Market Size of Tower Cranes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tower Crane Market Analysis
The Tower Cranes Market was valued at USD 5.29 Billion in 2021 and is expected to reach USD 7 .59 Billion by 2027, registering a CAGR of 6.2% during the forecast period.
The Covid-19 pandemic hurt the Tower Cranes Market due to the stringent lockdown and social distancing norms set across the world. Amid the lockdown situation, construction activities across the majority of the countries were halted, which in turn hampered the demand for tower cranes. Also, with the restriction on global transport, heavy-duty tower cranes commonly used in handling port cargo, have lost demand in the market in 2020. However, as economic activities resume, the demand for tower cranes may tend to bounce back over the forecast period.
Over the medium term, increased urbanization, tower cranes' outstanding stability, and increased investment in renewable energy development are likely to witness major growth for the market. The surge in demand for prefabricated buildings to be erected on construction sites, due to the faster construction completion, is another major area that requires heavy-duty construction cranes, which is further expected to increase the demand for tower cranes during the forecast period.
Rising construction activities are likely to increase the demand for tower cranes across the globe. The rise in commercial & residential constructions is anticipated to witness major growth for the market during the forecast period.
New technologies like connected equipment and tools, telematics, smartphone applications, intelligent control are some of the latest technological advancements which likely to drive demand in the future. Introduction to intelligent control technology that consists of safety features with additional logic prommable control system that control the tower crane operation with less hazard.
