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Tower Crane Market

Tower Crane Market

The market for Tower Crane was estimated at $9.80 billion in 2024; it is anticipated to increase to $12.5 billion by 2030, with projections indicating growth to around $15.2 billion by 2035.

Report ID:DS2101008
Author:Swarup Sahu - Senior Consultant
Published Date:January 2025
Datatree
Movable Heavy Machinery
Lifting Equipment
Tower Crane
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Report Summary
Table of Contents
Methodology
Market Data

Global Tower Crane Market Outlook

Revenue, 2024 (US$B)

$9.8B

Forecast, 2034 (US$B)

$14.6B

CAGR, 2024 - 2034

4.1%
The Tower Crane industry revenue is expected to be around $10.2 billion in 2025 and expected to showcase growth with 4.1% CAGR between 2025 and 2034. Its presence in city skylines worldwide highlights its role, in driving economic growth and serves as a constant reminder of progress and industry development.

Tower cranes are easily recognizable due to their height and exceptional lifting abilities that make them indispensable, in various construction projects.

tower crane market outlook with forecast trends, drivers, opportunities, supply chain, and competition 2024-2034

Market Key Insights

  • The Tower Crane market is projected to grow from $9.8 billion in 2024 to $14.6 billion in 2034. This represents a CAGR of 4.1%, reflecting rising demand across Construction and Development, Infrastructure Projects and Maritime and Shipyards.
  • The market leaders in this sector include Liebherr Group, Manitowoc Company Inc and Terex Corporation which determine the competitive dynamics of this market.
  • China and U.S. are the top markets within the Tower Crane market and are expected to observe the growth CAGR of 2.9% to 3.8% between 2024 and 2030.
  • Emerging markets including Vietnam, Nigeria and Colombia are expected to observe highest growth with CAGR ranging between 4.5% to 5.7%.
  • The market for Tower Cranes will experience a $600.0 million increase in growth through 2030 because of the transition toward environmentally friendly tower cranes.
  • The Tower Crane market is set to add $4.8 billion between 2024 and 2034, with manufacturer targeting 10-20 metric tons & Above 20 metric tons Operational Capacity projected to gain a larger market share.
  • With Urbanization and infrastructure development, and Technological advancements and iot integration, Tower Crane market to expand 49% between 2024 and 2034.
tower crane market size with pie charts of major and emerging country share, CAGR, trends for 2025 and 2032

Opportunities in the Tower Crane

The rise in sustainable building initiatives worldwide calls for the adoption of eco conscious and energy efficient tower cranes. Therefore promoting friendly tower cranes, with low emissions opens up a promising and overlooked avenue for growth.

Growth Opportunities in North America and Asia Pacific

North America Outlook

The tower crane market in North America is marked by a construction sector and numerous tall building projects underway. Competition in the region is driven by advancements in technology and the embrace of innovation by companies such, as Liebherr, Manitowoc and Terex dominating the industry landscape. Currently there is a growing market potential attributed to urban growth and infrastructure initiatives.

Asia Pacific Outlook

The Tower Crane industry in the Asia Pacific region is experiencing expansion thanks to the thriving construction sector in nations such as China, India and Japan. The market is diverse with a mix of regional providers as well as global rivals. The surge in real estate development and government funding for infrastructure ventures has created a market landscape. There is a growing focus, on adopting secure construction practices driving the markets progress.

Market Dynamics and Supply Chain

01

Driver: Urbanization and Infrastructure Development, and Green Construction Initiatives

The rapid growth of cities and an increase in construction projects are also factors influencing the tower crane markets growth trajectory. In particular the boom in the construction sector in emerging markets is also driving up the need, for tower cranes. The market is also being driven forward by the increasing focus, on development and environmentally friendly construction practices that utilize eco friendly tower cranes to reduce carbon emissions and promote energy efficiency.
The market also experiences a boost from the combination of cutting edge technology and the Internet of Things. Contemporary tower cranes are also equipped with functionalities such as accessibility and fault identification systems, alongside data gathering capabilities that enhance both safety measures and operational efficiency.
02

Restraint: High Initial Investment

Tower cranes are machines with a significant upfront cost that can be quite steep for businesses looking to invest in them due to their reputation, for being long lasting and efficient performers; this high price tag may deter some businesses from expanding their market presence and growth potential.
03

Opportunity: Innovation in Design and Automation and Remote Operation

The constant progress in technology in the construction sector is shaping the way tower cranes are structured and designed. There is a growing need for tower cranes thatre easy to move around and can handle heavy loads. This trend presents a chance, for developing innovative and tailored tower cranes to meet various construction requirements.
In the construction sectors shift towards automation there is an increasing need for tower cranes that are automated and operated remotely. This advancement opens up possibilities for incorporating AI and IoT technologies, alongside the conventional tower crane setups.
04

Challenge: Strict Regulatory Compliance

Tower cranes must follow safety and operational guidelines to avoid facing substantial penalties or potential shutdowns of their operations due to rule violations. The challenging nature and expenses associated with following these regulations may discourage entrants, into the market and hinder its overall growth.

Supply Chain Landscape

1
Raw Material Acquisition

ArcelorMittal

POSCO

2
Component Production

Manitowoc

Tadano

3
Assembly & Full Crane Production

Liebherr

Zoomlion

4
End-User Applications

Construction

Shipping and Port Operations

Industrial Infrastructure

*The illustration highlights the key stakeholders within the supply chain ecosystem.

Applications of Tower Crane in Construction & Development, Infrastructure Projects & Maritime & Shipyards

Construction and Development

Tower cranes are widely used in the construction sector to provide support for tasks like material handling and erectting towers during significant development projects. They play a role in high rise construction due to their impressive lifting capacity and extensive vertical and horizontal reach. Major industry leaders including Liebherr, Terex and Manitowac are well known for their tower cranes tailored for heavy duty applications, in the sector.

Maritime and Shipyards

In activities and shipyards crane towers are utilized for the loading and unloading of heavy goods and assembling ship components. They have a long jib and trolley that facilitate the accurate positioning of items which contributes to smoother operations and minimizes delays Prominent companies such as Konecranes and Zoomlion offer custom made cranes specifically designed for marine settings guaranteein durability, in adverse weather conditions

Infrastructure Projects

Tower cranes play a role in various public works projects like building roads and railways networks as well as constructing bridges and stadiums due to their versatility in being set up on location and facilitating aerial lifts which are vital, for infrastructure growth.

Recent Developments

December 2024

Liebherr has introduced a tower crane model that focuses on energy efficiency with the goal of minimizing the environmental impact of construction projects.

October 2024

Zoomlion has unveiled its autonomous tower crane technology to improve safety and efficiency, at construction sites.

July 2024

Terex Cranes introduced their tower crane model designed to handle heavier loads at construction sites.

The Tower Crane industry has experienced expansion in the recent years thanks to the thriving construction industry worldwide​ ​One notable development, in this sector is the rising use of technology​​​ especially digitalization​​​ Manufacturers are adopting digital control systems to improve efficiency and streamline operations.

Impact of Industry Transitions on the Tower Crane Market

As a core segment of the Lifting Equipment industry, the Tower Crane market develops in line with broader industry shifts. Over recent years, transitions such as Shift towards Eco-friendly Tower Cranes and Rise in Digital Innovation and Automation have redefined priorities across the Lifting Equipment sector, influencing how the Tower Crane market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
01

Shift towards Eco-friendly Tower Cranes

The Tower Crane industry is going through a shift towards greener and more energy efficient options to meet the growing demands of regulations set by both the industry and government to decrease carbon emissions, in construction activities. Manufacturers are now prioritizing the design and manufacturing of hybrid cranes that are not just environmentally friendly but also help in cutting down operational expenses. This industry transition is expected to add $600 million in the industry revenue between 2024 and 2030.
02

Rise in Digital Innovation and Automation

The Tower Crane sector has seen changes due to the swift growth of digital technology and automation processes being adopted by companies for enhanced efficiency and safety at work sites through technologies such, as remote monitoring systems and automated control systems.

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