Home > Pressrelease > Tower Crane Market size to cross $7.5 Bn by 2030

Tower Crane Market size to cross $7.5 Bn by 2030

  • Published Date: October 21, 2022

Tower Crane Market size is projected to cross USD 7.5 billion by 2030, according to the latest research report by Global Market Insights Inc.

Increasing focus on the development and management of shipping ports will accelerate the use of tower cranes. Freight and cargo services have witnessed a dramatic rise over the last decade. A surge in global trade activities has increased the reliance on larger and more advanced vessels for cargo transportation. Tower cranes play a crucial role in the loading and unloading of containers, equipment, and raw materials from these vessels.

Robust use of luffing jib tower cranes in utility applications

The luffing jib tower crane segment is anticipated to hold more than 25% share of the global tower crane market by 2030. Rapid industrialization across developing economies will fuel the use of luffing jib tower cranes for utility applications. This machinery is primarily used to lift heavy equipment more safely and efficiently. Increasing scope for usage of these cranes will encourage manufacturers to launch innovative products. A surge in large infrastructure projects along with the growing installation of industrial equipment will boost the product demand.

Global Tower Crane Market By Product

Get more details on this report - Request Free Sample PDF

Growing popularity of top-slewing tower cranes in urban projects

The industry revenue from the top-slewing cranes type is expected to register around 7% CAGR between 2022 and 2030. These cranes are one of the most strategic equipment used at construction sites for enhancing productivity, as they enable smooth, safe and effective distribution of loads. They are used for numerous urban projects to ease construction operations.

Usage of 51-80 metric tons capacity tower cranes in multistorey buildings projects

The 51 to 80 metric tons segment accounted for a 15% of the tower crane market share in 2021. Tower cranes with respective capacity have a broad spectrum of industrial applications. They are used in the construction of multi-story residential and commercial structures in major projects. Increasing government and private sector investments in infrastructure projects such as bridges, power plants, and dams will complement the equipment use.

Browse key industry insights spread across 300 pages with 429 market data tables and 37 figures & charts from the report “Tower Crane Market Size By Product (Flat Top, Hammerhead, Luffing Jib, Self-Erecting), By Design (Top Slewing, Bottom Slewing), 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), By Application (Rental, Construction, Mining, Shipyards, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:

Rising interest for modern architecture in North America

North America tower crane market was worth more than USD 1.6 billion in 2021. The region comprises of developed countries such as the U.S. and Canada. These nations are making significant strides when it comes to developing modern infrastructure and architecture. The U.S is home to some of the tallest skyscrapers in the world and invests heavily into the modernization of commercial spaces. Such initiatives will create lucrative business opportunities for tower crane companies.

New product launches to indicate tower crane industry development

Action Construction Equipment Limited, Favelle Favco Berhad, FMGru srl, HanKook Tower Crane Co., Ltd., JASO Industrial Cranes, Jost Cranes, Liebherr Group, Raimondi Cranes S.p.A., Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zhejiang Construction Machinery Group, Zoomlion Heavy Industry Science and Technology Co., Ltd. are some of the leading tower crane companies worldwide. These companies are developing novel products with advanced capabilities.

For instance, in August 2022, Chinese machinery giant Sany Group unveiled a new-generation tower crane featuring 15 patented technologies. The new tower crane is incorporated with the latest convenience, comfort, and safety, and intelligence capabilities, making it an ideal choice for mining companies.

Authors: Preeti Wadhwani, Smriti Loomba