The global tower crane market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.8 per cent over the next decade according to research.
Published by Future Market Insights on January 4, the report says the market reached $31.9 billion in value as of 2023, and is expected to reach $50.1 billion in 2033. The growth, the report says, is driven by the growth of urban populations, which has seen the demand for residential and commercial infrastructure rise. Tower cranes, due to their simplicity, compact nature, and practicality for delivering high-rise projects in an eco-friendlier manner, are the most able machines for this kind of work.
On top of this, the report also cites the increasing demand for smart cities, sustainable practices, and technological advancements as other main drivers of growth in the tower crane market. The key companies profiled in the report include XCMG, Zoomlion, Liebherr, Terex, Potain, and Raimondi, who the report says are responsible for new manufacturing techniques that are advancing the efficiency of tower cranes.
“New manufacturing techniques and efficient tower cranes will drive demand,” said Nikhil Kaitwade, Associate Vice President at Future Market Insights. “Increasing safety regulations and rental rates will drive market growth over the next few years.”
Country-wise, China is expected to be the biggest driver of growth in the tower crane market over the next decade, growing at a CAGR of 6.5 per cent that is expected to be largely driven by a growth in industrial settings and wind power plants. In their wake, India (5.8 per cent CAGR), the United States (4.5 per cent CAGR), the United Kingdom (4 per cent CAGR), and Germany (3.5 per cent CAGR) are expected to be the other major drivers of the global tower crane market.
The report can be read in full here.
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