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Tower Crane works as a common fixture at the major construction site, used to lift, lower and move wide variety of building elements and are commonly seen at all the major residential, commercial and infrastructural construction sites. Tower cranes are beneficial as they can lift heavy loads using several movements such as jack operation, slewing, wire twisting, self-erection, self-climbing, smooth hoisting, climbing frame, and trolley movement. Major applications served by the tower cranes are heavy lifting of steel, concrete, acetylene torches and generators, and other building materials. It is widely used at construction sites, mainly residential, commercial and infrastructural sites, therefore driving the market growth in the near future. Rapid urbanization has resulted in the need for proper urban space planning and high-rise construction has served this purpose, thus expected to become a key growth factor for tower/hoisting cranes. Tower crane providers are investing in Research & Development (R&D) to come up with new and advanced products. For instance, Linden Comansa SL exhibited its latest high capacity flat-top crane model 21LC1050, in Bauma, that can load up to 50 tonnes with a high-speed hoist mechanism that can work with heaviest loads.
The rapid development of advanced systems such as intelligent service panels, remote monitoring, crane with optimized pulley rope angles, high-speed hoist mechanism are expected to drive the market demand. Major players are investing in Research & Development (R&D) of tower crane market size as it will augment the overall usage of advance tower cranes. For instance, Terex Corporation invested US$ 92.7 million in R&D in 2018 to improvise the overall tower crane systems; this, in return, is expected to initiate the tower crane market share.
Key Market Driver -
• Rapid growth in infrastructural sector • Increase in utilization of heavy equipment at shipyards globally
Key Market Restraint -
• High initial cost of implementation • Lack of skilled labour
Manufacturers are trying to adopt new technologies such as the Intelligent Control Technology and Powerful Boom Systems that are expected to drive the demand of tower cranes in the near future. Intelligent Control Technology is coupled with enhanced safety features with additional programmed logic control system that controls the tower cranes functioning, by reducing the hazards. For instance, Liebherr Group introduced LICCON (Liebherr computer control), a modern computer system to control and monitor the mobile cranes with highest safety standards. The growing population in emerging economies is increasing the demand for infrastructural development, thus leading to growth in the demand of tower cranes for infrastructural sector. To cope up with the changing export and import standards, there is a growth in demand for tower cranes at shipyards, resulting in tower cranes market concentration globally.
Some of the major players in the tower crane market include Wolfkkran International AG, Terex Corporation, Yongmao Holdings Limited, XCMG Group, Shandong Dahan Construction Machinery Co. Ltd., Action Construction Equipment Ltd., TopPower General Trading LLC, Zoomlion Heavy Industry Science & Technology Co. Ltd., Liebherr-International Deutschland GmbH, Manitowoc Co. Inc., Sany Group, HanKook Tower Crane Co., Ltd., Raimondi Cranes S.p.A., Linden Comansa SL, FMGru SRL, Sichuan Construction Machinery Group Co., Shandong Huaxia Group Co. Ltd., and others.
Europe is expected to observe steady growth in the forecast period, owing to increased utilization of efficient weight lifting equipment it mining and construction applications. Increase in focus of the European Union and the customers, highly advanced construction machines are increasing the overall market revenue. For instance, the European Commission is expected to invest approximately US$ 370 billion in the construction industry in the near future. Asia Pacific is observed to have lucrative growth with increasing demand for construction, mining and transport industry in emerging economies, during the forecast period. For instance, Zoomlion Heavy Industry Science & Technology Co. Ltd. has introduced a new tower crane model TC8039-25, that has stand-alone height of 81 meters with the maximum lifting capacity of 25 tons and micro-control performance, for constructing the main venue of 2022 World Cup.
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In North America, the infrastructural sector is expected to invest US$ 35 billion in the near future, for transformative infrastructure projects including green projects and public transit projects. The governments of Middle East and North Africa are expected to invest US$ 330 billion in the construction sector driving the global tower crane market over the forecast period.
By Product Type
By Lifting Capacity
By End-use Vertical
Latin America (Brazil, Mexico and Rest of Latin America)
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