Market Size of Tower Cranes Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.35 Billion |
| Market Size (2029) | USD 8.71 Billion |
| CAGR (2024 - 2029) | 6.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tower Cranes Market Analysis
The Tower Cranes Market size is estimated at USD 6.35 billion in 2024, and is expected to reach USD 8.71 billion by 2029, growing at a CAGR of 6.20% during the forecast period (2024-2029).
Over the medium term, increased urbanization, the outstanding stability of tower cranes, and increased investment in renewable energy development are expected to drive significant growth in the market. The growing demand for prefabricated buildings to be assembled on construction sites is leading to faster completion of construction projects. This trend is expected to further boost the demand for heavy-duty construction cranes, particularly tower cranes, during the forecast period.
The global demand for tower cranes is expected to surge due to the increasing number of construction projects worldwide. The market is projected to experience significant growth during the forecast period, driven by the rise in commercial and residential construction activities.
Technologies such as connected equipment and tools, telematics, smartphone applications, and intelligent control are some of the latest advancements that will likely drive demand in the future. The introduction of intelligent control technology consists of safety features with an additional programmable control system that can operate tower cranes with fewer hazards.
Tower Cranes Industry Overview
Tower cranes are a type of construction machine equipped with a hoist, rope, and chain and used to lower, lift, and move heavy or bulk construction materials around.
The tower crane market is segmented by crane type, lifting capacity, end user, and geography. By crane type, the market is segmented into hammerhead tower cranes, luffing tower cranes, and self-erecting tower cranes. By lifting capacity, the market is segmented into up to 5 tons, 5-10 tons, 11-16 tons, 17-25 tons, and above 25 tons. By end user, the market is segmented into infrastructure, residential buildings, commercial buildings, mining and excavation, and other end users (marine, offshore, etc.). By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing and forecast have been done based on value (USD).
| By Crane type | |
| Hammerhead Cranes | |
| Luffing Cranes | |
| Self-erecting Cranes |
| By Lifting Capacity | |
| Up to 5 Ton | |
| 5 to 10 Ton | |
| 11 to 16 Ton | |
| 17 to 25 Ton | |
| Above 25 Ton |
| By End User | |
| Infrastructure | |
| Residential Buildings | |
| Commercial Buildings | |
| Mining and Excavation | |
| Other End Users (Marine, Offshore, Etc.) |
| By Geography | ||||||||
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Tower Cranes Market Size Summary
The tower crane market is poised for significant growth over the forecast period, driven by factors such as increased urbanization, the demand for prefabricated buildings, and investments in renewable energy. The market, which experienced a downturn due to the COVID-19 pandemic, is expected to recover as economic activities resume. The rise in commercial and residential construction projects globally is anticipated to further boost the demand for tower cranes. Technological advancements, including connected equipment and intelligent control systems, are also expected to play a crucial role in driving market growth. The availability of various designs and lifting capacities, particularly the 5T and 10T cranes, has attracted considerable interest from buyers and contractors, enhancing their market presence.
The Asia-Pacific region is a key driver of demand for tower cranes, fueled by extensive infrastructure development and high-rise projects in countries like Singapore, India, and ASEAN nations. These developments are supported by government initiatives and international collaborations, such as the Thai-Sino high-speed train project and the Jakarta-Bandung high-speed rail project in Indonesia. Major market players, including Manitowoc Company, SANY Global, and Zoomlion Heavy Industry Science & Technology Co., Ltd., are actively expanding their presence and enhancing their product offerings through strategic partnerships and technological innovations. These efforts are expected to sustain steady growth in the tower crane market, particularly in the Asia-Pacific region, over the forecast period.
Tower Cranes Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Growing Infrastructure Developments Worldwide
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1.2 Market Restraints
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1.2.1 Rising Demand for Tower Crane Rental Services May Impact Market Growth
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value (USD))
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2.1 By Crane type
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2.1.1 Hammerhead Cranes
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2.1.2 Luffing Cranes
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2.1.3 Self-erecting Cranes
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2.2 By Lifting Capacity
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2.2.1 Up to 5 Ton
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2.2.2 5 to 10 Ton
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2.2.3 11 to 16 Ton
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2.2.4 17 to 25 Ton
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2.2.5 Above 25 Ton
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2.3 By End User
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2.3.1 Infrastructure
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2.3.2 Residential Buildings
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2.3.3 Commercial Buildings
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2.3.4 Mining and Excavation
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2.3.5 Other End Users (Marine, Offshore, Etc.)
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 South America
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2.4.4.2 Middle East and Africa
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Tower Cranes Market Size FAQs
How big is the Tower Cranes Market?
The Tower Cranes Market size is expected to reach USD 6.35 billion in 2024 and grow at a CAGR of 6.20% to reach USD 8.71 billion by 2029.
What is the current Tower Cranes Market size?
In 2024, the Tower Cranes Market size is expected to reach USD 6.35 billion.
