Global Tower Crane Market Size, Share, Growth Analysis, By Type(Self-erecting, Luffing Jib), By Application(Construction, Industrial) - Industry Forecast 2023-2030

Global Tower Crane Market size was valued at USD 7.20 Billion in 2022 and is poised to grow from USD 7.90 Billion in 2023 to USD 16.57 Billion by 2031, at a CAGR of 9.7% during the forecast period (2024-2031).

The Tower crane market, with numerous regional participants and a valuation of USD 1.88 billion in 2022, includes manufacturers, suppliers, and additional stakeholders. Fuelled by demand from seaports, mining operations, and building projects, the market is expected to experience robust growth in the projected period. However, the expansion of the tower crane industry may face challenges due to a shortage of qualified operators. The elevated cost of training in certain countries contributes to the scarcity of skilled personnel. Contractors also grapple with the increasing expenses associated with acquiring tower cranes. The potential for accidents arises when heavy equipment is utilized in rural areas without adherence to safety regulations. Despite these challenges, the adoption of modern tower cranes could be encouraged if governments intensify efforts and investments in infrastructure development while ensuring operator safety.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Tower Crane Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Tower Crane Market Segmental Analysis

Global Tower Crane Market is segmented on the basis of lifting capacity, application, type and region. By lifting capacity, the market is segmented into <20 tons, 20-50 tons, 50-100 tons, >100 tons. By application, market is segmented into construction, industrial, utility. By type, the market is segmented into self-erecting, luffing jib, hammer head, flat top. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Tower Crane Market

The expansion of the global tower crane market is intricately tied to the broader construction industry. The escalating demand for both residential and commercial structures, along with infrastructure initiatives like bridges, dams, and railways, is propelling the necessity for tower cranes. Notably, rapid urbanization and population growth in emerging economies play a pivotal role in driving construction projects and, consequently, the demand for tower cranes.

The inclination towards vertical construction, particularly in urban settings, has significantly impacted the tower crane market. The increasing popularity of high-rise buildings is driven by limited land availability and the imperative to accommodate a burgeoning urban population. Tower cranes prove indispensable for the efficient construction of tall structures, offering the capability to lift heavy materials to considerable heights and cover a wide operational radius.

Restraints in the Global Tower Crane Market

The installation and operation of tower cranes demand a substantial amount of space. In densely populated urban areas, identifying suitable sites for the placement of tower cranes can pose challenges. Moreover, logistical hurdles associated with transporting and assembling tower cranes in congested areas may impose constraints on their utilization, thereby curtailing market growth in these locations.

Market Trends of the Global Tower Crane Market

A prevailing trend is observed in the shift towards modular and lightweight designs for tower cranes. Modular tower cranes present a flexible solution concerning height and configuration, rendering them suitable for diverse construction projects. On the other hand, lightweight tower cranes are more convenient to transport, assemble, and dismantle, mitigating logistical challenges linked to their utilization. These design trends specifically address the demand for versatility, cost-effectiveness, and the ease of deployment in various construction scenarios.