The One World Trade Center in New York was, with a height of 541 meters, the highest building in the United States. The highest skyscraper outside New York City was the Willis Tower in Chicago, formerly known as Sears Tower. As of 2025, 12 of the entries in the list were found in New York City, and 5 of them in Chicago. The most recent additions to the list include 111 West 57th Street in New York City and Chicago's St. Regis Chicago. What country has the most skyscrapers? Skyscrapers were first built in U.S. cities such as New York and Chicago during the late 19th century and particularly in the early 20th century. However, cities in Asia and the Persian Gulf have taken the lead during the past decades, with most of the skyscrapers under construction worldwide as of 2024 being developed in Chinese cities. Plenty of the tallest buildings in the world are not in the U.S. anymore. Nevertheless, the United States still was the second country with the most buildings over 200 meters after China, which had four times more buildings in the ranking than the North American country. Construction in New York City The construction industry in New York still plays a key role in shaping its skyline. As of 2024, most of the tallest buildings under construction in the U.S. were being developed in New York, along with Miami. However, many other projects are being developed in the city apart from skyscrapers. New York was by far the metropolitan area with the most office space under construction in the United States as of 2022.

As of 2025, the largest skyscraper in the world was the Burj Khalifa in Dubai, standing at 828 meters tall. Adrian Smith of Skidmore, Owings and Merrill acted as the chief architect of the project, which was constructed by Samsung C&T. What country has the most skyscrapers?As of July 2025, China had the highest number of skyscrapers in the world, defining skyscrapers as buildings of at least 200 meters. During the past decade, there have been plenty of new skyscrapers in the Middle East that are considered to be among the world's highest. Such regions that are still experiencing lots of growth in the past tend to have more new skyscrapers being built than before. Skyscrapers in the United States New York City is known for their famous skyscrapers that make up the city’s skyline. It is home to the tallest skyscraper in the United States, the One World Trade Center. To replace the World Trade Center that was destroyed during the September 11 attacks, the One World Trade Center was built to stand 541 meters tall. New York City also houses eight out of the 15 largest skyscrapers in the United States. Chicago is another major city in the United States that is home to a few of the highest skyscrapers in the country.

As per Cognitive Market Research's latest published report, the Global High Rise Elevators market size will be $42.89 Billion by 2029. High Rise Elevators Industry's Compound Annual Growth Rate will be 3.35% from 2023 to 2030.

Asia Pacific High Rise Elevators market size will be USD 24.08 Billion by 2029.

What are the key factors affceting the High Rise Elevators market?

Growing construction of high-rise buildings

The global building & construction industry is particularly creating a positive impact and this industry is expected to grow above global gross domestic product (GDP) growth over the next decade. The building and construction sectors are some of the largest sectors in the world economy.

Building & construction industry spending worldwide amounted to 11.4 trillion U.S. dollars. Building & construction expenditures are expected to reach 14 trillion U.S. dollars in 2025. With this increase in growth in the construction industry, the construction of high-rise buildings has increased.

Additionally, continuous economic growth in various emerging and developed countries is adding lucrative financing deals with low-interest rates, which is anticipated to boost the revenues of the residential building sector. According to the study, as compared to 2019, new house construction projects in the private sector in the United States increased by more than 10% in 2020.

Furthermore, the increased construction of skyscrapers in many large and medium-sized cities. According to the Council on Tall Buildings and Urban Habitat, 84 percent of the world's skyscrapers over 200 meters have been built in the last 20 years. Similarly, the survey discovered that 23 tall structures were constructed in 2000, while 126 tall buildings were finished in 2019.

The following is a list of countries with the most completed buildings over 150 meters (492 ft) tall, as of 1 May 2022.

The rising construction of high-rise buildings required elevators. Elevators provide efficient vertical mobility, which is a vital component of tall structures. This mobility gadget makes it possible to easily reach multiple levels or floors of a multi-story structure. An elevator can transport people and heavy things from one floor to another by moving up and down. Elevators or lifts are now increasingly prevalent around the world, and many people prefer them to stairs.

As result, the growing construction of high-rise buildings drives the growth of the high-rise elevator market.

Restraints for High Rise Elevators Market

High cost associated with the elevator.(Access Detailed Analysis in the Full Report Version)

Opportunities for High Rise Elevators Market

Technological advancement in elevators.(Access Detailed Analysis in the Full Report Version)

Introduction of High rise Elevator

High-rise buildings have more than 12 stories and may necessitate customized designs for managing car arrangements with single, double, and super double deck solutions, as well as lobby arrangements. A skyscraper is an extremely tall high-rise structure. These structures are tall enough to need the installation of a mechanical vertical transportation system.

The elevator is the primary mode of vertical transportation in a high-rise building. It is propelled by an electric motor that raises and lowers the cab by wire ropes in a vertical shaft. Each elevator cab is additionally engaged by vertical guide tracks and is attached to a flexible electric line that supplies electricity for illumination, door operation, and signal transmission.

Elevators in high-rise buildings are designed with a variety of criteria in mind, including the kind of occupancy, speed, size, traffic flow, total vertical distance, and duration of the journey to the destination. Other considerations include safety, quality, capacity, and the type of building in which the elevator will be utilized.

These elevators are available in a variety of configurations, including double-deck lifts, 2-car lifts, shuttle lifts & sky lobbies, ropeless elevators, and others. These lifts can be both passenger and freight elevators. In both residential and commercial structures, high-rise elevators are employed.

Currently, with the growing urbanization, the construction of high-rise buildings is increased. This raises the demand for high-rise elevators all over the world.

In July 2025, China was by far the country with the most skyscrapers of over 200 meters in height. In fact, China had more buildings exceeding that height than the rest of the countries in the ranking together. The second country with the most skyscrapers of 200 meters or more was the United States, with *** such buildings, followed by the United Arab Emirates with *** skyscrapers of over 200 meters.

The drastic need for apartments has led to an expansion for apartment and condominium construction contractors over the past five years. Still, changing interest rates have led to years of expansion and contractions for contractors. Overall, revenue has been increasing at a CAGR of 3.8% to total an estimated $91.8 billion through the end of 2025, including an estimated 2.2% increase in 2025. Low interest rates amid the pandemic led residential investment to swell, which included apartment complexes. As inflationary concerns and interest rate hikes lingered, many contractors delayed construction, leading to a contraction in 2023 as housing starts sank. Profit has risen slightly as materials price inflation has cooled and contractors have been able to adjust their rates, passing along higher prices to customers. This has also been a driver of revenue growth. Multifamily complexes are still very much needed as young professionals and immigrants move to major cities, leading to growth in 2025. Home prices are set to see slower growth in the coming years than in the previous five, causing a shift in the housing market back to homeownership. Also, continued rate cuts will incentivize home construction. Mortgage rates have remained stubbornly high in the face of cuts to the federal funds rate, however. Elevated mortgage rates will keep buying a house out of reach for many, pushing more people to rent. Apartment construction is set to continue to account for the growing population in the US. Affordable housing complexes remain crucial in many large cities and will be needed as more people enter. Rental vacancies will continue threatening contractors, as many consumers may split housing with roommates and fulfill current stock to save money. Overall, industry revenue is forecast to expand at a CAGR of 1.8% to total an estimated $100.5 billion through the end of 2030.

As of the second quarter 2025, New York had *** of the highest construction costs for prime offices in the United States, at over *** U.S. dollars per square foot on average. In addition to the 541-meter One World Trade Center building, New York City also had some of the tallest skyscrapers in the United States. What element affect construction costs? Location and topography have a big impact on construction costs, for example, earthquake-prone zones have more stringent building requirements which will affect cost of materials, supplies, and labor. Increased interest in sustainability has also prompted sustainable certification across the country, most noticeably as LEED-registered offices. Slow growth of the office construction segmentThe value of new private office construction in the U.S. has kept rising in the past years, but at a slower rate than before 2019. The changes in the way people work, with part of the workforce working from home at least part of their week might have hindered investment in office real estate.

In the second quarter of 2025, the city with the highest costs for the construction of a 5-star hotel in the United States is Honolulu at *** U.S. dollars per square foot. A 3-star hotel in Austin, Texas, on the other hand, cost on average of *** U.S. dollars per square foot. The average construction costs of housing in those U.S. cities was similarly distributed. Construction costs of hotels In the construction of a hotel, there are a variety of factors to consider such as room amenities, additional on-site services, and interiors. Nevertheless, some of the most important elements that can determine the cost of a building are the salary of workers, the cost of the equipment, and the price of raw materials and appliances. Generally, construction cost figures include the foundation, roof, windows, exterior and interior walls, bathrooms, and heating and cooling systems, among other factors. Hotel projects tend to use higher quality techniques and materials to minimize the need for repair or replacements. Hotel construction pipeline worldwide Some of the cities with the most rooms under construction were in China and in the United States. Meanwhile, Cancún was the city leading the hotel construction pipeline in Latin America, with figures that were much higher than those for the rest of the cities included in the ranking. One of the tallest skyscrapers under construction in the U.S. was the Waldorf Astoria Hotel and Residences in Miami.

According to Cognitive Market Research, the global High Rise Building Tower Cranes market size is USD xx million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD xx million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
The Self-Erecting held the highest High Rise Building Tower Cranes market revenue share in 2024.

Market Dynamics of High Rise Building Tower Cranes Market

Key Drivers for High Rise Building Tower Cranes Market

Urbanization and Population Growth to Increase the Demand Globally

Urbanization and population growth are key drivers of the high-rise building tower cranes market as they significantly increase the demand for residential, commercial, and mixed-use developments in densely populated urban areas. As cities expand and more people migrate to urban centers, the need for efficient space utilization becomes critical, leading to the construction of high-rise buildings. These projects require advanced tower cranes to handle the complexities of vertical construction, such as lifting heavy materials to great heights and operating in confined spaces. Moreover, the push for modern infrastructure and smart city initiatives in response to urbanization further fuels the demand for high-rise construction, thereby driving the market for tower cranes essential for these large-scale projects.

Rising Infrastructure Development to Propel Market Growth

Rising infrastructure development is a significant driver of the high-rise building tower cranes market because it necessitates the construction of various large-scale projects such as bridges, highways, airports, and public buildings. Governments and private sectors worldwide are investing heavily in modernizing and expanding infrastructure to support economic growth and urbanization. These projects often involve complex, high-rise structures that require efficient and powerful lifting solutions provided by tower cranes. Additionally, infrastructure development in emerging markets is accelerating, driven by urbanization and population growth, further increasing the demand for tower cranes. The need for advanced construction equipment that can handle large loads, reach significant heights, and ensure safety and efficiency is essential, making tower cranes indispensable in infrastructure projects.

Restraint Factor for the High Rise Building Tower Cranes Market

High Initial Capital to Limit the Sales

High initial capital investment restrains the high-rise building tower cranes market because it creates a significant financial barrier for many construction companies, particularly smaller firms and those operating on tight budgets. The cost of purchasing and installing tower cranes is substantial, encompassing not just the crane itself but also the expenses related to transportation, setup, and operator training. This high upfront cost can deter companies from investing in new or additional cranes, especially in volatile economic conditions or regions with limited access to financing. Additionally, the high initial capital outlay often necessitates a longer payback period, making it challenging for firms to achieve quick returns on investment, thereby limiting market growth and adoption of tower cranes.

Impact of Covid-19 on the High Rise Building Tower Cranes Market

The COVID-19 pandemic had a mixed impact on the high-rise building tower cranes market. Initially, construction activities were disrupted globally due to lockdowns, supply chain disruptions, and labor shortages. Many construction projects were halted or del...