Tower Crane Market (By Product; By Design: Top Slewing, Bottom Slewing; By Lifting Capacity: Below 5 Metric Tons, 6-80 Metric Tons; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global tower crane market size was estimated at around USD 5.52 billion in 2023 and it is projected to hit around USD 9.18 billion by 2033, growing at a CAGR of 5.22% from 2024 to 2033. The expansion might be ascribed to the continuous global upsurge in infrastructure development and construction projects.

Key Pointers

• North America led the market with a revenue share of 38% in 2023.
• Asia Pacific is expected to grow at the fastest CAGR of 6.47% from 2023to 2032.
• By Product, the hammerhead segment captured the maximum market share of 42% in 2023.
• By Design, the top-slewing crane segment contributed the largest market share of 60% in 2023
• By Application, the construction segment registered the maximum market share of 50% in 2023.
• By Application, the mining segment is expected to grow at a fastest CAGR of 5.12% between 2023 to 2032.
• By Lifting Capacity, the 6 to 80 metric tons segment contributed more than 47% of revenue share in 2023.

Tower Crane Market Overview

The tower crane market is witnessing robust growth on a global scale, driven by the burgeoning construction activities and infrastructure development. Tower cranes, with their pivotal role in lifting and transporting heavy materials in construction sites, have become integral to the progress of large-scale projects. This overview provides a comprehensive insight into the key aspects shaping the current state and future prospects of the tower crane market.

Tower Crane Market Growth

The growth of the tower crane market is propelled by several key factors. Firstly, the escalating demand for high-rise buildings and infrastructure projects worldwide has significantly increased the need for efficient lifting solutions, positioning tower cranes as indispensable in the construction sector. Secondly, continuous technological advancements, including automation, real-time monitoring, and advanced control systems, contribute to enhanced safety, efficiency, and operational ease, further driving market expansion. Additionally, the global trend of urbanization, particularly in the Asia-Pacific region, is a major growth factor, with countries like China and India experiencing a surge in construction activities. The adoption of green and sustainable practices in construction, reflected in the development of eco-friendly tower cranes, aligns with the industry's commitment to environmental responsibility.

Report Scope of the Tower Crane Market

Tower Crane Market Dynamics

Drivers

• Rising Construction Activities: The surge in construction projects globally, spanning residential, commercial, and infrastructure sectors, is a primary driver. Tower cranes play a pivotal role in facilitating the lifting and movement of heavy materials, contributing to the progress of large-scale construction endeavors.
• Technological Advancements: Continuous innovation in tower crane technology is a significant driver. Advanced features such as automation, real-time monitoring, and sophisticated control systems enhance safety, operational efficiency, and ease of use. This technological evolution addresses the industry's demand for more efficient and secure lifting solutions.

Restraints

• Operational Limitations: Tower cranes, while efficient for vertical lifting in construction, may face limitations in certain project environments. Factors such as restricted space, zoning regulations, and site-specific challenges can impede the optimal operation of tower cranes.
• Maintenance Costs: The maintenance costs associated with tower cranes can be considerable. Regular inspections, repairs, and upgrades to ensure compliance with safety standards contribute to ongoing operational expenses, impacting the overall cost of ownership.

Opportunities

• Emerging Markets: Untapped markets in developing regions, characterized by rapid urbanization and increasing infrastructure demands, offer significant growth opportunities for tower crane manufacturers. These regions represent fertile ground for market expansion, with the potential for establishing a strong presence and meeting the rising construction needs.
• Rental Market Growth: The rising trend of renting construction equipment, including tower cranes, provides a lucrative opportunity for market players. Offering flexible rental services allows construction companies to access advanced equipment without the burden of ownership, creating a new revenue stream for manufacturers.

Product Insights

Based on product, the hammerhead segment accounted for the largest market share of 42% in 2023. Hammerheads can reach extraordinary heights and carry heavy loads with precision, allowing construction companies to tackle complex projects with ease. Their ability to work in tight urban spaces further adds to their appeal, as they can maximize construction potential in densely populated areas. Hammerheads are designed to be energy-efficient and produce lower emissions compared to traditional construction machinery, contributing to a more environment-friendly construction industry.

In December 2021, LIEBHERR Australia installed hammerhead cranes within its lineup. The installation supported the construction of the WestConnex M4-M5 Link Tunnels. The incorporation of energy-efficient components in the crane underscores the company's focus on minimizing its environmental footprint and cutting down on operational expenses. Luffing jib is expected to register a considerable growth over the forecast period.

Design Insights

Based on design, the top-slewing crane segment held the largest revenue share of 60% in 2023. The growth is attributed to its exceptional lifting capacity and reach, making it an ideal choice for handling heavy loads and materials, allowing for efficient and rapid construction progress. This crane's adaptability to various construction environments, from skyscrapers to bridge building and beyond, contributes to its global prominence. Moreover, the top-slewing crane's innovation and technological advancements have played a crucial role in its widespread adoption. With features such as computerized controls, enhanced safety systems, and improved energy efficiency, these cranes continue to evolve, meeting the ever-growing demands of modern construction projects.

The bottom slewing segment is anticipated to grow at a considerable rate over the forecast period. The growth can be attributed to their versatility and adaptability, making them indispensable in a wide range of construction and industrial applications. Their relatively compact design and high load-bearing capacity make them a preferred choice in urban areas with limited space. Additionally, advancements in crane technology have led to increased efficiency and safety features, further driving their popularity. Modern bottom slewing cranes come equipped with sophisticated control systems, remote operation capabilities, and advanced safety measures, reducing the risk of accidents and enhancing overall productivity.

Application Insights

Based on the application, the construction segment contributed the largest market share of 50% in 2023. The construction industry's increasing demand, owing to the growing urbanization and population growth, and technological advancements in the construction sector have contributed to the rising demand for tower cranes. These cranes are equipped with advanced features such as remote-control systems, precision engineering, and increased automation, which enhance safety and improve efficiency on construction sites. In July 2023, Radius Group, a provider of lifting solutions, collaborated with Skyline Cockpit, an Israeli technology provider for cranes to introduce a remote-control technology for tower cranes.

The mining segment is anticipated to grow at a fastest CAGR of 5.12% over the forecast period. The mining sector plays a pivotal role in the global economy, as it provides essential raw materials for various industries, including construction, manufacturing, and energy production. As mining operations expand to meet the rising global demand for minerals, the need for efficient and versatile equipment such as tower cranes becomes imperative. These cranes are instrumental in the construction and maintenance of mining infrastructure, such as conveyor systems, processing plants, and storage facilities, making them indispensable for the industry's growth.

Lifting Capacity Insights

Based on lifting capacity, the 6 to 80 metric tons segment accounted for the largest market share of over 47% in 2023. The global demand for taller and more complex structures, such as skyscrapers, bridges, and industrial facilities, fuels the continuous development of these towering giants. Architects and engineers constantly push the limits of design and construction, necessitating crane technology that can keep up with their ambitions.

The above-80 metric tons segment is expected to register the second-highest growth rate over the forecast period. This growth can be attributed to the increasing demand for mega-infrastructure projects, such as skyscrapers, bridges, and industrial facilities, which necessitates the use of these heavy-duty cranes to handle massive loads and reach great heights. Urbanization and population growth have fueled the construction industry's expansion, leading to a surge in the need for larger and more powerful tower cranes.

Regional Insights

North America dominated the market with a revenue share of 38% in 2023. The growth of the region is primarily driven by electricity or diesel engines, depending on the specific job site requirements and environmental considerations. In the region, electric tower cranes are becoming increasingly popular due to their eco-friendliness and cost-efficiency. They are connected to the local power grid, drawing electricity to operate their motors, which drive the crane's various movements such as lifting, lowering, and slewing.

Asia Pacific is expected to register the highest CAGR of 6.47% over the forecast period. The soaring demand for skyscrapers, infrastructure projects, and urban development has fuelled the proliferation of tower cranes across the region. These cranes are essential for lifting heavy materials and equipment to great heights, making them indispensable in the construction of high-rise buildings and large-scale infrastructure. Apart from the region’s continuous urbanization and population growth, government investments in infrastructure, such as transportation networks and energy facilities, have contributed to the high demand for these cranes.

Tower Crane Market Key Companies

• COMANSA
• FAVELLE FAVCO BERHAD
• Grúas Sáez, S.L.
• JASO Tower Cranes
• LIEBHERR
• Raimondi
• Sichuan Construction Machinery (Group)Co., Ltd
• Terex Corporation
• The Manitowoc Company, Inc.
• WOLFFKRAN International AG.
• XCMG Group
• Zoomlion Heavy Industry Science & Technology Co., Ltd.

Tower Crane Market Report Segmentations:

By Product

• Flat Top
• Hammerhead
• Luffing Jib
• Self-erecting

By Design

• Top Slewing Crane
• Bottom Slewing Crane

By Application

• Construction
• Mining
• Others

By Lifting Capacity

• Below 5 Metric Tons
• 6 to 80 Metric Tons
• Above 80 Metric Tons

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)