Tower Crane Market - 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, 2022 - 2030

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:

• WOLFFKRAN International AG
• Action Construction Equipment Limited
• Favelle Favco Berhad
• HanKook Tower Crane Co Ltd
• Xuzhou Construction Machinery Group Co Ltd
• (XCMG)
• JASO Industrial Cranes
• Jost Cranes
• Liebherr Group
• The Manitowoc Company Inc
• Raimondi Cranes S.p.A
• SANY GROUP
• Terex Corporation
• Yongmao Holdings Limited
• Zhejiang Construction Machinery Group
• Zoomlion Heavy Industry Science and Technology Co., Ltd 

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:

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Market, By Product

• Flat top
• Hammerhead
• Luffing jib
• Self-erecting

Market, By Design

• Top slewing crane
• Bottom slewing crane

Market, 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

Market, By Application

• Rental
• Construction
• Mining
• Shipyards
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa