Tower Crane Market Size By Product (Flat Top, Hammerhead, Luffing Jib, Self-Erecting), By Design (Top Slewing, Bottom Slewing), By Loading Capacity (Below 5 metric tons, 6 to 20 metric tons, 21 to 50 metric tons, 51 to 80 metric tons, Above 80 metric tons

Tower Crane Market Size By Product (Flat Top, Hammerhead, Luffing Jib, Self-Erecting), By Design (Top Slewing, Bottom Slewing), By Loading Capacity (Below 5 metric tons, 6 to 20 metric tons, 21 to 50 metric tons, 51 to 80 metric tons, Above 80 metric tons), By Application (Rental, Construction, Mining, Shipyards, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global tower crane industry is poised to record substantial growth over the forecast years 2022 to 2030. Rapid expansion of urban infrastructure would be a key factor driving the demand for tower cranes. Emerging countries such as China, and India are witnessing a rise in population and the need for residential spaces. New urban development projects have enabled the construction of high-rise buildings that require safe and efficient handling/lifting of building materials. Such activities will encourage the large-scale deployment of tower cranes by contractors.

A shift towards sustainable technologies to reduce greenhouse gas (GHG emissions) will encourage tower crane companies to develop new equipment models. For instance, in June 2022, Australian crane rental agency, Marr Contracting replaced fossil diesel with 100% renewable diesel, known as HVO100, from Neste to power its heavy lift luffing tower crane fleet in the country. Marr aims to reduce climate emissions by up to 90% over the fuel’s life cycle.

The global tower crane market is classified into product, design, capacity, application, and region.

Based on product, the industry is fragmented into self-erecting tower cranes, hammerhead cranes, flat-top tower cranes, and luffing jib tower cranes. Among these, the flat-top tower cranes segment accounted for more than 20% of the market share in 2021. These cranes are gaining popularity due to their safe and user-friendly features.

Flat-top-tower cranes are an ideal fit for sites with height restrictions and ensure faster erection due to fewer jib interferences. This helps operators to cut down on costs. Additionally, these cranes have a movable cab along with a compact head.

In terms of design, the tower crane market is divided into top-slewing cranes and bottom-slewing cranes. The industry share from top-slewing cranes is anticipated to witness over 7% CAGR between 2022-2030. Widespread demand for top-slewing cranes in the construction and utility sectors can be credited to their ability to efficiently carry and transfer heavy or bulk loads and construction materials.

By capacity, the above 80 metric ton capacity tower cranes segment is anticipated to hold over 9% share of the tower crane market by 2030. Super-large tower cranes are required across complex infrastructures and coastal line construction projects. In October 2021, Zoomlion, Chinese equipment manufacturer, rolled out a 450-ton tower crane, W12000-450, which was claimed to be the largest top-slewing tower crane in the world.

With respect to application, the tower crane industry is segregated into utility, mining, rental, shipyards, and construction. The market share from the mining application segment is expected to exhibit over 4% CAGR from 2022-2030. Tower crane deployment across remote mining sites helps companies regulate operations in a safe, and hassle-free manner. Integration of next-generation technologies such as 3D modeling capabilities will foster the introduction of innovative tower cranes for mining sectors.

Europe tower crane market share is poised to reach over 30% by 2030. Rapid industrialization and urbanization across European countries along with increasing efforts to support innovation in the field of heavy machinery will complement the regional market outlook. Increasing demand for bulk lifting machinery in the utility, mining, construction, and power sectors will influence the demand for tower cranes in Europe.