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Market Overview:
The Tower Crane Market size is estimated to reach $9.7 Billion by 2031, growing at a CAGR of 6.6% during the forecast period 2025-2031, according to a recent report published by IndustryARC, titled, “Tower Cranes Market - By Type (Fixed Tower Crane, Mobile Tower Crane, Self-Rising Tower Crane, Luffing Jib Tower Crane, Hammerhead Tower Crane), By Lifting Height (Up to 100m, 100m - 200m, Above 200m), By Lifting Capacity (Up to 5 Tons, 6 to 20 Tons, 21 to 50 Tons, more than 50 Tons), By Design Type (Top Slewing Cranes, Bottom Slewing Cranes), By Fuel Type (Electric, Diesel, Hybrid), By End User Industry (Building & Construction, Mining, Energy & Power, Others), By Geography - Opportunity Analysis & Industry Forecast, 2025-2031
The demand for tower cranes is fueled by multiple factors, including infrastructure expansion, advancements in technology, stringent regulatory and safety standards promoting sustainability and green construction, economic growth with rising construction investments, equipment replacement cycles, and the growing rental market.
APAC dominates the market in 2024:
The Asia-Pacific (APAC) region dominated the market with a market share of 35% in 2024 driven by construction of high rise buildings, infrastructure development, and robust construction investments. In October 2024, the European Bank for Reconstruction and Development (EBRD) boosted its investments in Central Asia, prioritizing private sector development and infrastructure projects. In 2024, they've committed nearly US$1.56 billion across 86 new projects in the region. Countries such as China, India, and Southeast Asian nations are experiencing substantial growth in high-rise building projects and large-scale infrastructure endeavors, necessitating the extensive use of tower cranes.
Tower Crane Market: Key Takeaways
Construction Boom Drives Demand in the Tower Crane Market
The tower crane market worldwide is witnessing a tremendous demand surge, led by a boom in construction across residential, commercial, and infrastructure domains. This is propelled by rapid urbanization, government spending, and the demand for high-rise structures. Under the Bipartisan Law, a major infrastructure development was undertaken with approx. $400 billion being invested in more than 40,000 projects across the US under Biden's economic plan, as the Bipartisan Infrastructure Law approaches its second anniversary. With construction activity set to continue to increase worldwide, the tower crane market will see expansion.
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Rental Market
The tower crane market is heavily skewed towards rentals due to several compelling factors. Renting offers significant cost advantages, eliminating substantial upfront investment and ongoing expenses like maintenance and insurance. In February 2025, UK's Falcon Tower Crane Services is adding nine new Jaso cranes to its fleet. This is particularly beneficial for smaller firms and short-term projects. Renting also provides crucial flexibility, allowing companies to easily scale their crane fleet according to project needs. These combined advantages make renting the dominant model in the tower crane industry. These combined factors solidify the rental market's dominance in the tower crane industry. The rental model is poised to remain a cornerstone of the construction industry's strategy for efficient resource management.
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Recent Developments
• In January 2025, Terex Tower Cranes launched the CTL 702-32, a new luffing jib tower crane designed to improve construction site operations by prioritizing control, safety, and efficiency, ultimately leading to safer and faster project completion.
• In December 2024, Manitowoc unveiled its largest topless tower crane yet, the Potain MCT 2205. This China-built model boasts an 80m jib and a maximum lifting capacity of 80t. While offering performance comparable to Potain's largest hammerhead cranes, this topless design provides users with the advantages of flat-top models,
Tower Crane Market: Competitive Landscape
Key companies profiled in the Tower Crane Market are Liebherr-International AG, SANY Group, JASO Group, HKTC, Manitowoc Group, Terex Corporation, WOLFFKRAN International AG, Yongmao Holdings Limited, Favelle Favco Berhad, Action Construction Equipment Ltd. (ACE) and others.
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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
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