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Tower Crane Market Size By Product (Flat Top, Hammerhead, Luffing Jib, Self-Erecting), By Design (Top Slewing Crane, Bottom Slewing Crane), By Lifting Capacity (Below 5 Metric Tons, 6 to 20 Metric Tons, 21 to 50 Metric Tons, 51 to 80 Metric Tons, Above 80 Metric Tons), By Application (Rental, Construction, Mining, Shipyards, Utility), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025

  • Report ID: GMI3155
  • Base Year: 2018
  • Report Format: PDF

Industry Trends

Tower Crane Market size was valued at over USD 3 billion in 2018 and will grow at a CAGR of nearly 7% from 2019 to 2025. The global shipments are expected to reach over 40 thousand units by 2025.

Tower Crane Market

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Increasing construction activities & development of high-rise commercial & residential structures globally are driving the tower crane market growth. Heavyweight lifting capacities of these machines as compared to other conventional options will support their usage, majorly in urban building operations. Increasing global population & rapid urbanization across the globe will create the need for efficient infrastructure facilities, residences, and buildings. Additionally, growing infrastructure refurbishment projects and the expansion of Tier I & Tier II cities in several Asian countries are creating a huge demand for these machines & add up to the industry demand. The industry is hindered by the unavailability of skilled & trained operators in several countries, limiting machinery utilization and increasing the cost of training & procurement for the contractors.

Tower Crane Market, By Product

The flat-top tower crane market was having a revenue share of over 15% in 2018 and are gaining demand due to the safety and easy handling features in newly developed machines. The flat-top models offer easy & fast erection as compared to other models due to fewer jib interferences, leading to huge cost savings. These machines are suitable for multi-crane worksites and application areas with height restrictions. These cranes can be easily dismantled and will reduce interference in cases of overflying cranes. The utilization of these models will also limit the cost of procuring several cranes at various construction & mining sites. The flat-top models find applications in congested worksites such as airports, power plants, etc., further contributing to industry growth.

Tower Crane Market, By Design

Top slewing cranes are witnessing increasing demand due to their suitability for medium to high-rise building projects and longer duration needs. These cranes have stationary features and rest on structural & steel bases, providing stability in weightlifting operations. Growing needs to transfer heavy loads from one place to the other in utility & construction applications are increasing the demand for top slewing models, further developing the tower crane market. Several manufacturers in the industry are working on improving the machinery features and have developed various models that include top-slewing crane features. For instance, in December 2018, Manitowoc announced the launch of its new internal mast operator model for the top slewing category. The company’s new lift allows elevator access & simultaneous ladder & meets the French design regulations.

Tower Crane Market, By Lifting Capacity

In the tower crane market, the 6 to 20 metric tons segment is anticipated to grow at 8% CAGR from 2019 to 2025. The segment is gaining traction owing to the availability of flat-top, hammerhead, and luffing jib machines with these specifications. These are the medium-range machines that can lift loads ranging from 6 to 20 metric tons. Several load handling & transporting operations in the oil & gas and energy sector is adding up to the demand for these machines. Various technical specifications, reduced pollution levels, and enhanced software integrated features are supporting high machinery utilization, further driving the tower crane market growth.

Tower Crane Market, By Application

U.S. tower crane market by application

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The rapid expansion of the real-estate sector and the emergence of high-end infrastructure projects across several countries are supporting the utilization of tower crane market products. In the global construction industry, these machines are becoming popular due to the ability to work efficiently at high-rise building sites. Additionally, to address the growing construction & infrastructure demand, machine manufacturers are offering specific distributor allocation & customer specific product mix. Efficient customer support and the provision of capacity-specific products by manufacturers are fostering the growth of construction applications in the tower crane market. These machines find applications in the construction of dams, bridges, and other public & private infrastructure facilities. For instance, in August 2016, Liebherr announced the provision of 10 tower crane models for the construction of Lakhta Towers, the highest building in Europe. The company provided 7 HC-L & 3 EC-H machines for the worksite.

Tower Crane Market, By Region

Europe tower crane market by country

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The Europe tower crane market is growing at a rapid pace owing to the increased utilization of efficient weight lifting equipment in utility, mining, and construction applications. The technically-advanced machines are used in these sectors owing to the increasing focus of the European Union and customers on providing safer work environments. European countries have several equipment & worker safety related regulations that further promote the demand for these machines and add up to the industry demand. The presence of several crane manufacturers in Europe including Liebherr Group, Raimondi S.p.A., Jaso, Comansa, etc., will serve as a major driver for regional tower crane market growth.

Competitive Market Share

Prominent players operating in the tower crane market are Manitowoc Liebherr Group, Terex Corporation, Zoomlion, XCMG Group, etc., among others. The companies are involved in new product introduction strategies to offer differentiated machines and address varying customer demand. Players are also incorporating advanced technical features into the new products to deliver high performance & productivity to application industries. Additionally, companies are offering enhanced customer support through distributors, sales representatives, and company sales offices. For instance, in January 2019, Manitowoc announced the plan to launch six new crane machines & lifting technologies in April 2019 at Bauma 2019. The company will launch several flat top and self-erecting models.

Tower Crane Industry Background

The tower crane market is highly competitive due to the presence of major construction & industrial equipment manufacturers across the globe. The industry is witnessing the requirement for more models with heavy lifting capacities and the ability to work in confined work sites. This is creating pressure for new product development strategies for manufacturers. The machinery providers are working on enhancing the crane specifications and ensuring integration of more safety features to provide worker & public safety. Moreover, the industry is also witnessing a huge demand for rental models owing to the high equipment cost and the unavailability of several machines with a single contractor.

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market size of tower crane was exceeded value of USD 3 billion in 2018.

The industry share of tower crane will grow at 7% CAGR from 2019 to 2025.

Increasing development of high-rise buildings across residential and commercial spaces will drive the demand for these products.

Europe will exhibit commendable demand for these products owing to their rising utilization in the myriad construction activities in the region as well as their deployment for mining and utility sectors.

The easy to handle and safety features of flat top design along with its offering of fast section will help increase its popularity in the ensuing years.

Top slewing tower cranes will witness rising demand as they are highly suitable for medium to high-rise building projects given that they deliver stability in weightlifting operations.

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Premium Report Details

  • Published Date: Feb 2019
  • Companies covered: 18
  • Tables & Figures: 453
  • Countries covered: 16
  • Pages: 300

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