Tower Crane Market Growth, Analysis & Global Industry Forecast, 2021–2028

Tower cranes are mostly fixed and offer heavy lifting and handling operations on very high heights. These cranes constitute of a vertical mast and an operating jib or arm, along with other components including, a counter jib, an operating cabin, slewing unit, hoist winch, and a hook, which assists in lifting and maneuvering heavy materials and goods efficiently. Tower cranes are mostly widely utilized in the construction of buildings and other structures owing to high demand for material handling and transportation on high elevations.

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According to a new report published by Allied Market Research, titled, “Tower Crane Market by Type, Lifting Capacity, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global tower crane market size is expected to reach $9.9 billion in 2028 from $6.6 billion in 2020, growing at a CAGR of 4.8% from 2021 to 2028. In 2020, Asia-Pacific dominated the market, in terms of revenue, accounting for 46.4% share of the global tower crane market.

The COVID-19 pandemic has negatively affected the tower crane market mainly due to the halt in international trade, prolonged lockdowns, and ceased construction processes. However, except China, all other countries witnessed a steep decline in demand for tower cranes during 2020.

Key Players

The major players operating in the tower crane industry include Action Construction Equipment Ltd., ENG CRANES Srl, JASO Tower Cranes, Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., Terex Corporation, WOLFFKRAN International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

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Key Market Segments

By Type

Self-erecting
Luffing Jib
Hammer Head
Flat Top

By Lifting Capacity

Less than 5 ton
6 to 10 ton
More than 10 ton

By End-User Industry

Building Construction
Infrastructural Construction
Energy
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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