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Tower Crane Market Overview with Detailed Analysis, Competitive Landscape and Forecast by 2027 End

Tower crane market size is projected to cross USD 7.5 billion by 2030, according to the latest research report by GMI Inc. Increasing focus on the development and management of shipping ports will accelerate the use of tower cranes.


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Durgesh Raj

6 days ago | 3 min read

Tower crane market size is projected to cross USD 7.5 billion by 2030, according to the latest research report by GMI Inc. Increasing focus on the development and management of shipping ports will accelerate the use of tower cranes. Freight and cargo services have witnessed a dramatic rise over the last decade. A surge in global trade activities has increased the reliance on larger and more advanced vessels for cargo transportation. Tower cranes play a crucial role in the loading and unloading of containers, equipment, and raw materials from these vessels.

Robust use of luffing jib tower cranes in utility applications

By 2030, it is anticipated that the luffing jib tower crane segment will account for more than 25% of the market for tower cranes worldwide. The use of luffing jib tower cranes for utility applications will be fueled by the rapid industrialization occurring in developing economies. The main purpose of this equipment is to lift heavy objects more safely and effectively. Expanding the potential applications for these cranes will encourage manufacturers to introduce cutting-edge products. The demand for the product will increase due to an increase in major infrastructure projects and the increasing installation of industrial equipment.

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Growing popularity of top-slewing tower cranes in urban projects

The tower crane market revenue from the top-slewing cranes type is expected to register around 7% CAGR between 2022 and 2030. These cranes are one of the most strategic equipment used at construction sites for enhancing productivity, as they enable smooth, safe and effective distribution of loads. They are used for numerous urban projects to ease construction operations.

Usage of 51–80 metric tons capacity tower cranes in multistorey buildings projects

The 51 to 80 metric tons segment accounted for a 15% of the tower crane market share in 2021. Tower cranes with respective capacity have a broad spectrum of industrial applications. They are used in the construction of multi-story residential and commercial structures in major projects. Increasing government and private sector investments in infrastructure projects such as bridges, power plants, and dams will complement the equipment use.

Rising interest for modern architecture in North America

In 2021, the tower crane market in North America was worth more than USD 1.6 billion. The region is made up of developed nations like the United States and Canada. When it comes to creating modern infrastructure and architecture, these countries are progressing significantly. The United States makes significant investments in the modernization of commercial spaces and is home to some of the tallest skyscrapers in the world. Such initiatives will give tower crane companies lucrative business opportunities.

New product launches to indicate tower crane industry development

Action Construction Equipment Limited, Favelle Favco Berhad, FMGru srl, HanKook Tower Crane Co., Ltd., JASO Industrial Cranes, Jost Cranes, Liebherr Group, Raimondi Cranes S.p.A., Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zhejiang Construction Machinery Group, Zoomlion Heavy Industry Science and Technology Co., Ltd. are some of the leading tower crane companies worldwide. These companies are developing novel products with advanced capabilities.

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For instance, in August 2022, Chinese machinery giant Sany Group unveiled a new-generation tower crane featuring 15 patented technologies. The new tower crane is incorporated with the latest convenience, comfort, and safety, and intelligence capabilities, making it an ideal choice for mining companies.

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