Tower Crane Market Size

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.