Steady Expansion Forecast for Tower Crane Market, Projected to Reach $8.14 Billion by 2029

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What Is the Expected CAGR for the Tower Crane Market Through 2025?
The size of the tower crane market has seen tremendous growth lately. The market, which was valued at $5.96 billion in 2024, is expected to climb to $6.36 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.7%. This impressive growth during the historic span can be credited to a surge in urbanization, an increasing need for tall buildings, development in infrastructure, industrialization growth, and a rise in construction activities in developing economies.

What's the Projected Size of the Global Tower Crane Market by 2029?
Anticipated robust expansion is in store for the tower crane market in the coming years, with projected growth to $8.14 billion by 2029, courtesy of a compound annual growth rate (CAGR) of 6.4%. The escalation during this forecast period can be traced back to the proliferation of smart city programs, enhanced renewable energy installations, increased dedication to modular construction, surging infrastructure modernization investments and a burgeoning demand for high-capacity lifting mechanisms. Key developments predicted within this period encompass advancements in remote control innovations, the progression of electric tower cranes, creativities in crane automation systems, refinement in lightweight substances, and evolution in telematics and fleet management solutions.

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Top Growth Drivers in the Tower Crane Industry: What's Accelerating the Market?
The surge in construction activities is fuelling the market growth, thanks to escalating urbanization and infrastructure development.

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What Trends Will Shape the Tower Crane Market Through 2029 and Beyond?
In the tower crane market, leading corporations are concentrating on the development of innovative technologies, like T-Torque inverter technology, to augment operator control, boost lifting productivity, and guarantee accurate, secure handling of burdensome loads at construction locales. The T-Torque inverter technology is a crane control protocol allowing the adjusting of torque with precision, enhancing lifting competence, energy efficacy, and safety throughout operations. For example, in January 2025, the US-based tech company Ter*ex Corporation released the CTL 702-32. This brand-new CTL 702-32 is a high capacity luffing jib tower crane, created for sturdy lifting in crowded city areas and monumental infrastructure building sites. It provides a peak load bearing capacity of 32 tons and a maximum jib length reaching 70 meters, offering precision and toughness in restricted areas. The crane includes cutting-edge load moment regulation, modular assembly, and digital outlets for effective operation and surveillance.

What Are the Main Segments in the Tower Crane Market?
The tower crane market covered in this report is segmented

1) By Type: Hammerhead Cranes, Flat Top Cranes, Luffing Jib Cranes, Self-Erecting Cranes
2) By Fuel Type: Electric, Diesel, Hybrid
3) By Capacity: Up To 5 Tons, 6-10 Tons, 11-20 Tons, 21-50 Tons, Above 50 Tons
4) By Sales Channel: Direct Sales, Distributors, Online Sales, Rental Services
5) By End-user: Infrastructure, Construction, Energy And Power, Other End-Users

Subsegment:
1) By Hammerhead Cranes: Fixed Hammerhead Cranes, Traveling Hammerhead Cranes
2) By Flat Top Cranes: Stationary Flat Top Cranes, Mobile Flat Top Cranes
3) By Luffing Jib Cranes: Fixed Luffing Jib Cranes, Mobile Luffing Jib Cranes
4) By Self-Erecting Cranes: Trailer Mounted Self-Erecting Cranes, Crawler Mounted Self-Erecting Cranes

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Which Top Companies are Driving Growth in the Tower Crane Market?
Major companies operating in the tower crane market are Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Sany Heavy Industry Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Ter*ex Corporation, Palfinger AG, The Manitowoc Company Inc., Tadano Ltd., Shandong Hongda Construction Group Co. Ltd., Action Construction Equipment Ltd., Tat Hong Holdings Ltd., WOLFFKRAN International AG, Favelle Favco Berhad, Mediaco S.A.S., Anupam Industries Ltd., Comansa S.A., JASO Tower Cranes S.A., Morrow Equipment Company, E-Cranes Inc., and Techmech Cranes Pvt. Ltd.

Which Regions Will Dominate the Tower Crane Market Through 2029?
Asia-Pacific was the largest region in the tower crane market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in tower crane report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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