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Tower Cranes Market Overview:
The Tower Cranes Market size is estimated to reach $9.7 Billion by 2031, growing at a CAGR of 6.6% during the forecast period 2025-2031. The demand for tower cranes is driven by infrastructure development, technological innovations, regulatory and safety standards that support sustainability and green construction, economic growth and increased construction investments, replacement cycles, construction of high rises and the expansion of the rental market.
One of the major trends is remote operation and digital control. Remote operation is revolutionising tower crane control. In July 2023, Radius Group has implemented a remote-control system for its tower cranes, enabling ground-level operation. This advancement was made possible through collaboration with Israeli technology company Skyline Cockpit. Operators can work from comfortable ground-level cabins with panoramic screens, improving visibility and safety. This also expands accessibility to a wider range of personnel. The systems increase efficiency by saving time, enabling quick crane switching, and automating data recording for accurate productivity measurement. Additionally, intelligent features such as machine learning help to predict risks, recommend optimal lifting techniques, and optimise performance. Overall, remote operation makes tower crane operation safer, more efficient, and more accessible.
Market Snapshot:
Tower Cranes Market - Report Coverage:
The “Tower Cranes Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Tower Cranes Market.
| Attribute | Segment |
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By Type |
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By Lifting Height |
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By Lifting Capacity |
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By Design Type |
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By Fuel Type |
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By End User Industry |
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By Geography |
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Key Takeaways:
APAC Leads the Market
APAC occupied the largest share in the tower cranes market in 2024 due to a combination of rapid urbanization, infrastructure development and industrialization. Countries like China and India are investing heavily in high-rise buildings and smart cities to accommodate this urban influx. According to India Brand Equity Foundation, the private equity investments in India’s real estate sector, stood at US$3 billion in the first half of 2024. In August 2024, India approved 12 new industrial smart cities and other infrastructure projects aimed at boosting India’s manufacturing ecosystem. The smart city projects under the National Industrial Corridor Development Programme (NICDP) will entail an investment $3.41 billion. With constant investments and focus on sustainable development, the region is expected to retain its leading position in the global market.
Hammerhead Tower Cranes are the Largest Segment
Hammerhead tower cranes rule the market in 2024 due to their high lifting capacity, long reach, precise load control, and versatility in handling various materials. They are especially reliable for precise, accurate handling of a wide variety of heavy materials. These tower cranes are engineered with a robust and aesthetically refined design, featuring a forward-tilting hammerhead, rigid rod structure, and an independent driver’s cab for enhanced operational efficiency. Their advanced technical specifications and stable performance ensure a consistent lifting capacity, optimized lifting moment, and an adaptable working range. To maximize durability, the cranes incorporate forged and precision-machined jib joints, a high-strength box body structure, and reinforced support arms. Additionally, the versatile jib design allows for variable working ranges and multiple base configurations, making these cranes suitable for a wide range of construction and industrial applications. In summary, hammerhead tower cranes continue to be a cornerstone in the construction industry, offering unparalleled lifting capabilities and operational efficiency that cater to the demands of modern construction projects.
6 - 20 Tons segment dominates the market
The mid‐range tower cranes—those with lifting capacities between 6 - 20 tons have increasingly become the workhorses of modern urban construction due to optimal Cost-to-Performance Ratio, versatility for diverse applications, faster setup and enhanced mobility and growing demand for mid-rise and renovation projects. These cranes are large enough to handle the bulk material needs of mid-rise commercial and residential projects with average operational expenses associated with very heavy equipment. Additionally, the lighter weight and more compact design of 6–20-ton cranes allow for faster assembly, relocation, and integration into diverse project sites. These characteristics translate into reduced downtime and increased productivity on construction sites—a crucial advantage in fast-paced urban projects. With cities worldwide leaning toward mid-rise developments and infrastructure upgrades, the preference for cranes in this capacity range is expected to continue growing well into the future.
Infrastructure development boosts tower crane demand
Infrastructure development is a key driver of the world tower crane market, driven by urbanisation, government investments, and the need for modernized transport, energy, and urban infrastructure. Governments worldwide are investing heavily in infrastructure to drive economic growth, improve public services, and cater to urban population growth.Saudi Arabia's $500 billion NEOM megaproject, including The Line will create enormous demand for high-capacity specialised tower cranes due to their massive size, complexity, and focus on sustainability. This will boost the tower crane market, especially for suppliers meeting the project's unique needs. Tower cranes not only support the safe and efficient assembly of large structures but also help reduce construction timelines, making them an essential component in modern infrastructure development.
Key Market Players:
The top 10 companies in this industry are listed below:
1. Liebherr-International AG
2. SANY Group
3. JASO Group
4. HKTC
5. Manitowoc Group
6. Terex Corporation
7. WOLFFKRAN International AG
8. Yongmao Holdings Limited
9. Favelle Favco Berhad
10. Action Construction Equipment Ltd. (ACE)
Scope of the Report:
| Report Metric | Details |
|---|---|
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Base Year Considered |
2024 |
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Forecast Period |
2025–2031 |
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CAGR |
6.6% |
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Market Size in 2031 |
$9.7 Billion |
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Segments Covered |
By Type, By Lifting Height, By Lifting Capacity, By Design Type, By Fuel Type, By End User Industry and By Geography |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
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Key Market Players |
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For more Automotive Market reports, please click here
The Tower Cranes Market is projected to grow at 6.6% CAGR during the forecast period 2025-2031.
The Tower Cranes Market size is estimated to be $6.3 billion in 2024 and is projected to reach $9.7 billion by 2031
The leading players in the Tower Cranes Market are Liebherr-International AG, SANY Group, JASO Group, HKTC, Manitowoc Group and others