The global tower crane rental market is projected to top US$ 6.49 Bn in 2021, according to a recent market analysis by ESOMAR-certifies consulting firm Future Market Insights (FMI). With a favorable demand outlook, the market is estimated to grow at a 5.7% CAGR, reaching 54,685 units in terms of volume.
India has become the second-largest tower crane rental market in South Asia Pacific, accounting for 43.1% of total sales, as a result of the growth of the construction industry.
Tower crane demand is rising in India as a result of expanding civic utility applications and construction activities, which in turn is enhancing the country’s sales outlook for tower crane rentals.
Further, government investments for promoting infrastructural development in the country, along with increasing mining activities in India are anticipated to continue spurring demand for tower crane rentals in the forthcoming years.
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The global construction industry has witnessed substantial growth in the past few years and the trend is expected to persist over the forecast period. Growth in the construction can be attributed to increasing government investments and rising per capita expenditure in home ownership and renovation. As infrastructure projects are rising globally, it is translating into high demand for tower crane rentals in the market.
Owing to high demand for tower crane rentals, key players operating in the market are focusing on enhancing their strategic partnerships with regional and local end-use industries to gain a competitive edge in the market. Besides this, players are offering customized fleet solutions, technologically advanced equipment, and robust aftersales services, which is further propelling demand for tower crane rentals in the market.
As per FMI’s in-depth regional analysis, China is projected to dominate the East Asia tower crane rentals market. Rapid adoption of technologically advanced equipment and machinery, along with increasing development of residential and commercial projects in the country will continue fostering sales of tower crane rentals over the forecast period.
“Public Private Partnerships (PPP) for infrastructural development in various countries are positively shaping the demand outlook for tower crane rentals. In addition to this, collaborative efforts to offer personalized crane rental solutions by key market players will continue augmenting market growth in forthcoming years,” says the FMI analyst.
Key Takeaways:
- In terms of design type, the top slewing segment is projected to hold 60.4% of the total tower crane rental market share.
- Based on end-use, applications of tower crane rentals are anticipated to continue rising in the construction sector, accounting for 59.3% of the total market share.
- OEMs are expected to remain the most-preferred vendors for tower crane rental services, capturing 40.2% of the total market share.
- China is anticipated to emerge as an attractive market, commanding 76.1% of the East Asian tower crane rental market share.
- Germany is projected to lead the European tower crane rental market, growing at a 4.5% CAGR.
- India will continue experiencing high demand for tower crane rentals, capturing 43.1% of the South Asia Pacific market share.
- Japan and South Korea will collectively account for 8% of the global tower crane and rental market share.
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Competitive Landscape
Key players operating in the global tower crane rental market are Konecranes, Liebherr, Mammoet, Maxim Crane Works, L.P., Morrow Equipment Company, Morwest Crane & Services, Bigge Crane and Rigging Co., Stafford Crane Group, Leavitt Cranes, United Crane & Rigging, Locabens Equipamentos, Grumont Equipamentos Ltda, JASO Group, and Arcomet.
As per FMI’s market survey, top 5 players comprising Al Faris, Kanamoto Co., Ltd., Konecranes, Mammoet and Uperio Group are estimated to account for 41% of the total market share over the forecast period.
Global Tower Crane Rental Market by Category
By Lifting Capacity:
- Up to 5 Tons
- 5 – 10 Tons
- 10 – 20 Tons
- 20 – 50 Tons
- Above 50 Tons
By Product Type:
- Self-Erecting
- Hammerhead Crane
- Luffing Jib Tower Crane
- Mobile Tower Crane
By Design Type:
- Top Slewing Tower Crane
- Bottom Slewing Tower Crane
By Vendor Type:
- Original Equipment Manufacturer (OEM)
- Independent Service Provider
By Applications:
- Building and Construction
- Residential and Commercial
- Industrial
- Civic Infrastructure
- Marine and Sea Ports
- Mining
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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