The latest report by IMARC Group, titled "Tower Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global tower crane market size reached US$ 7.0 Billion in 2022. A tower crane is a machine used to lift heavy goods, such as concrete, steel, large tools, and other building materials, with minimum human assistance. It consists of a mast, slewing unit, base, working and machinery arm, hook and trolley, and operator cab. It also comprises a maximum load limit and a load-moment limit switch to prevent overloading. Moreover, it can be fixed to the ground on a concrete slab and attached to the sides of different structures. Owing to these properties, tower cranes are widely adopted in the construction industry across the globe.
Global Tower Crane Market Trends:
The market is primarily driven by the increasing automation in the construction sector. In addition, governments of numerous countries are investing in infrastructure development projects and construction of bridges, dams, pipelines, buildings, road networks, ports, railways, and aqueducts, which is escalating the demand for tower cranes across the globe. Besides this, various manufacturers are integrating anti-collision devices in tower cranes that prevent collision with nearby structures and other tower cranes working in close vicinity. They are also developing remote crane operations that allow users to move from a dangerous working environment to the safety of a control room. This, coupled with the rising product adoption at construction sites of the residential, commercial, and industrial sectors, is contributing to market growth. Looking forward, IMARC Group expects the market value to reach US$ 9.6 Billion by 2028, exhibiting a CAGR of 5.1% during the forecast period (2023-2028).
- Based on the type, the market has been classified into self-erecting, luffing jib, hammer head, and flat top.
- On the basis of the lifting capacity, the market has been segmented into less than 5 tons, 6 to 10 tons, and more than 10 tons.
- Based on the end use industry, the market has been segregated into building construction, infrastructural construction, energy, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Action Construction Equipment Ltd., Eng Cranes Srl, Favelle Favco Berhad (Muhibbah Engineering), HKTC, JASO Tower Cranes, Liebherr, Sany Heavy Industry Co. Ltd, Shandong Huaxia Group Co. Ltd., Terex Corporation, WOLFFKRAN International AG, Yongmao Holdings Limited and Zoomlion Heavy Industry Science and Technology Co. Ltd.
|Base Year of the Analysis
||Type, Lifting Capacity, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Action Construction Equipment Ltd., Eng Cranes Srl, Favelle Favco Berhad (Muhibbah Engineering), HKTC, JASO Tower Cranes, Liebherr, Sany Heavy Industry Co. Ltd, Shandong Huaxia Group Co. Ltd., Terex Corporation, WOLFFKRAN International AG, Yongmao Holdings Limited and Zoomlion Heavy Industry Science and Technology Co. Ltd.
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