Tower Cranes Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.35 Billion |
| Market Size (2029) | USD 8.71 Billion |
| CAGR (2024 - 2029) | 6.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Tower Cranes Market Analysis
The Tower Cranes Market size is estimated at USD 6.35 billion in 2024, and is expected to reach USD 8.71 billion by 2029, growing at a CAGR of 6.20% during the forecast period (2024-2029).
Over the medium term, increased urbanization, the outstanding stability of tower cranes, and increased investment in renewable energy development are expected to drive significant growth in the market. The growing demand for prefabricated buildings to be assembled on construction sites is leading to faster completion of construction projects. This trend is expected to further boost the demand for heavy-duty construction cranes, particularly tower cranes, during the forecast period.
The global demand for tower cranes is expected to surge due to the increasing number of construction projects worldwide. The market is projected to experience significant growth during the forecast period, driven by the rise in commercial and residential construction activities.
Technologies such as connected equipment and tools, telematics, smartphone applications, and intelligent control are some of the latest advancements that will likely drive demand in the future. The introduction of intelligent control technology consists of safety features with an additional programmable control system that can operate tower cranes with fewer hazards.
Tower Cranes Market Trends
The Infrastructure Segment Holds a Major Share
Tower cranes are essential pieces of construction equipment designed to efficiently lift and transport heavy materials, including concrete, steel beams, and prefabricated components, to different levels of a construction site. This capability significantly contributes to expediting the building process.
Infrastructure is the essential framework that supports both local and global trade, as well as industrial and agricultural activities. It includes the necessary organizational and physical structures needed for effective business operations. The infrastructure sector focuses on critical areas such as electricity, transportation networks, water management systems, and urban development.
The rapid growth of cities, increasing population, and economic development, especially in developing nations, are significantly boosting the demand for modern and improved infrastructure. Projections indicate that the urban population will rise from 3.9 billion to approximately 6.3 billion by 2050.
The Asian Development Bank (ADB) projects that an estimated USD 1.7 trillion will be required yearly for infrastructure investment in Asia until 2030. This level of investment is crucial for the region to maintain its economic growth, reduce poverty, and effectively combat climate change's effects.
The Government of India's ongoing infrastructure development projects have created a demand for tower cranes with varying tonnages and lifting capabilities due to the numerous investments being made in infrastructure development.
Regional governments can improve investments, reduce traffic congestion, and stimulate economic growth by investing in infrastructure projects. The government's emphasis on improving transportation infrastructure has increased the need for tower cranes.
The infrastructure sector is experiencing significant development worldwide, leading to a growing demand for tower cranes, which is expected to continue in the coming years.
Asia-Pacific Dominates the Market
The demand for tower cranes is largely fueled by Asian countries, where there has been a significant increase in infrastructure development projects and the construction of high-rise commercial and residential buildings across Asia-Pacific.
Several infrastructure developments being undertaken by governments and many other private firms have been a major driving force in increasing the demand for tower cranes. Singapore, for instance, has a huge infrastructure development program initiated by the government, which is another contributing factor to the demand for tower cranes.
India is also witnessing multiple infrastructure development investments from the government, which may boost the demand for tower cranes for various tonnages and lifting capabilities across the country. Compared to other conventional options, these machines' heavyweight lifting capacities are expected to boost their usage, particularly in urban construction activities.
The Indian government’s initiatives focusing on infrastructure development, housing projects, smart cities, and industrial corridors continue to fuel the demand for construction equipment in the country. With ongoing projects and a growing emphasis on sustainable and efficient construction practices, the market is poised for sustained growth, attracting domestic and international players seeking opportunities in this evolving landscape.
- The Ministry of Housing and Urban Affairs (MoHUA) is pivotal in formulating policies, implementing programs, and coordinating urban development activities. Under the MoHUA, bodies like the National Buildings Construction Corporation (NBCC) undertake construction projects, providing consultancy services, project management, and infrastructure development for various government agencies and organizations.
ASEAN is witnessing an infrastructure boom, with major projects approved in Vietnam, Thailand, the Philippines, Malaysia, and Indonesia. In several cases, these have been facilitated through loans and other assistance provided by other major economies, like India, Japan, and China. Several rail and road projects are expected to further add up to the demand for tower cranes in the ASEAN countries over the forecast period.
Considering such developments, the tower crane market in Asia-Pacific is likely to witness steady and consistent growth over the forecast period.
Tower Cranes Industry Overview
The tower crane market is dominated by several key players such as Manitowoc Company Inc., SANY Group, Action Construction Equipment Ltd, Zoomlion Heavy Industry Science & Technology Co. Ltd, Terex Corporation, Liebherr-International AG, and XCMG Group. These market players have incorporated several strategies, including partnerships, expansions, collaborations, and joint ventures, to maintain their market positions. For instance:
- In October 2023, Potain, a leading brand in tower cranes, introduced a new self-erecting crane, the Evy 30-23 4 t. It features an impressive maximum capacity of 4 ton and a 1-ton capacity at the tip of its 30 m jib.
- In April 2023, Zoomlion Heavy Industry Science & Technology Co. Ltd launched a new tower crane named R20000-720 in China. The crane has a maximum load moment of 20,000 tons and a maximum hoisting height of 400 meters.
Tower Cranes Market Leaders
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Sany Group
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Terex Corporation
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Liebherr International AG
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The Manitowoc Company, Inc.
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Zoomlion Heavy Industry Science&Technology Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Tower Cranes Market News
- April 2024: Jaso Tower Cranes launched the luffing jib tower crane model J638PA across the United States, Europe, and Asia. The J638PA has a maximum jib length of 65 m, which provides construction teams with greater flexibility and access to heights. Additionally, the crane has a maximum lifting capacity of 32 tons and can lift 7.2 tons at its full reach.
- March 2024: The Manitowoc Company Inc. introduced a new Potain crane, the MCR 625 luffing jib tower crane, targeting Asia, the Middle East, and Latin America.
- February 2024: Terex Corporation expanded its City Class range by introducing the CTT 152-6 flat top. This new model comes with two winch options, 18 kW and 22 kW, enabling lifting speeds of up to 104 m/min. The CTT 152-6 boasts a maximum capacity of 6 tons and a tipping load of 1.7 t or 1.91 tons when utilizing Terex Power Plus.
Tower Crane Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Infrastructure Developments Worldwide
4.2 Market Restraints
4.2.1 Rising Demand for Tower Crane Rental Services May Impact Market Growth
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value (USD))
5.1 By Crane type
5.1.1 Hammerhead Cranes
5.1.2 Luffing Cranes
5.1.3 Self-erecting Cranes
5.2 By Lifting Capacity
5.2.1 Up to 5 Ton
5.2.2 5 to 10 Ton
5.2.3 11 to 16 Ton
5.2.4 17 to 25 Ton
5.2.5 Above 25 Ton
5.3 By End User
5.3.1 Infrastructure
5.3.2 Residential Buildings
5.3.3 Commercial Buildings
5.3.4 Mining and Excavation
5.3.5 Other End Users (Marine, Offshore, Etc.)
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Liebherr International AG
6.2.2 The Manitowoc Company Inc.
6.2.3 Zoomlion Heavy Industry Science and Technology Co. Ltd
6.2.4 SANY Group
6.2.5 Terex Corporation
6.2.6 NFT Group
6.2.7 Maxim Crane Works Ltd
6.2.8 Action Construction Equipment Ltd
6.2.9 SCHWING GmbH
6.2.10 JASO INDUSTRIAL SL
6.2.11 XCMG Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Tower Cranes Industry Overview
Tower cranes are a type of construction machine equipped with a hoist, rope, and chain and used to lower, lift, and move heavy or bulk construction materials around.
The tower crane market is segmented by crane type, lifting capacity, end user, and geography. By crane type, the market is segmented into hammerhead tower cranes, luffing tower cranes, and self-erecting tower cranes. By lifting capacity, the market is segmented into up to 5 tons, 5-10 tons, 11-16 tons, 17-25 tons, and above 25 tons. By end user, the market is segmented into infrastructure, residential buildings, commercial buildings, mining and excavation, and other end users (marine, offshore, etc.). By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing and forecast have been done based on value (USD).
| By Crane type | |
| Hammerhead Cranes | |
| Luffing Cranes | |
| Self-erecting Cranes |
| By Lifting Capacity | |
| Up to 5 Ton | |
| 5 to 10 Ton | |
| 11 to 16 Ton | |
| 17 to 25 Ton | |
| Above 25 Ton |
| By End User | |
| Infrastructure | |
| Residential Buildings | |
| Commercial Buildings | |
| Mining and Excavation | |
| Other End Users (Marine, Offshore, Etc.) |
| By Geography | ||||||||
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Tower Crane Market Research FAQs
How big is the Tower Cranes Market?
The Tower Cranes Market size is expected to reach USD 6.35 billion in 2024 and grow at a CAGR of 6.20% to reach USD 8.71 billion by 2029.
What is the current Tower Cranes Market size?
In 2024, the Tower Cranes Market size is expected to reach USD 6.35 billion.
Who are the key players in Tower Cranes Market?
Sany Group, Terex Corporation, Liebherr International AG, The Manitowoc Company, Inc. and Zoomlion Heavy Industry Science&Technology Co., Ltd. are the major companies operating in the Tower Cranes Market.
Which is the fastest growing region in Tower Cranes Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tower Cranes Market?
In 2024, the Asia-Pacific accounts for the largest market share in Tower Cranes Market.
What years does this Tower Cranes Market cover, and what was the market size in 2023?
In 2023, the Tower Cranes Market size was estimated at USD 5.96 billion. The report covers the Tower Cranes Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Tower Cranes Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Tower Crane Industry Report
Statistics for the 2024 Tower Crane market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tower Crane analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Tower Crane Market Report Snapshots
