Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Tower Crane Market Size is Expected to Grow from USD 5.56 Billion in 2023 to USD 9.07 Billion by 2033, at a CAGR of 5.02% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Tower Crane Market Size, Share, and COVID-19 Impact Analysis, By Product (Flat Top, Hammerhead, Luffing Jib, and Self-Erecting), By Design (Top Slewing Crane and Bottom Slewing Crane), By Lifting Capacity (Below 5 Metric Tons, 6 to 80 Metric Tons, and Above 80 Metric Tons), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Tower cranes are crucial components in the construction of tall buildings, massive structures, and complex projects, and they are used to control and guide heavy equipment at high heights. It is a type of construction machine equipped with a hoist, rope, and chain, used to lift and move heavy or bulk construction material around. The rapid urbanization and industrialization in emerging economies are offering lucrative market growth opportunities. The increasing global infrastructure development, rapid urbanization, and increased demand for housing in urban regions are promoting the tower crane market growth. The high population migration to cities, demand for more housing structures in urban areas, rapid urbanization, and government initiatives for infrastructure development are contributing to propelling the market. On the contrary, the increased cost of tower cranes and high initial investment & operational costs are hindering the market growth.
The hammerhead segment dominated the market with the largest market share in 2023.
Based on the product, the tower crane market is classified into a flat top, hammerhead, luffing jib, and self-erecting. Among these, the hammerhead segment dominated the market with the largest market share in 2023. Hammerhead tower crane is the most common type of crane which is reliable for precise, accurate handling of a wide variety of heavy materials. The increasing construction activities, especially in high-rise buildings, and infrastructure developments are propelling the market in the hammerhead segment.
The top slewing crane segment dominated the market with the largest market share in 2023.
Based on the design, the tower crane market is classified into a top slewing crane and a bottom slewing crane. Among these, the top slewing crane segment dominated the market with the largest market share in 2023. Top-slewing crane lifts and moves heavy materials and equipment to great heights. The crane’s capacity for various construction environments, from skyscrapers to bridge buildings and beyond, significantly drives the market.
The 6 to 80 metric tons segment held the largest revenue share of the global tower crane market in 2023.
Based on the lifting capacity, the tower crane market is classified into below 5 metric tons, 6 to 80 metric tons, and above 80 metric tons. Among these, the 6 to 80 metric tons segment held the largest revenue share of the global tower crane market in 2023. The demand for larger and more powerful cranes for building taller and more complex structures is driving the market in the 6 to 80-metric-tons segment.
North America is estimated to hold the largest share of the tower crane market over the forecast period.
North America is estimated to hold the largest share of the tower crane market over the forecast period. The increasingly innovative technologies including IoT-enables monitoring systems, predictive maintenance software, and advanced automation features are significantly contributing to driving the market. Further, the increasing infrastructure development as well as the replacement and upgradation needs are propelling the market.
Asia Pacific is predicted to grow at the highest CAGR in the tower crane market over the forecast period. The increased need for material handling and transportation on high elevations leads to the increased use of tower cranes in the construction of buildings and other structures, thereby propelling the market. Further, the growing construction industry, installation of wind turbines and solar panels, and high rate of oil & gas exploration activity are the factors propelling the market.
Company Profiling
Major key players in the global tower crane market include 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., and Others.
Key Target Audience
Recent Developments
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the tower crane market based on the below-mentioned segments:
Global Tower Crane Market, By Product
Global Tower Crane Market, By Design
Global Tower Crane Market, By Lifting Capacity
Global Tower Crane Market, By Regional Analysis
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