Tower Crane Market: Emerging Opportunities, Trends and Forecast Analysis (2023-2029)

The Tower Crane market was valued at US$ 5.75 Bn. in 2022 and expected to grow at a CAGR of 8.2% during the forecast period (2023-2029), thanks to the growing trend of flat-top crane use which has boosted demand for Global Tower Cranes Market.
Tower Crane Market Overview:
The Tower crane is a fixed crane and has to be mounted on-site. It is a vertical metallic structure with having horizontal boom that can turn over 360 degrees. They are fixed in a limited area but cover a large radius. These tower cranes are used to transport and lift a huge weight from one place to another, for example - on a construction site it is used to transport large tools such as steel, concrete, generators and building materials, etc. Three types of tower cranes are Hammerhead crane, Luffing tower crane, self-erecting tower cranes. The surge in urbanization and increasing dependency of construction on cranes driving the global market as a result the market is expected to touch US$ 10 Bn. in 2029.To know about the Research Methodology :- Request Free Sample Report
Tower Crane Market Dynamics:
Increasing global population and urbanization, rising investment in public infrastructure developments like dams, bridges power plants, etc. Its stability and ease of carrying overweight compared to the traditional method, construction activities like apartments, marine and seaport operations, mining, etc creating the huge demand for the tower cranes. In 2022, the “National Buildings Construction Corporation”(NBCC) India, planned to redevelop 3 government projects worth 32000 crores and India alone needs approximately US$ 7 trillion for the next 7 years. This demand is expected to create a very large market for tower crane equipment.

Technological advancements in crane handling equipment such as high precision joysticks with strong IP protection, high durable resistors like steel grid or cast iron resistor, wireless video control and radio frequency identification technology (RFID), etc are boosting the global tower crane market positively.

Some of the factors that are affecting the global market, cranes are very expensive, labor-intensive to install, need a lot of effort and time to shift, high maintenance cost, non-availability of skilled labor, risk of slipping, and mechanical failure, etc.
Tower Crane Market Segmentation:
The Tower Crane Market is segmented by product, lifting capacity, end-user.

Based On Product Type Segment, The global Tower Crane market is segmented into flat-top and hammer-head. The flat-top tower segment dominates the global market and was valued at US$ 9.2 Mn. in 2022. Flat-top cranes have a compact head and moveable cab. They are quick, safe, much easy to erect, do not produce stress in jib due to their great design, are lower in cost, and are easy to assemble. These factors attract the global market increasingly.

Based Lifting Capacity Segment, the global Tower Crane market is segmented into Below 10 MT, between 10 to 50 MT and, above 50 MT. Between 10 to 50 MT segment dominates the global market and it held a share of 48% in 2022. The flat-top, hammerhead tower cranes are used to lift the weight and the maximum lifting capacity is about 18 MT. It is suitable for the building and construction activities, oil and gas, mining and port operations, etc as result this segment is expected to grow at a CAGR of 6.9% during the forecast period.

Based On End-User Segment, the Global Tower Crane market is segmented into construction and building and harbor and ports. The construction and building segment dominates the market and it held a share of 52% in 2022. Tower cranes are used maximum on construction sites to lift heavy steel parts, acetylene torches, and generators. Which helps in reducing the time and cost of manpower. Because of these applications, tower cranes have high demand in the construction and building sector.
Regional insights:
Asia Pacific region dominates the global market because of rising population, infrastructure developments, growing real estate market, expansion of tier 1 and tier 2 cities, growing tourism, etc are adding an advantage to the market growth. According to the “National Development and Reform Commission,” China approved 26 infrastructure projects with a total investment of US$ 142 Bn in 2022. India investing 600000 crore rupees in “Gujarat International Finance Tech-City” (GIFT) to attract international offices, etc. these are the factors helping to boost the global tower crane market.

North America is the second dominating region in the market. Because of the presence of technically advanced machines, safe work environment for laborers, economic expansion, the desire of people to shift in apartments are driving the market. The US is the major player in this region and the construction sector is the major contributor to its economy. The construction industry has more than 7 Mn employees and creates nearly US$ 1.4 trillion worth of structure each year.

The objective of the report is to present a comprehensive analysis of the global Tower Crane market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Tower Crane market dynamics, structure by analyzing the market segments and projecting the Tower Crane market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Tower Crane make the report investor’s guide.
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Tower Crane Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$  5.75 Bn.


Forecast Period 2023 to 2029 CAGR:
8.2%
Market Size in 2029:
US$ 9.99 Bn.


 Segments Covered:
by Product
Flat-top
Hammer-head


by Lifting capacity
Below 10MT
Between 10 to 50 MT
Above 50 MT


by End-User
Construction and Building
Harbor and Ports



Tower Crane Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. XCMG Group
2. Shandong Huaxia Group Co Ltd
3. Shandong Dahan Construction Machinery Co
4. Manitowoc
5. Yongmao Holdings Limited
6. LIEBHERR
7. HKTC
8. Favelle Favco BHD
9. Guangxi Construction Engineering Group Ltd
10. Sichuan Construction Machinery Co
11. Zhejiang Construction Machinery Group Co., Ltd.
12. Zoomlion Heavy Industry Science & Technology Co., Ltd
13. Wolffkran International
14. Terex Corporation
15. Fangyuan Group Co. Ltd

Frequently Asked Questions:

1. Which region has the largest share in Tower Crane Market?
Ans: Asia-Pacific held the largest share in 2022.

2. What is the growth rate of the Tower Crane Market?
Ans: The Tower Crane Market is growing at a CAGR of 8.2% during the forecasting period 2023-2029.

3. What segments are covered in Tower Crane Market?
Ans: Tower Crane Market is segmented into product, lifting capacity, end-user.

4. Who are the key players in Tower Crane Market?
Ans: XCMG Group, Shandong Huaxia Group Co., Ltd, Shandong Dahan Construction Machinery Co., Ltd., Manitowoc, Yongmao Holdings Limited, LIEBHERR, HKTC, Favelle Favco BHD, Guangxi Construction Engineering Group Ltd, Sichuan Construction Machinery (Group) Co., Zhejiang Construction Machinery Group Co., Ltd, Zoomlion Heavy Industry Science & Technology Co., Ltd, Wolffkran International AG, Terex Corporation, and Fangyuan Group Co. Ltd.

5. What is the study period of this market?
Ans: The Tower Crane Market is studied from 2022 to 2029.