Tower Cranes Market Demand and Production Forecast 2034

Tower Cranes Market Size, Trends and Insights

The tower cranes market is forecasted to expand from USD 7.44 billion in 2025 to USD 11.33 billion by 2034, growing at a CAGR of 4.78% from 2025 to 2034.

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• The Covid-19 pandemic significantly impacted the Tower Cranes Market, causing disruptions in construction activities worldwide due to stringent lockdowns and social distancing measures.
• Construction activities in many countries came to a halt during the lockdown, leading to a decrease in demand for tower cranes.
  Restrictions on global transport further contributed to the decline in demand for heavy-duty tower cranes commonly used in handling port cargo.
• As economic activities resume, the demand for tower cranes is expected to bounce back gradually over the forecast period.
  Increased urbanization and investment in renewable energy development are projected to drive major growth for the tower crane market in the medium term.
• The surge in demand for prefabricated buildings, which require heavy-duty construction cranes for faster construction completion, is expected to further increase the demand for tower cranes.
• Rising construction activities, especially in the commercial and residential sectors, are anticipated to fuel the demand for tower cranes globally.
• Introduction of new technologies such as connected equipment, telematics, smartphone applications, and intelligent control systems is expected to drive future demand for tower cranes.
• Intelligent control technology, equipped with safety features and programmable control systems, enhances tower crane operation with reduced hazards, contributing to increased adoption in the market.

Tower Cranes Market Trends

The 5T and 10T Lifting Capacity Segments Lead the Market

• Rapid urbanization is expected to drive an increase in the demand for tower cranes during the forecast period.
• Tower cranes with lifting capacities of 5T and 10T are projected to be the most widely used types in construction activities due to their versatility and broad range of applications.
• The majority of materials requiring lifting in construction projects fall within the 5T and 10T lifting capacity category, contributing to these segments leading the market during the forecast period.
• The availability of various designs within this lifting capacity category has attracted significant interest from potential buyers and contractors across different sectors and countries.
• Increased demand for 5T and 10T capacity cranes is observed in sectors such as energy, oil, gas, and port material handling, further driving market growth.
• The high tip hoisting capacity offered by 10T capacity cranes is particularly appealing to buyers requiring heavy lifting at considerable heights.
• Lower emissions from these cranes, along with the ease of adding and removing crane bars to adjust the crane's height, enhance their attractiveness and usability.

Asia-Pacific Is The Leading Market

• Tower cranes are witnessing heightened demand across the Asia-Pacific region, driven by factors such as rapid urbanization, infrastructural development initiatives, and the construction of high-rise buildings.
• In Singapore, the government's extensive infrastructure development program has sparked significant demand for tower cranes, as the city-state undergoes major urban expansion and modernization projects.
• Similarly, India's robust infrastructure investment plans have led to increased demand for tower cranes with varying tonnages and lifting capacities, particularly in urban construction projects.
• The ASEAN region is experiencing an infrastructure boom, with several countries including Vietnam, Thailand, the Philippines, Malaysia, and Indonesia, embarking on large-scale development projects.
• Projects such as the Thai-Sino high-speed train project in Thailand and the Jakarta-Bandung high-speed rail project in Indonesia are prime examples of major infrastructure initiatives driving the demand for tower cranes in the region.
• Additionally, ASEAN countries are receiving support from major economies like India, Japan, and China, in the form of loans and assistance, further fueling infrastructure development and the need for tower cranes.
• The implementation of rail and road projects across ASEAN nations is expected to sustain the demand for tower cranes over the forecast period, as these projects require heavy lifting equipment for construction activities.
• Furthermore, initiatives aimed at urban renewal and the construction of commercial and residential complexes are contributing to the demand for tower cranes, as developers seek efficient and reliable lifting solutions for their projects.
• As a result, tower crane manufacturers and suppliers are capitalizing on these opportunities by offering a diverse range of products to meet the specific needs of construction firms and developers across the Asia-Pacific region.

Tower Cranes Industry Overview

• In November 2022, Manitowoc Corporation announced a strategic partnership with a leading construction firm in Europe to supply a fleet of advanced tower cranes for a major infrastructure project in Germany.
• Sarens n.v./s.a. expanded its global footprint by opening a new manufacturing facility in the Middle East in October 2022, aimed at catering to the growing demand for tower cranes in the region.
• Action Construction Equipment Ltd. introduced a new series of eco-friendly tower cranes equipped with advanced energy-efficient technology in September 2022, addressing the increasing demand for sustainable construction solutions.
• Terex Corporation signed a collaboration agreement with a prominent engineering consultancy firm in Australia in August 2022 to jointly develop innovative tower crane designs tailored to meet specific project requirements.
• Xugong Group unveiled its latest autonomous tower crane model equipped with artificial intelligence technology for enhanced safety and productivity in July 2022, setting new standards in crane automation.
• Liebherr International AG launched a digital platform for tower crane operators in June 2022, providing real-time monitoring and predictive maintenance solutions to optimize crane performance and minimize downtime.
• Zoomlion Heavy Industry Technology Co., Ltd. announced plans to invest in a state-of-the-art research and development center dedicated to tower crane innovation in May 2022, aiming to accelerate the development of next-generation crane technologies.

Tower Cranes Market Leaders

• Liebherr International AG
• The Manitowoc Company
• Zoomlion Heavy Industry Science and Technology Co., Ltd.
• SANY Group
• Terex Corporation
• NFT Group

Tower Cranes Industry Segmentation

By Crane Type

• Hammerhead Cranes
• Luffing Cranes
• Self Erecting Cranes

By Lifting Capacity

• 5T
• 10T
• 16T
• 20T
• 25T

By Geography

• North America
  
  • United States
  • Canada
  • Rest of North America
• Europe
  
  • Germany
  • United Kingdom
  • France
  • Rest of Europe
• Asia-Pacific
  
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Latin America
  
  • Brazil
  • Rest of Latin America
• Middle-East and Africa
  
  • South Africa
  • Rest of Middle East and Africa