Tower Crane Market Report 2026

The tower crane market size has grown strongly in recent years. It will grow from $6.36 billion in 2025 to $6.78 billion in 2026 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to urbanization trends, infrastructure development, commercial building projects, demand for vertical construction, availability of skilled operators.

The tower crane market size is expected to see strong growth in the next few years. It will grow to $8.64 billion in 2030 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to smart city projects, sustainable construction practices, investment in infrastructure, demand for automated cranes, growth of megacities. Major trends in the forecast period include growth in high rise construction, adoption of electric tower cranes, demand for high load capacity cranes, expansion of crane rental services, focus on site safety enhancements.

The growing number of construction projects is expected to drive the expansion of the tower crane market. Construction projects involve planning, designing, and building or modifying structures such as buildings and infrastructure. The demand for construction is rising due to rapid urbanization, as growing city populations increase the need for residential, commercial, and infrastructure developments. Tower cranes support these projects by efficiently lifting and moving heavy materials to high elevations, which accelerates construction and boosts site productivity. For example, in August 2025, the US Census Bureau reported that the seasonally adjusted annual rate for public construction spending was approximately $514.3 billion in June, a 0.1% (±1.6%) increase compared to the revised May estimate of $513.7 billion.

Companies in the tower crane market are developing high-performance technologies, such as T-Torque inverter systems, to improve operator control, lifting efficiency, and safe handling of heavy loads. T-Torque inverter technology allows operators to precisely adjust torque, enhancing performance, energy efficiency, and safety. In January 2025, Terex Corporation, a US-based technology company, introduced the CTL 702-32, a luffing jib tower crane designed for heavy lifting in dense urban and large-scale infrastructure sites. It has a maximum load capacity of 32 tons and a jib length of 70 meters, offering precision and strength in confined spaces. The crane includes advanced load moment control, modular assembly, and digital interfaces for efficient operation and monitoring.

In April 2025, Maxim Crane Works L.P., a US-based provider of lifting services, acquired tower crane assets from Sims Crane & Equipment Co. for an undisclosed amount. This acquisition allows Maxim Crane Works to expand its tower crane capabilities and provide more comprehensive lifting solutions. Sims Crane & Equipment Co. Inc., based in the US, manufactures tower cranes.

Major companies operating in the tower crane market are Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Liebherr‑International AG, The Manitowoc Company Inc., Sany Heavy Industry Co. Ltd., Terex Corporation, Action Construction Equipment Ltd., WOLFFKRAN International AG, Comansa S.A., Yongmao Holdings Limited, Favelle Favco Berhad, Jaso Tower Cranes, Raimondi Cranes S.p.A., FM Gru S.r.l., Saez Cranes, Wilbert Tower Cranes GmbH, Sichuan Construction Machinery Group Co. Ltd., HKTC, Kroll Cranes A/S, Vicario Srl, Mantis Cranes Ltd.

Asia-Pacific was the largest region in the tower crane market in 2025, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the tower crane market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the tower crane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The tower crane market consists of sales of jib arms, counterweights, hoist systems, and trolley mechanisms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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