Tower crane market revenues are expected to reach USD 21,063.30 million in 2023. Tower crane market revenue is expected to reach USD 33,661.95 million by 2033. A CAGR of 4.8% is expected for the tower crane market during the forecast period.
| Attributes | Key Insights |
|---|---|
| Tower crane Market Value in 2023 | USD 21,063.30 million |
| Projected Industry Value in 2033 | USD 33,661.95 million |
| Value-based CAGR from 2023 to 2033 | 4.8% |
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Historically the market was valued at USD 20,191.90 million in 2022. The global demand for tower cranes is expected to increase by 4.8% CAGR between 2023 and 2033.
| Market Value in 2022 | USD 20,191.9 million |
|---|---|
| Market Value in 2023 | USD 33,661.95 million |
Tower crane demand is influenced by factors such as interest rates, inflation, as well as the general economic stability, which influence the financing and feasibility of future construction projects and, therefore, on tower crane demand.
Construction projects can be impacted significantly by the location of their construction sites. Machines such as these will naturally be in higher demand in areas where construction markets are robust. Incentives and policies by governments promoting construction activities or sustainable building practices can also affect tower crane demand.
Eventually, the existing tower crane fleet will need to be replaced and maintained. With age or ageing cranes, new equipment is needed, contributing to demand. The ability to provide customized tower crane solutions can establish companies as a leader in the industry. Providing cranes that are suited to specific projects or challenging circumstances can be a niche opportunity. An export strategy for tower cranes can be a successful one if the construction industry in the country is growing.
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Based on revenues, the following table illustrates the top 5 leading countries, led by India and China. Bottom stewing can help a construction or civil engineering project perform better, last longer, and be easier to manage. Through 2033, tower crane sales will increase in these two countries.
Forecast CAGRs of 2023 to 2033
| Attributes | Details |
|---|---|
| The United Kingdom | 4% |
| India | 5.8% |
| China | 6.5% |
| The United States | 4.5% |
| Germany | 3.5% |
Tower cranes have experienced steady growth in the United States over the last few years. In 2033, the market is expected to expand at a CAGR of 4.5%. Tower cranes are used for prefabricated modules that are assembled on-site after being prefabricated off-site. Apart from skyscrapers, tower cranes are also used to build high-rise residential buildings, including apartment buildings and condos.
Factory construction, warehouse construction, and manufacturing plant construction all use tower cranes. Sport facilities, including stadiums and arenas, are built with tower cranes that lift structure elements, seating, and other materials. With an increasing number of renovations or restorations, tower cranes are often used to lift and place equipment and materials.
Demolition projects in urban areas where conventional methods can't be used, tower cranes can be used in demolition projects to carefully dismantle buildings. Wind turbines, large artwork, and precision tasks that require a high level of reach and precision can be accomplished with tower cranes, which can be adapted and used to meet the requirements of specialized projects.
The demand for tower cranes in India has increased rapidly in recent years. The market is expected to reach 5.8% CAGR until 2033. Assisting with dam construction, reservoir construction, and sewage treatment plant construction, tower cranes are used for many civil engineering projects. As the number of metros is increasing in the country and government initiatives are being launched to build various transportation facilities, the market is expected to grow.
Rising rental facilities and various key manufacturers are expected to drive the market. Increasing investment and government programs on worker safety will drive India's tower crane market. Construction equipment, such as tower cranes, is needed to build factories and industrial facilities in India as the country aims to boost its manufacturing sector. As new industrial zones and smart cities are developed as a result of government initiatives like 'Make in India' and 'Smart Cities Mission' tower cranes are in high demand.
China is expected to dominate the tower crane market. According to estimates, the market will expand at a 6.5% CAGR until 2033. Typical uses of tower cranes in industrial settings include constructing warehouses, factories, and other facilities. As China's busy ports expand and develop, tower cranes are used to facilitate the movement of materials and goods.
Among the many applications of tower cranes are coal-fired power plants, nuclear power plants, and renewable energy plants. Large vessels are constructed and maintained using tower cranes in shipyards. A tower crane is a vital piece of equipment in China's shipbuilding industry.
Wind energy is a leading source of energy in China. It is common practice in wind farms across the country to use tower cranes to construct and install wind turbines. In large sports stadiums, airports, and high-speed rail networks, tower cranes are used to construct various mega-projects.
The construction industry in Germany is experiencing a surge in demand. A CAGR of 3.5% is anticipated from 2023 to 2033 for Germany. Heavy machinery and equipment used in manufacturing processes are handled by tower cranes, which are employed in factories, warehouses, and industrial facilities. Tower cranes are used to load and unload cargo from ships and manage containers in coastal areas.
As renewable energy sources become increasingly important, tower cranes are being used to construct wind farms and construct wind turbines. Tower cranes sometimes dismantle buildings and structures piece by piece in order to maintain safety and efficiency. Including nuclear, coal, and renewable energy projects, tower cranes are used in power plant construction.
The tower crane industry is expected to lead the United Kingdom in the coming years. A 4% CAGR is projected for the market through 2033. Skyscrapers and tall buildings are essential to major cities. As a result, steel beams, concrete, and glass, among other construction materials, are lifted to the upper floors.
Residential and commercial buildings across the United Kingdom are constructed with tower cranes, including apartments, offices, and shopping centres. For projects involving infrastructure construction, such as bridge construction, tunnel construction, and road construction, tower cranes are deployed.
A major part of construction projects involves assistance with the transportation of enormous construction tools and materials. Historic buildings and landmarks are renovated and restored using tower cranes. Providing transportation to the upper levels and facilitating intricate restoration processes, they are essential to the preservation of the building.
According to market forecasts, bottom slewings are expected to dominate the market until 2033, with a market share of 63.4% during the forecast period. According to the forecast, the hammerhead cranes segment is expected to hold a market share of 35.6%.
| Attributes | Details |
|---|---|
| Bottom Slewing Market Share (2023 to 2033) | 63.4% |
| Hammerhead Cranes Market Share (2023 to 2033) | 35.6% |
Based on the design, bottom stewings are expected to dominate the market. Bottom stewing is projected to hold 63.4% of the market share by 2033. Private construction sites are the most common place to find these cranes, and their use is very common among contractors as they are very in demand. Construction projects involving low-rise buildings and short-term projects supported by public and private agencies will contribute to equipment utilization.
Based on the product type, the hammerhead cranes segment is expected to dominate the market. The hammerhead crane market share is expected to hold 35.6% between 2023 and 2033.
Construction projects play a key role in the demand for hammerhead cranes. A surge of construction activity, like high-rise building construction, bridge construction, or other infrastructure projects, increases demand for cranes.
Hammerhead cranes are often required to construct tall buildings and structures during urban development. The number of people moving to cities increases the demand for housing and commercial spaces. As well as heavy lifting tasks at ports and highways, hammerhead cranes are used in large infrastructure projects. Investing in infrastructure can increase demand for goods and services.
Material handling and assembly are common requirements for hammerhead cranes in industries such as manufacturing, shipbuilding, and logistics. Increasing the size of industrial facilities can result in an increase in the demand for these types of cranes.
Several global tower crane market players are constantly expanding and upgrading their product ranges to remain competitive. Their growth strategies include partnering with other companies, collaborating, subsidizing, acquisitions, and establishing new facilities, which are all aimed at enhancing their competitiveness.
For instance:
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 21,063.30 million |
| Projected Market Valuation in 2033 | USD 33,661.95 million |
| Value-based CAGR 2023 to 2033 | 4.8% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa |
| Key Market Segments Covered | Lifting Capacity; Design; Product Type; End Use; Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Xuzhou Construction Machinery Group Co. Ltd.; Zoomlion Heavy Industry Science & Technology Company Ltd.; Liebherr; Terex Corporation; Manitowoc; Sany Group; Action Construction Equipment; Konecranes; Raimondi |
Tower crane is expected to reach USD 21,063.30 million in 2023.
The tower crane market is expected to increase by a CAGR of 4.8% by 2033.
The tower crane industry is forecast to reach USD 33,661.95 million by 2033.
Bottom stewing is expected to be the dominant type on the market.
The hammerhead cranes segment is expected to dominate the tower crane market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Lifting Capacity 5.1. Up to 5 Tons 5.2. 5 to 10 Tons 5.3. 10 to 20 Tons 5.4. 20 to 30 Tons 5.5. 50 to 250 Tons 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design 6.1. Top Slewing 6.2. Bottom Slewing 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 7.1. Self-Erecting 7.2. Hammer Head Cranes 7.3. Luffing Jib Cranes 7.4. Mobile Cranes 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 8.1. Building & Construction 8.2. Civic infrastructure 8.3. Marine & Sea Ports 8.4. Mining 8.5. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Xuzhou Construction Machinery Group Co., Ltd. 19.2. Zoomlion Heavy Industry Science & Technology Company Ltd. 19.3. Liebherr 19.4. Terex Corporation 19.5. Manitowoc 19.6. Sany Group 19.7. Action Construction Equipment 19.8. Konecranes 19.9. Raimondi 19.10. Others 20. Assumptions & Acronyms Used 21. Research Methodology
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Tower Crane Market
