Markets & Reports
Tower crane market expected to surpass $14 billion by 2032
July 17, 2023 By Don Horne
The global tower crane market size is expected to reach USD $14.27 billion (US) by 2032, according to the latest report from ResearchandMarkets.com.
Increasing investment in public infrastructure development, including dams, bridge power plants, and airports, among others owing to its high stability and ease of carrying overweight as compared to the other conventional methods, along with the high technological advancements in crane handling equipment are among the key factors boosting the global market growth.
Moreover, introducing various types of new material-handling tower cranes with improved capacity and innovative features has attracted much interest and attention from potential buyers and contractors.
For instance, in January, Manitowoc introduced its latest topless tower crane, Potain MCT 1005 M50, with a maximum capacity of 50T and jib lengths of 80cm. The newly developed tower cranes are designed for use in emerging markets and are available with three different counter jib options while enhancing its seamless integration.
Moreover, an increasing number of OEMs offering tower crane rental services is gaining significant traction, as many small and medium-scale developers can afford and leverage these features while enabling them to work in more challenging environments with higher safety and improved productivity.
- Self-erecting segment accounted for the largest market share in 2022, owing to the wide range of advantageous features including high lifting capacity and excellent reach;
- 6 to 10 ton segment held the highest market revenue share in 2022, on account on widespread adoption of cranes with this capacity in the construction industry due to large number of designs and features associated with these cranes; and
- Infrastructural construction segment is expected to grow at a significant CAGR during the projected period, which is largely attributed to extensive growth in the infrastructure development related investment.
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