Tower And Portal Cranes Market

The article discusses the increasing demand for tower cranes and portal or pedestal jib cranes worldwide, with market performance forecasted to accelerate. Consumption trends indicate a relatively flat pattern, reaching peak levels in certain countries. Production and imports also show fluctuations, with various countries leading in different aspects of the market. Overall, the global market for tower cranes and portal cranes is expected to see steady growth in volume and value terms over the next eight years.

Market Forecast

Driven by increasing demand for tower cranes and portal or pedestal jib cranes worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market volume to 932K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.2% for the period from 2022 to 2030, which is projected to bring the market value to $65.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tower Cranes And Portal Or Pedestal Jib Cranes

After two years of decline, consumption of tower cranes and portal or pedestal jib cranes increased by 2.8% to 615K units in 2022. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak volume of 739K units. From 2018 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global tower and portal cranes market size reached $37.6B in 2022, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $49B. From 2018 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

Russia (492K units) constituted the country with the largest volume of tower and portal cranes consumption, comprising approx. 80% of total volume. Moreover, tower and portal cranes consumption in Russia exceeded the figures recorded by the second-largest consumer, China (34K units), more than tenfold. The United States (25K units) ranked third in terms of total consumption with a 4% share.

In Russia, tower and portal cranes consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+2.5% per year) and the United States (-0.5% per year).

In value terms, Russia ($27B) led the market, alone. The second position in the ranking was held by China ($5B). It was followed by India.

In Russia, the tower and portal cranes market remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (+1.8% per year) and India (+3.7% per year).

In 2022, the highest levels of tower and portal cranes per capita consumption was registered in Russia (3,416 units per million persons), followed by the United States (74 units per million persons), China (24 units per million persons) and India (10 units per million persons), while the world average per capita consumption of tower and portal cranes was estimated at 78 units per million persons.

From 2012 to 2022, the average annual growth rate of the tower and portal cranes per capita consumption in Russia was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United States (-1.2% per year) and China (+2.0% per year).

Production

World Production of Tower Cranes And Portal Or Pedestal Jib Cranes

In 2022, after two years of decline, there was growth in production of tower cranes and portal or pedestal jib cranes, when its volume increased by 1.8% to 606K units. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 18% against the previous year. As a result, production attained the peak volume of 741K units. From 2018 to 2022, global production growth remained at a somewhat lower figure.

In value terms, tower and portal cranes production amounted to $10B in 2022 estimated in export price. Over the period under review, production continues to indicate a mild expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 1,283%. As a result, production reached the peak level of $151.9B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

Russia (491K units) remains the largest tower and portal cranes producing country worldwide, accounting for 81% of total volume. Moreover, tower and portal cranes production in Russia exceeded the figures recorded by the second-largest producer, China (37K units), more than tenfold. The United States (25K units) ranked third in terms of total production with a 4.1% share.

In Russia, tower and portal cranes production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+2.2% per year) and the United States (-3.5% per year).

Imports

World Imports of Tower Cranes And Portal Or Pedestal Jib Cranes

In 2022, supplies from abroad of tower cranes and portal or pedestal jib cranes increased by 17% to 30K units, rising for the second consecutive year after two years of decline. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 37%. As a result, imports attained the peak of 45K units. From 2016 to 2022, the growth of global imports remained at a lower figure.

In value terms, tower and portal cranes imports expanded to $2.1B in 2022. Over the period under review, imports, however, continue to indicate a slight shrinkage. The pace of growth was the most pronounced in 2018 when imports increased by 18% against the previous year. Over the period under review, global imports attained the maximum at $3.1B in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports By Country

Canada (3.3K units), Singapore (3.2K units) and the United States (3.1K units) represented roughly 32% of total imports in 2022. South Korea (1.9K units) ranks next in terms of the total imports with a 6.4% share, followed by Germany (5.3%). The following importers - Indonesia (1,022 units), France (1,018 units), Switzerland (953 units), Thailand (920 units), the UK (723 units), India (701 units), Russia (637 units) and Belgium (575 units) - together made up 22% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the UK (with a CAGR of +23.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest tower and portal cranes importing markets worldwide were Germany ($216M), France ($111M) and Belgium ($108M), with a combined 20% share of global imports. Indonesia, South Korea, the United States, Switzerland, the UK, Singapore, Russia, Canada, India and Thailand lagged somewhat behind, together comprising a further 32%.

In terms of the main importing countries, South Korea, with a CAGR of +13.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average tower and portal cranes import price amounted to $71,500 per unit, declining by -10.8% against the previous year. Overall, the import price continues to indicate a slight slump. The growth pace was the most rapid in 2016 an increase of 17% against the previous year. Global import price peaked at $94,612 per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($187,332 per unit), while Thailand ($12,401 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+8.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tower Cranes And Portal Or Pedestal Jib Cranes

Global tower and portal cranes exports shrank to 21K units in 2022, waning by -7.3% compared with 2021. Overall, exports recorded a pronounced slump. The pace of growth was the most pronounced in 2017 with an increase of 21% against the previous year. Over the period under review, the global exports reached the peak figure at 31K units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, tower and portal cranes exports rose significantly to $2.1B in 2022. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 24%. Over the period under review, the global exports reached the peak figure at $2.5B in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

The United States (3.3K units), China (3.2K units), Italy (2.4K units), Germany (2.1K units) and Spain (1.9K units) represented roughly 61% of total exports in 2022. France (1.1K units) took a 5.3% share (based on physical terms) of total exports, which put it in second place, followed by Pakistan (4.7%). The following exporters - Singapore (789 units), the Netherlands (540 units), Portugal (411 units), the UK (389 units) and Switzerland (337 units) - together made up 12% of total exports.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +25.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($540M), Germany ($370M) and Italy ($264M) constituted the countries with the highest levels of exports in 2022, together accounting for 56% of global exports. Spain, France, the Netherlands, Portugal, the UK, the United States, Singapore, Switzerland and Pakistan lagged somewhat behind, together comprising a further 31%.

France, with a CAGR of +7.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average tower and portal cranes export price amounted to $98,897 per unit, rising by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2020 an increase of 25%. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($172,816 per unit), while Pakistan ($16 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform