Tower Crane Market Size & Share 2022 to 2030
Market Size by Product (Flat Top, Hammerhead, Luffing Jib, Self-Erecting), by Design, by Loading Capacity (Below 5 metric tons, 6 to 20 metric tons, 21 to 50 metric tons, 51 to 80 metric tons, Above 80 metric tons), Application & Forecast.
Report ID: GMI3155
|
Published Date: October 2022
|
Report Format: PDF
Download Free PDF
Authors:
Preeti Wadhwani, Aishvarya Ambekar
Tower Crane Market Size
Tower Crane Market size surpassed USD 4 billion in 2021 and is projected to exhibit around 5% CAGR from 2022 to 2030. Rapid urbanization and ongoing expansion of industrial and commercial sectors worldwide will boost the industry demand.
To address affordability concerns associated with tower cranes, many companies are introducing rental services for construction projects. These models are gaining momentum as they help avoid initial investment costs as well as offer fewer maintenance requirements, no depreciation cost, and reduced repair costs. Additional benefits of these rental service include time-saving capabilities in applications such as transportation, on-site setup, and transportation.
A lack of skilled operators may impede the tower crane industry growth. The unavailability of qualified workers can be attributed to the higher cost of training in certain countries. Contractors also struggle with the increasing costs associated with the procurement of tower cranes. The use of heavy machinery in rural areas with zero adherence to safety guidelines could result in cases of accidents. However, increasing government efforts and investments in infrastructure development and ensuring operator safety will favor the adoption of advanced tower cranes.
Need for heavy-duty lifting equipment to boost hammerhead tower cranes deployment
The hammerhead tower crane market size to witness around 7% growth rate between 2022 and 2030. These cranes are gaining traction owing to their ability to facilitate reliable handling of bulk materials and ensure accurate horizontal load movement. Rapid urbanization across developing nations has led to the commencement of new residential and commercial projects. Increasing technological advancements in crane technology and the construction of smart city projects will fuel the demand for such tower cranes.
Tower Crane Market Analysis
The market revenue of bottom slewing cranes is anticipated to attain 4% gains through 2030. These cranes are widely used at private construction sites and are in high demand among contractors. A surge in low-rise and short-term construction projects that are backed by private and public organizations will complement the equipment utilization.
The construction application is poised to capture over 50% of the global tower crane market share by 2030. Both the government and private sectors are investing heavily in the construction of large-scale infrastructures (LSI). It will foster investments in megaprojects involving high-rise buildings, railway stations, airports, and seaports. The availability of rental services is further supporting infrastructure development activities, propelling the usage of tower cranes at construction sites. Product use will see a notable surge throughout emerging economies.
Asia Pacific tower crane market size is projected to register nearly 7% growth during 2022 to 2030. Ongoing developments in scaling up employment opportunities, commercialization, and industrialization have accelerated urbanization in countries such as China, and India. Over the last decade, China has emerged as a leading manufacturer of construction materials and one of the largest developers of building materials. The swift construction of smart city projects and development of transportation infrastructure like airports and bridges will garner the implementation of these cranes in the region.
Tower Crane Market Share
Some of the leading companies in the tower crane industry are:
New product development and the diversification of portfolios are several of the business strategies employed by these firms.
For instance, in September 2022, Cargotec Corporation, a Finland-based manufacturer of cargo-handling machinery, introduced its new HIAB iQ.958 HiPro heavy loader crane incorporated with the advanced operating system SPACEevo. The crane’s design offers an improved lift-to-weight ratio and ensures enhanced productivity and performance.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a slightly negative impact on the tower crane market owing to a sudden halt in industrial, manufacturing, and construction activities globally. The imposition of strict lockdowns, social distancing norms, and the emergence of work-from-home (WFH) trends reduced infrastructural demands and resulted in the shutdown of various small-scale commercial projects. This scenario reduced the need for tower cranes and other heavy machinery. However, economic recovery presents lucrative business opportunities as industrial activities jumpstart to pre-pandemic levels.
This market research report on tower crane includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and global shipments in units from 2018 to 2030 for the following segments:
Click here to Buy Section of this Report
Market, By Product
Market, By Design
Market, By Lifting Capacity
Market, By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →