Tower Crane Market Size Worth $10.33 Billion By 2032 | CAGR: 6.45%

Tower Crane Market Size Worth $10.33 Billion By 2032 | CAGR: 6.45%

The global tower crane market size is expected to reach USD 10.33 billion by 2032, according to a new study by Polaris Market Research. The report “Tower Crane Market Share, Size, Trends, Industry Analysis Report, By Product Type (Self-Erecting, Luffing Jib, Hammer Head, and Flat Top); By Lifting Capacity; By End-Use; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing investment in public infrastructure development, including dams, bridge power plants, and airports, among others owing to its high stability and ease of carrying overweight as compared to the other conventional methods, along with the high technological advancements in crane handling equipment are among the key factors boosting the global market growth. Moreover, introducing various types of new material-handling tower cranes with improved capacity and innovative features has attracted much interest and attention from potential buyers and contractors.

For instance, in January 2023, Manitowoc introduced its latest topless tower crane, Potain MCT 1005 M50, with a maximum capacity of 50T and jib lengths of 80cm. The newly developed tower cranes are designed for use in emerging markets and are available with three different counter jib options while enhancing its seamless integration.

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Moreover, an increasing number of OEMs offering tower crane rental services is gaining significant traction, as many small and medium-scale developers can afford and leverage these features while enabling them to work in more challenging environments with higher safety and improved productivity. Despite this, the market is a bit unique in the UK for several reasons, as being a developed country with increasingly urbanized areas, land space is at a premium. Due to this, there is pressure to construct buildings on a very small footprint with limited space surrounding them, creating more unique requirements for tower cranes.

Tower Crane Market Report Highlights

  • Self-erecting segment accounted for the largest market share in 2022, owing to the wide range of advantageous features including high lifting capacity and excellent reach
  • 6 to 10 ton segment held the highest market revenue share in 2022, on account on widespread adoption of cranes with this capacity in the construction industry due to large number of designs and features associated with these cranes
  • Infrastructural construction segment is expected to grow at a significant CAGR during the projected period, which is largely attributed to extensive growth in the infrastructure development related investment
  • The Asia Pacific region is anticipated to emerge as fastest growing region over the study period, due to the high growth in industrialization and rate of urbanization in emerging economies like India and China
  • The global key market players include Zoomlion Heavy Industry Science & Technology Company, Action Construction Equipment, Manitowoc Company, and Guangxi Construction Engineering Group

Polaris Market Research has segmented the tower crane market report based on product type, lifting capacity, end-user, and region:

Tower Crane, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Self-Erecting
  • Luffing Jib
  • Hammer Head
  • Flat Top

Tower Crane, Lifting Capacity Outlook (Revenue - USD Billion, 2019 - 2032)

  • Less Than 5 Ton
  • 6 to 10 Ton
  • More Than 10 Ton

Tower Crane, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Building Construction
  • Infrastructural Construction
  • Energy
  • Marine & Sea Ports
  • Mining
  • Others

Tower Crane, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa