versatility, cost-effectiveness, and ease of deployment in different construction scenarios.

One of the top tower cranes exporting regions is Europe. Among the top contributors to the tower crane market are Germany, Italy, Spain, and France. Tower cranes are required for a sizable wind plant in Europe. As a result, it is anticipated that the demand for tower cranes would increase as wind capacity installations rise throughout Europe. Europe added 15.4 GW of new wind power capacity, a 27% increase from 2018. Currently, the area has 205 GW of wind energy capacity. With a total installed capacity of 15.4 GW, there have been significant fluctuating wind turbine installation trends in recent years.

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Global Tower Crane Market

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