Global Tower Crane Market Report and Forecast 2024-2032

Global Tower Crane Market Outlook

The global tower crane market would likely grow at a CAGR of 4.5% during 2024-2032. Tower cranes are extensively used in building projects; the machines are used to lift heavy loads such as concrete and steel. Large devices like generators, motors, and acetylene torches are also moved with the help of tower cranes. Uses of tower cranes include dam construction; bridge construction; civil construction; residential construction; industry, plant, and automation; power plant; railway; marine construction; etc. Asia, North America and Europe are likely to be key markets. 

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Global Market Likely to be Driven by Use in Construction Industry

Modern tower cranes enable development companies to work more efficiently, quickly, sustainably and cost-effectively. These heavy-lifting machines are very useful in carrying out arduous tasks. Tower cranes are particularly vital to the construction industry. Uses in construction are expected to boost the global tower crane market.

Tower cranes are commonly used at construction sites across the world; projects requiring heavy lifting at great heights warrant tower cranes. The essential elements of a tower crane include base support (positioned at the tower bottom, generally connected to a concrete pad on the ground; it may also be connected to a ballasted chassis or steel grillage set on ground or atop a present structure), tower (also called mast, it is a vertical component affording the crane its height), turntable (allows the crane arm to rotate), operator’s cab (box in which the operator sits), jib or working arm (supports and positions the lifted load), trolley and hook block (trolley moves front and back across the jib; hook block acts as pulley system enabling the hook to move up and down), counter jib (helps the machine maintain balance), and counterweight (helps balance the load of the lift).

Different Types of Tower Cranes are Used in Different Types of Projects

Different types of tower cranes include Hammerhead Tower Crane, Luffing Jib Crane, and Self-erecting Crane. Appropriate projects for tower crane use include, Multi-Family Housing, Hospitals and Educational Facilities, Parking Garages, Water Treatment Facilities, Mid/High Rise Construction, Industrial Projects, etc. Such uses are expected to boost the global tower crane market.   

Tower Cranes are Being Employed in Projects Across the Globe

In 2022, it was reported that Bennetts Cranes took delivery of the first Saez SL 730 – the largest luffing jib model in the Saez tower crane fleet; the machine had a 36,000kg (36 tonne) maximum load. Bennetts was the first hire company in the world to acquire the new model. 

In 2021, it was reported that the tallest freestanding luffing jib crane operating in the UK reached final height. Bennetts Cranes increased freestanding crane to 105m for residential development in Fulham. This was seen as the tallest freestanding luffing jib crane in operation in the UK at the time, implying it was not tied to the building.

In 2022, it was reported that BKL was helping in setting up the new Terminal 3 at Fraport in Germany with the help of twelve tower cranes and many mobile crane operations. It was one among Europe’s biggest privately funded infrastructure projects.

In 2022, it was reported that the new Potain MCT 805 (a high-capacity flat top tower crane) would soon be available in Australia, Asia, the Middle East, New Zealand, Africa and Latin America. Nearly twelve Potain cranes were employed to advance the construction of an important residential development in Mamurdi, northwest Pune, Maharashtra. 

Market Segmentation

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By type, the global tower crane market is segmented into: 

• Hammer head

• Luffing jib

• Flat top

• Self-erecting

By lifting capacity, the market is divided into:

• Less than 5 ton

• 6 to 10 ton

• More than 10 ton

By end user industry, the market is classified into:

• Infrastructural Construction

• Energy

• Building Construction

• Others

By region, the market is divided into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the global tower crane market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Yongmao Holdings Limited

• The Manitowoc Company, Inc

• Liebherr-International Deutschland GmbH

• Terex Corporation

• WOLFFKRAN Group

• Mammoet Group

• Sarens n.v./s.a.

• Zoomlion Heavy Industry Science&Technology Co., Ltd.

• Lampson International LLC 

• Deep South Crane & Rigging, LLC

• Others

Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.

Key Highlights of the Report

Tower Crane Market Report Snapshots

Tower Crane Market Size

Tower Crane Companies