Tower Cranes Market Dynamics, Competitive Forces and Strategic Pathways

Tower Cranes Market Size, Key Players and Regional Analysis

The tower crane market is anticipated to grow from USD 7.44 billion in 2025 to USD 11.33 billion by 2034, with a compound annual growth rate (CAGR) of 4.78% during the forecast period from 2025 to 2034.

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Introduction

The tower crane market is undergoing significant transformation stimulated by the growing need for vertical construction and rapid developments in international infrastructure. Tower cranes are being integrated with digital systems, remote control, and anti-collision technologies to help in construction projects. There are different types of tower cranes available in the market consisting of hammerhead cranes, flat top cranes, luffing jib cranes, self-erecting cranes and some others. These cranes are capable of towing weights ranging from 5 tons to 50 tons. It is powered using various propulsion technology comprising of electric, diesel, hybrid and some others. The end-user of these cranes comprises of construction companies, mining sector, logistics centers and some others. This market is projected to grow significantly with the rise of the heavy equipment industry around the world.

Highlights of the Tower Crane Market

• Asia Pacific dominated the market with the largest market share in 2024.
• North America held a significant share in the tower crane market.
• By type, the flat top segment dominated the tower crane market with the highest market share in 2024.
• By type, the hammerhead segment is expected to witness significant growth in the market during the predicted timeframe.
• By application, the high-rise segment dominated the market.
• By application, the dam building segment is expected to grow at the fastest rate in the market during the forecast period.

Key Metrics and Overview

What are the trends of Tower Crane Market in 2025?

Smart and Connected Cranes

Tower cranes can now perform remote diagnostics, predictive maintenance, and real-time performance tracking due to the combination of telematics and IoT technology. These advanced solutions increase operational effectiveness, decrease downtime, and improve site safety. Cranes with sophisticated sensors and software are being developed by manufacturers to assist operators in tracking load dynamics and averting mishaps.

• In April 2025, Indo Farm joined hands with Sichuan Hongsheng. This joint venture is done for developing a smart tower crane in India. (Source: Infra Junction)

Green and Energy-Efficient Cranes

The market is shifting towards electric-powered cranes to meet the requirements of the environmental regulations and sustainability goals. The demand for electric cranes has drastically increased in the mining sector for lowering emission arising from uranium mines and gold mines.

• In January 2025, Terex launched CTL 702-32. CTL 702-32 is an all-electric luffing jib tower crane that comes with a lifting capacity of around 32 tons. (Source: Cranes Today)

Rental Services and Fleet Expansion

Due to the high cost of ownership, rental companies are expanding their tower crane fleets to meet rising demand from infrastructure developers and real estate sectors. Rental models allow contractors to scale operations without investing heavy capital for purchasing tower cranes.

• In January 2024, Radius Group partnered with Potain. Through this partnership, Radius Group will use Potain’s MR 229 luffing jib crane on rental basis for constructing houses across UK. (Source: Cranes Today)

Type Insights

Flat top segment dominated the tower crane market with the largest share in 2024. The demand for flat top cranes has increased due to its short size that enables workers to move and install it on constrained urban building sites, thereby driving the market growth. These cranes are mainly preferred by contractors and construction brands to enhance building capabilities. Moreover, rapid investment by market players for developing advanced flat-top cranes has further driven the growth of the tower crane market.

Hammerhead segment is expected to grow at the fastest rate in the market. Hammerhead cranes are becoming more popular in large-scale infrastructure and high-rise building projects due to their sturdy design and capacity to lift heavier loads in long distances. Their strong lifting capacity and fixed horizontal jib enable them to be used in demanding tough construction environments, which propels their quick global adoption. The need for hammerhead cranes is growing rapidly as infrastructure and urbanization has attained prominent traction in recent times. The above-mentioned factors is likely to foster the growth of the tower crane market.

Application Insights

High-rise segment dominated the tower crane market with the largest share in 2024 due to rising demand for tall building projects and skyscrapers in different parts of the world. In these sectors, tower cranes are necessary for safe and effective lifting of heavy materials to great heights. This market is constantly in high demand due to the ongoing expansion of urbanization and commercial real estate development.

• In February 2024, Terex Cranes announced the launch of a tower crane specifically designed for high-rise construction projects, featuring enhanced height capabilities and safety features for urban skyscraper developments. (Source: terex.com)

Dam building segment is expected to grow at the fastest rate in the market. The demand for heavy-duty lifting equipment such as tower cranes has increased due to rising investments in massive hydroelectric and water infrastructure projects worldwide. These cranes are also essential for handling of large construction materials in difficult terrain, which propels the industrial expansion. Several market players are launching advanced cranes for cater the needs of dam building operations, thereby fostering the growth of the tower crane market.

• In May 2024, Manitowoc launched MDLT 1109. MDLT 1109 is a powerful tower crane designed for handling dam building operations in Europe. (Source: The Manitowoc Company)

Geographical Insights

Asia Pacific dominated the tower crane market in 2024 due to large-scale infrastructure investments by government, rapid urban development, and growing construction activities. The area's strong industrial growth and demand for intricate and high-rise construction projects have allowed it to maintain its dominant market share. Government expenditures on energy transportation and housing projects has further contributed to the industrial expansion of tower cranes. The region leads in this market due to the presence of large manufacturers such as Favelle Favco, Zoomlion Heavy Industry Science & Technology Co. Ltd, , Yongmao Holdings Limited and some others.

• In February 2024, Favelle Favco’s M2480D tower crane was utilized in the construction of the Kangaroo Point Bridge Project in Brisbane City, Australia. M2480D is the world’s largest luffing jib tower crane that finds application in skylines and waterfronts in major projects. (Source: Equipment10)

China dominated the market in this region. In China, the market is generally driven by the rising government investment for strengthening the infrastructures along with technological advancements in heavy equipment industry. Moreover, the presence of several local manufacturers of tower cranes such as Sany Heavy Industry Co. Ltd and Xuzhou Construction Machinery Group Co. Ltd further adds to the market expansion.

North America holds a significant share in the tower crane market, driven by consistent commercial building infrastructure modernization and technological advancements related to lifting equipment. Advanced crane technologies have become popular in the U.S. and Canada due to rapid investment in construction projects that prioritize sustainability and safety. Furthermore, the deployment of tower cranes in major cities is still being driven by the rising demand for high-rise commercial buildings and renovation projects. Additionally, the presence of several crane manufacturers such as Terex Corporation, Manitowoc Company Inc and some others is further driving the growth of the tower crane market in this region.

• In April 2025, Manitowoc launched Igo T 139 in North America. Igo T 139 is a self-erecting crane designed for operating in high buildings in the U.S. and Canada. (Source: The Manitowoc Company)

Competitive Landscape

The tower crane industry in 2025 features strong competition among global players, prioritizing technological advancements, fleet expansion, and regional presence. Major companies include Liebherr, Zoomlion, Manitowoc, Terex, XCMG, Potain, Comansa, Jaso, and Yongmao. These firms are focusing on automation, energy efficiency, and real-time data systems to offer safer, smarter, and more sustainable crane solutions.

• In April 2025, Potain introduced the MR 819. This crane comes with a lifting capacity of 64 tons that makes it suitable for heavy-duty applications, offering enhanced performance and efficiency. (Source: The Manitowoc Company)

Recent Developments

• In April 2025, Zoomlion launched the ZAT40000H. It is the world's largest 40000-ton all-terrain crane. This model underscores Zoomlion’s commitment to pushing the boundaries of lifting capacity and technological advancement in the crane industry. (Source: PR Newswire)
• In May 2024, Manitowoc introduced the MDLT 1109. It is the largest top slewing tower crane that features a 40-ton towing capacity and 80-meter reach. This crane is designed for large-scale projects across the U.S.. (Source: Manitowoc)
• In April 2024, Liebherr announced the launch of its new flat-top tower crane model. This crane is designed for enhancing maneuverability in urban construction sites with an aim to improve efficiency and safety in confined spaces. (Source: liebher.com)

Tower Cranes Market Segments

By Type

• Flat Top
• Hammerhead

By Application

• High Rise Building
• Dam Building

By Geography

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• The Middle East and Africa