Tower Crane Market

Global Tower Crane Market:

The global tower crane market size reached US$ 7.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032. The rapid urbanization, construction of high-rise buildings, rising government investment in infrastructure development, and booming construction sector are primarily driving the market’s growth.

Tower Crane Market Analysis:

• Major Market Drivers: With the rising technological advancements and improvements, tower cranes have become safer and more compact. This, in confluence with the increasing automation in the construction sector, represents one of the key factors impelling the growth of the market.
• Key Market Trends: Remote crane operation also allows users to move from a dangerous and harsh working environment to the safety of a control room, which is propelling the market growth. Furthermore, the rising urbanization has accelerated the construction of high-rise and tall buildings around the world, further projected to strengthen the growth of the market in the upcoming years.
• Competitive Landscape: Some of the prominent tower crane market companies include Action Construction Equipment Ltd., Eng Cranes Srl, Favelle Favco Berhad (Muhibbah Engineering), HKTC, JASO Tower Cranes, Liebherr, Sany Heavy Industry Co. Ltd, Shandong Huaxia Group Co. Ltd., Terex Corporation, WOLFFKRAN International AG, Yongmao Holdings Limited, and Zoomlion Heavy Industry Science and Technology Co. Ltd., among many others.
• Geographical Trends: According to the tower crane market dynamics, Asia-Pacific is currently leading the global market. The region, especially in countries like China, India, Indonesia, and Vietnam, is undergoing rapid urbanization, with an increasing number of people moving to cities. This has led to a surge in the construction of high-rise residential buildings, commercial complexes, and urban infrastructure, creating a growing demand for tower cranes to handle large-scale projects efficiently.
• Challenges and Opportunities: The high initial costs of buying tower cranes and the shortage of skilled labor are hampering the market’s growth. However, ongoing advancements in tower crane technology are creating new opportunities in the market. The integration of IoT (Internet of Things), automation, and remote-control systems allows for better monitoring, real-time data collection, and increased safety during crane operation.
   

Tower Crane Market Trends:

Growing Modular Construction Industry

The growing modular construction industry is propelling the growth of the tower crane market. For instance, according to IMARC, the global modular construction market size reached US$ 86.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 137.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032. In modular construction, prefabricated components such as wall panels, ceilings, and entire building sections are manufactured off-site and need to be lifted and assembled on-site. Tower cranes are essential for lifting and placing these large, heavy modules with precision, particularly in high-rise projects. These factors further positively influence the tower crane market forecast.

Rising Government Initiatives

Governments globally are making large-scale investments in public infrastructure projects, including roads, bridges, airports, railways, ports, and energy facilities. For instance, in August 2024, the Prime Minister of India authorized eight railway projects on Friday, with an emphasis on the development of Eastern states. The budget was set at Rs 24,657 crore. Tower cranes are essential in these projects for lifting and placing heavy materials, particularly in the construction of tall structures or projects that involve large-scale construction. These factors are expected to propel the tower crane market in the coming years.

Technological Innovations

The introduction of advanced technologies such as self-erecting tower cranes simplifies the setup process, reducing labor costs, and making cranes more accessible in space-constrained urban environments. These innovations help reduce downtime and enhance productivity on construction sites. For instance, in January 2024, Potain launched Evy, a new self-erecting crane model. This range is specifically built for three-story buildings and complies with the new European Safety Standard EN 14439, which defines standardized safety criteria for climbing tower cranes, thereby boosting the tower crane market revenue.

Global Tower Crane Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global tower crane market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, lifting capacity, and end use industry.

Breakup by Type:

• Self-Erecting
• Luffing Jib
• Hammer Head
• Flat Top
   

Currently, hammer head holds the majority of the total market share

The report has provided a detailed breakup and analysis of the tower crane market based on the type. This includes self-erecting, luffing jib, hammer head, and flat top. According to the report, the hammer head holds the majority of the total market share.

According to the tower crane market outlook, a hammerhead tower crane is one of the most widely used types of tower cranes in construction, particularly for lifting and moving heavy materials vertically and horizontally. The increasing global trend toward urbanization and the need for vertical construction in densely populated cities drive the demand for hammerhead tower cranes. These cranes are ideal for high-rise buildings, skyscrapers, and large commercial projects due to their lifting capacity, height, and long horizontal reach. Moreover, the growth of industrial sectors such as power generation, oil and gas, and manufacturing is driving the demand for hammerhead tower cranes. Large industrial construction projects like factories, power plants, oil refineries, and warehouses require cranes capable of lifting and moving heavy equipment and materials with precision and efficiency.

Breakup by Lifting Capacity:

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

Less than 5 ton currently exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the tower crane market based on the lifting capacity. This includes less than 5 ton, 6 to 10 ton, and more than 10 ton. According to the report, less than 5 ton currently exhibits a clear dominance in the market.

According to the tower crane market overview, residential construction, particularly in urban and suburban areas, often requires smaller, more maneuverable tower cranes. Less than 5-ton tower cranes are ideal for low-rise buildings, multi-family housing, and smaller residential projects where the materials are lighter, and the construction space may be limited. Moreover, many cities are facing space constraints due to urbanization and densification, making it difficult to deploy larger tower cranes. Less than 5-ton tower cranes are smaller and more compact, allowing them to be used in tight urban environments where space for crane operation is limited.

Breakup by End Use Industry:

• Building Construction
• Infrastructural Construction
• Energy
• Others
   

The building construction industry accounts for the largest market share

The report has provided a detailed breakup and analysis of the tower crane market based on the end use industry. This includes building construction, infrastructural construction, energy, and others. According to the report, the building construction industry accounts for the largest market share.

As urbanization accelerates, particularly in densely populated cities, the construction of high-rise buildings and skyscrapers has become increasingly common. Tower cranes are essential for these projects as they can lift heavy materials to significant heights and cover large areas. The ability to operate at great heights makes tower cranes indispensable in the construction of tall buildings. Moreover, modern construction projects are becoming more complex, with intricate designs and advanced materials that require precision lifting and placement. Tower cranes provide the capability to handle the heavy loads and long reaches needed to complete these complex projects, especially in the construction of multi-story buildings, mixed-use developments, and large commercial complexes.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia-Pacific currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific currently dominates the global market.

According to the tower crane market statistics, Asia Pacific is undergoing rapid urbanization, with an increasing number of people moving to cities. Countries like China, India, and Indonesia are experiencing significant urban expansion, driving the demand for high-rise buildings, residential complexes, and commercial infrastructure. Tower cranes are essential in these projects due to their ability to lift heavy construction materials and operate at great heights. Moreover, governments across the region are heavily investing in infrastructure development to support economic growth. For instance, in August 2024, the Union Cabinet of India approved eight national high-speed corridor projects on Friday, with a total cost of INR 50,655 crore for the construction of 936 km of roadway. Projects such as roads, bridges, railways, airports, ports, and industrial parks are creating high demand for tower cranes. These cranes are essential for handling heavy loads and assembling large-scale structures in infrastructure projects.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include: 

• Action Construction Equipment Ltd.
• Eng Cranes Srl
• Favelle Favco Berhad (Muhibbah Engineering)
• HKTC
• JASO Tower Cranes
• Liebherr
• Sany Heavy Industry Co. Ltd
• Shandong Huaxia Group Co. Ltd.
• Terex Corporation
• WOLFFKRAN International AG
• Yongmao Holdings Limited
• Zoomlion Heavy Industry Science and Technology Co. Ltd
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Tower Crane Market Recent Developments:

• September 2024: China Construction's Eighth Engineering Division unveiled a new generation of unmanned remote tower crane in Qingdao.
• April 2024: Potain introduced two new luffing jib tower cranes, the MR 309 and MR 329, with maximum capabilities of 16 or 25 tons. The normal jib length is 60 meters, with a tip capacity of 3.4 tons.
• February 2024: Zoomlion, a Chinese crane and construction equipment manufacturer, launched RL165-10, its first hydraulic luffing jib tower crane.

Tower Crane Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the tower crane market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global tower crane market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the tower crane industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.