Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global tower crane market size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.

A tower crane is a machine capable of lifting heavy goods, such as steel, concrete, large tools like acetylene torches and generators, and other building materials with minimum human assistance. It comprises a base, mast, slewing unit, working and machinery arm, hook and trolley, and operator cab. It is also equipped with a maximum load limit and a load-moment limit switch to prevent the tower crane from overloading. In addition, it is fixed to the ground on a concrete slab and sometimes attached to the sides of different structures.

Tower Crane Market Trends:

With the rising technological advancements and improvements, tower cranes have become safer and more compact. This, in confluence with the increasing automation in the construction sector, represents one of the key factors impelling the growth of the market. Moreover, governing authorities of numerous countries are increasingly focusing on infrastructure development, which involves the construction of basic foundational services, such as buildings, bridges, dams, pipelines, road networks, ports, railways, and aqueducts. This, coupled with the rising utilization of tower cranes at construction sites of the residential, commercial, and industrial sectors, is positively influencing the market. Apart from this, the integration of anti-collision devices in tower cranes helps prevent collision with nearby structures, buildings, trees, and other tower cranes working in close vicinity. Remote crane operation also allows users to move from a dangerous and harsh working environment to the safety of a control room, which is propelling the market growth. Furthermore, the rising urbanization has accelerated the construction of high-rise and tall buildings around the world. These factors collectively are projected to strengthen the growth of the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global tower crane market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, lifting capacity and end use industry.

Breakup by Type:

Self-Erecting
Luffing Jib
Hammer Head
Flat Top

Breakup by Lifting Capacity:

Less than 5 Ton
6 to 10 Ton
More than 10 Ton

Breakup by End Use Industry:

Building Construction
Infrastructural Construction
Energy
Others

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Action Construction Equipment Ltd., Eng Cranes Srl, Favelle Favco Berhad (Muhibbah Engineering), HKTC, JASO Tower Cranes, Liebherr, Sany Heavy Industry Co. Ltd, Shandong Huaxia Group Co. Ltd., Terex Corporation, WOLFFKRAN International AG, Yongmao Holdings Limited and Zoomlion Heavy Industry Science and Technology Co. Ltd.

Key Questions Answered in This Report:

What was the size of the global tower crane market in 2022?

What is the expected growth rate of the global tower crane market during 2023-2028?

What are the key factors driving the global tower crane market?

What has been the impact of COVID-19 on the global tower crane market?

What is the breakup of the global tower crane market based on the type?

What is the breakup of the global tower crane market based on the lifting capacity?

What is the breakup of the global tower crane market based on end use industry?

What are the key regions in the global tower crane market?

Who are the key players/companies in the global tower crane market?