The global tower crane market size is expected to reach $9,907.1 million in 2028, from $6,683.2 million in 2020, growing at a CAGR of 4.8% from 2021 to 2028. Tower cranes are power operated hoisting machines utilized for lifting goods at extreme heights and transferring them from one place to another. It mainly constitutes of a vertical mast or the tower, a jib or operating arm, a counter jib, and an operating cabin. Other components include, slewing unit, hoist winch, and a hook, which offer control during the operation of the crane. Tower cranes were first introduced by the company Liebherr-International Deutschland GmbH, headquartered in Germany in 1949. These are popular in the construction industry owing to the necessity of lifting materials at extreme heights.
The high reach offered by tower cranes cannot be matched by any other type of crane available in the market. The rise in urbanization especially in the developing nations such as India, Indonesia, Brazil, and others have created a demand for very high structures owing to the lack of constructable area in urban towns and cities. These areas are generally congested and have little space for conducting construction activities. In such cases, tower cranes are often considered as a vital equipment for lifting and handling heavy weighted goods and materials. Thus, rise in construction activities in developing nations are expected to drive the demand of tower cranes, which in turn propels the growth of the global tower crane market. Moreover, tower cranes offer immense stability during operations owing to their fixed foundation. This is a major advantage in maneuvering goods on rough and difficult terrains as well as in activities which require constant movement of goods. In addition, the high stability feature of tower cranes also allows it to lift heavy weights. Thus, the high lifting capacity of tower cranes is expected to drive the growth of the market.
However, the high cost of tower cranes limits the growth of tower crane industry. Tower cranes are expensive and also require more time and money for operation and maneuvering. This hinders the demand for tower cranes especially in small construction projects.
On the contrary, the adoption of tower cranes for remote operations is anticipated to create growth opportunities for the market. The rise in focus toward research & development and increased adoption of technology are expected to boost the growth of the tower crane market in the near future.
The tower crane market is segmented on the basis of type, lifting capacity, application, and region. By type, it is classified into self-erecting, luffing jib, hammer head, and flat top. By lifting capacity, it is categorized into less than 5 ton, 6 to 10 ton, and more than 10 ton. By end user industry, it is divided into building construction, infrastructural construction, energy, and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
COMPETITION ANALYSIS
The key market players profiled in the report include Action Construction Equipment Ltd., ENG CRANES Srl, JASO Tower Cranes, Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Sarens n.v./s.a., Terex Corporation, WOLFFKRAN International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive analysis of the current and emerging global tower crane market trends and dynamics.
? In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2020 and 2028.
? Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
? A comprehensive tower crane market opportunity analysis of all the countries is also provided in the report.
? The global tower crane market forecast analysis from 2021 to 2028 is included in the report.
? The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.


GLOBAL TOWER CRANE MARKET SEGMENTS
BY TYPE
- Self-erecting
- Luffing Jib
- Hammer Head
- Flat Top
BY LIFTING CAPACITY
- Less than 5 ton
- 6 to 10 ton
- More than 10 ton
BY END USER INDUSTRY
- Building Construction
- Infrastructural Construction
- Energy
- Others
BY REGION
- North America
o U.S.
o Canada
o Mexico
- Europe
o Germany
o The UK
o France
o Italy
o Rest of Europe
- Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa
KEY PLAYERS
- Action Construction Equipment Ltd.
- ENG CRANES Srl
- JASO Tower Cranes
- Liebherr-International AG
- Manitowoc Company, Inc.
- SANY Global
- Sarens n.v./s.a.
- Terex Corporation
- WOLFFKRAN International AG
- Zoomlion Heavy Industry Science & Technology Co., Ltd.