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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Tower Crane Market Size
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.
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 Crane Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 4.5% in the forecast period of between 2024 and 2032.
The major drivers of the market include the increasing demand for construction machines capable of moving heavy loads, expansion of the construction sector across emerging economies, and growing renovation initiatives.
The growing research and development activities by the manufacturers aimed towards improving the models of tower crane and rapid industrial construction initiatives are the key trends in the market.
Hammerhead, luffing jib, flat top, and self-erecting are the different segments in the tower crane market based on type.
Less than 5 ton, 6 to 10 ton, and more than 10 ton are the different categories based on lifting capacity.
The cost of a tower crane depends upon the radius of the product. For instance, tower cranes of radius 48-60 m can have a price range of between USD 41,000 and USD 48,000.
A tower crane is generally used for mobilising heavy loads in the construction sector. It can anchor loads which are humanly impossible to lift.
The primary end-user industries for tower cranes are infrastructural construction, energy, and building construction, among others.
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