Tower Crane Market Projected to Reach $9,907.1 Million in 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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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.

Moreover, Asia-Pacific is the highest contributor in the tower crane market. China holds majority of the global share in tower cranes production as well as consumption. The China based firm Zoomlion Heavy Industry Science & Technology Co., Ltd. is the largest manufacturer of tower cranes in the region. In addition, despite the pandemic, China witnessed positive sales during 2020, when compared to the declined sales of tower cranes across the globe. This was mainly due to the early response toward the spread of COVID-19 infections and provision of healthcare facilities for the infected patients.

Key Market Players

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
XCMG
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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This release was published on openPR.