Tower Crane Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The tower crane market is expected to reach US$7.47 billion by 2024, and to reach US$10.37 billion by 2032. This represents a CAGR of 4.19 per cent for the forecast period. The demand for high-rise buildings and infrastructure, particularly in emerging economies, is a major contributor to this growth. The introduction of automation and the Internet of Things is also enhancing the efficiency and safety of tower cranes, further driving market growth. The key players in the tower crane market, such as Liebherr, Terex and Manitowoc, are investing in the development of new products and strengthening their market positions through strategic alliances. These new products are expected to drive the trend towards smarter construction equipment. In addition, the collaboration between manufacturers and construction companies is enabling the development of bespoke solutions that are designed to meet the needs of individual projects, enhancing productivity and driving market growth.

Regional Market Size

Regional Deep Dive

The tower crane market is growing dynamically in all regions, driven by the growth of urbanization, the development of the city and the construction boom. Each region has its own characteristics, influenced by local economic conditions, legislation and technological developments. In particular, there is a high demand for tower cranes in areas where there are large-scale construction projects, including residential, commercial and industrial buildings, which are essential for meeting the needs of a growing population and modernizing the country's economy.

Europe

• A significant movement towards sustainable building practices is now underway in Europe, with many countries introducing regulations which favour the use of sustainable materials and methods of construction. The design and functionality of tower cranes is influenced by this trend. Liebherr and Wolffkran are both focusing on energy-saving models.
• The European market is also benefiting from large-scale construction projects such as the European Union’s “green deal” which is aimed at increasing building and renovation activity across all member states. This initiative is expected to have a positive impact on the demand for tower cranes.

Asia Pacific

• In the Asia-Pacific region, the market for tower cranes is the largest, driven by rapid urbanization and the construction boom in countries such as China and India. The major companies, such as the Chinese companies XCMG and Zhongli, are expanding their production capacity to meet the demand for construction machinery.
• Innovations in smart construction technologies, including the integration of IoT and AI in tower cranes, are gaining traction in this region. These advancements are expected to improve project efficiency and safety, further propelling market growth.

Latin America

• In Latin America the building activity is slowly recovering, with Brazil and Mexico in particular investing in the building of roads and railways as a means of stimulating the economy. This recovery is creating opportunities for the tower crane manufacturers to expand their market presence.
• Local companies are collaborating with international firms to strengthen their technological and product capabilities. This trend is expected to enhance the efficiency and safety of the construction industry, which in turn is expected to boost the tower crane market.

North America

• North America is now seeing the introduction of advanced tower crane technology such as telematics and automation, which are improving the operational efficiency and safety of building sites. Terex and Manitowoc are the leading companies, developing new products to meet the industry’s evolving needs.
• In the United States, new regulations on the safety and emissions of tower cranes have forced manufacturers to develop more eco-friendly and safer machines. This will boost investment in new technology and the improvement of existing equipment.

Middle East And Africa

• In the Middle East and Africa, the construction boom is particularly strong in the Gulf countries, where projects like NEOM in Saudi Arabia are driving demand for tower cranes. Alimak and Potain are also active in this business.
• This is because regulations in the region are changing to support sustainable building practices. This in turn affects the design and operation of tower cranes. This will in turn influence the market’s growth as companies adapt to the new regulations.

Did You Know?

“Did you know that the tallest tower crane in the world, the Liebherr 1000 EC-H 40, can reach heights of over 400 meters and is capable of lifting loads up to 40 tons?” — Liebherr Group

Segmental Market Size

Tower cranes play a major role in the construction industry, particularly in urban development and major public works. This segment is currently experiencing strong growth, driven by urbanization and the demand for high-rise buildings. The need for efficient transport of materials in crowded urban areas is also a major factor in this growth. Recent technological advances in cranes have made it possible to improve safety and operating efficiency. In the advanced countries, Liebherr and Manitowoc are demonstrating new models in North America and Europe. Tower cranes are used mainly in the construction of residential and commercial buildings. In this market, the trends of energy efficiency and public works are increasing growth. Telematics and automation are also determining the evolution of tower cranes, which can be remotely controlled and monitored.

Future Outlook

The Tower Crane market is expected to increase significantly from 2024 to 2032, from $ 7,472,750,000 to $ 10,315,200,000, with a CAGR of 4.19%. The continuous growth of the construction industry, especially in emerging economies, is mainly due to the acceleration of urbanization and the construction of new roads. Tower cranes will be used more and more, especially in large-scale construction projects. The integration of IoT and AI in crane operations is expected to increase the efficiency and safety of cranes, which will also drive the market to grow. The stricter regulations on the safety of construction equipment and the increasing importance of green building materials will also promote the use of modern and energy-saving tower cranes. Also, the trend of building in sections and the increasing use of prefabricated components will change the market. These methods often require advanced lifting solutions to reduce costs and optimize the construction schedule. Tower cranes will be used more and more, and the market will be further developed.