The Tower Crane Market is expected to reach USD 9.43 billion by 2034, growing at a CAGR of 5.0%.

The tower crane market size was valued at USD 5.79 billion in 2024. It is projected to grow to USD 9.43 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.0% from 2025 to 2034.

Market Definition:
A tower crane is a lifting instrument utilized in the structuring of aerial buildings. They are frequently utilized on construction sites and have the potential to effortlessly lift and drop weights because of their heights. Tower cranes stand on a vertical tower and possess a lifting boom to sanction that loads are conveyed. The lifting boom, by the integrity of the height of the crane, encompasses extensive distances and can normally rotate 360 degrees.

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Growth Drivers and Opportunities
• Several reasons have contributed to the expansion of the tower crane market in recent years. Among these is the growing concentration on the advancement of ports globally. As per the World Banks Container Port Performance Index (CPPI), there were 57 contemporary ports in 2023.
• The market size will expand due to growing urbanization as, according to data issued by the United Nations, nearly more than half of the global population resides in urban areas. This escalates the construction of aerial buildings, commercial systems, and frameworks such as bridges and metros.

Key Players:
Prominent market contenders are making sizeable funding in R&D and advancements to widen their commodity portfolios. Here is the list of the leading companies operating in the tower crane market:
• COMANSA
• FAVELLE FAVCO BERHAD
• Grúas Sáez, S.L.
• JASO Tower Cranes
• LIEBHERR
• Neremat Inc.
• Raimondi
• Sany Group
• Sichuan Construction Machinery Co., Ltd
• Skycrane
• The Manitowoc Company, Inc.
• WOLFFKRAN International AG
• XCMG Group
• Zoomlion Heavy Industry Science & Technology Co., Ltd.

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Geographical Landscape

By Regional Outlook (Revenue, USD Billion, 2020-2034)
• North America
o US
o Canada

• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe

• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific

• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa

• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America

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Segmentation Overview:
The tower crane market analysis is mainly based on product, capacity, application, design, and region. Based on product, the hammerhead cranes segment accounted for a major market share in 2024. They have extensive usage in construction projects due to their economy.
Moreover, according to the application, the construction segment holds a significant revenue share in 2024. This is due to the ongoing demand for aerial buildings, commercial establishments, and infrastructure advancements.
By Product Outlook (Revenue, USD Billion, 2020-2034)
• Fast Erecting Cranes
• Hammerhead Cranes
• Luffing Jib Cranes
• Mobile Cranes
By Capacity Outlook (Revenue, USD Billion, 2020-2034)
• Below 5 Metric Tons
• 6 to 80 Metric Tons
• Above 80 Metric Tons
By Application Outlook (Revenue, USD Billion, 2020-2034)
• Construction
• Mining
• Others
By Design Outlook (Revenue, USD Billion, 2020-2034)
• Top Slewing
• Bottom Slewing

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