Tower Crane Market Report 2025

The tower crane market size has grown strongly in recent years. It will grow from $5.96 billion in 2024 to $6.36 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. During the historic period, growth was driven by increasing urbanization. Other contributing factors included rising demand for high-rise construction, expansion of infrastructure projects, growing industrialization, and higher construction activity in emerging economies.

The tower crane market size is expected to see strong growth in the next few years. It will grow to $8.14 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. During the forecast period, growth is expected to be driven by the expansion of smart city projects. Other factors include increasing renewable energy installations, a stronger focus on modular construction, rising investment in infrastructure modernization, and growing demand for high-capacity lifting solutions. Key trends in this period include advancements in remote control technology, development of electric tower cranes, innovations in crane automation systems, improvements in lightweight materials, and the introduction of telematics and fleet management solutions.

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 players in the tower crane market are Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Sany Heavy Industry Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., Terex Corporation, Palfinger AG, The Manitowoc Company Inc., Tadano Ltd., Shandong Hongda Construction Group Co. Ltd., Action Construction Equipment Ltd., Tat Hong Holdings Ltd., WOLFFKRAN International AG, Favelle Favco Berhad, Mediaco S.A.S., Anupam Industries Ltd., Comansa S.A., JASO Tower Cranes S.A., Morrow Equipment Company, E-Cranes Inc., and Techmech Cranes Pvt. Ltd.

Asia-Pacific was the largest region in the tower crane market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in tower crane report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the tower crane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.

A tower crane is a tall, fixed crane widely used in constructing high-rise buildings and large structures. It is designed to lift heavy materials to considerable heights, facilitating both vertical and horizontal movement of construction materials while enhancing productivity and safety on construction sites.

The main types of tower cranes include hammerhead cranes, flat-top cranes, luffing jib cranes, and self-erecting cranes. Hammerhead cranes feature a large, fixed jib with a horizontal, rotating boom mounted on a tall tower and are commonly used in shipyards and heavy industrial construction for lifting and moving heavy loads. They are available in various power options, including electric, diesel, and hybrid, and offer capacities ranging from up to 5 tons, 6-10 tons, 11-20 tons, 21-50 tons, to over 50 tons. These cranes are distributed through direct sales, distributors, online platforms, and rental services, serving end users in infrastructure, construction, energy, and power sectors, among others.

The tower crane market research report is one of a series of new reports that provides tower crane market statistics, including the tower crane industry global market size, regional shares, competitors with the tower crane market share, detailed tower crane market segments, market trends, and opportunities, and any further data you may need to thrive in the tower crane industry. This tower crane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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