The Tower Crane Rental Market is witnessing a remarkable surge in growth, driven by the increasing adoption of tower crane rentals by numerous end users. The construction and infrastructure sectors are experiencing a significant upswing with a rising number of projects aimed at upgrading the current infrastructure. This burgeoning demand for tower crane rentals is fueled by the advantages they offer, including cost-effectiveness, flexibility, and efficiency in handling complex lifting tasks. As construction projects become more diverse and expansive, the need for specialized equipment like tower cranes becomes paramount.
The global tower crane rental market size is likely to be valued at US$ 7.3 billion in 2023. The increasing demand for tower crane rentals in various end-use industries is driving the market growth. The market is estimated to garner US$ 12.8 billion in 2033, recording a CAGR of 5.8% from 2023 to 2033
The increasing adoption of tower crane rentals by many end users, and the increased number of projects undertaken to upgrade the current infrastructure are factors expected to boost market growth in the near future
Increasing application of tower crane rentals in the mining industry to boost the market sales as tower crane rentals are used in various applications such as product handling, and unloading heavy materials.
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The increase in urbanization and swift migration of people from rural to urban areas have increased in recent years. All these factors have contributed to escalating construction activities.
Growing technological advancements in tower crane technology drive the demand for rental services. Modern tower cranes are equipped with advanced features such as improved lifting capacities, enhanced safety systems, better control and precision, and energy-efficient operation. Owing to all these features the demand for tower crane rental is expected to increase during the forecast period.
North America is the prominent market for tower crane rental market. The growth of the market is attributed to robust construction activities in the region. Increased development projects in urban and metropolitan areas create a strong demand for tower crane rentals.
The rapid growth in construction and infrastructure development, in the Asia Pacific region is witnessing a thriving demand in the tower crane rental market. Increased construction activities in countries like China, India, and Japan drive the demand for tower crane rental.
Key Takeaways from the Market Study
- From 2018 to 2022, the tower crane rental market demand expanded at a CAGR of 5.2%
- Based on design type, the top-slewing segment accounts for a CAGR of 5.7%
- By application, the construction segment is expected to expand at a CAGR of 5.6% during the forecast period
- North America to emerge as a promising tower crane rental market, capturing a CAGR of 5.7%
- The tower crane rental industry in the United Kingdom is predicted to reach US$ 8.7billion by 2033
- Asia Pacific to be an opportunistic tower crane rental market, expected to capture a CAGR of 5.5% during the forecast period.
- South Korea’s tower crane rental industry is predicted to achieve a market revenue of US$ 7.4billion by 2033
Competitive Landscape
The global tower crane rental market is fragmented with the presence of several large and medium-scale players. The leading players in the market are investing in strategic agreements in order to capture market share.
Prominent players in the 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
- Value (US$ Million)ed Crane & Rigging
- Locabens Equipamentos
- Grumont Equipamentos Ltda
- JASO Group
- Arcomet
- WOLFFKRAN International AG
- Uperio Group
- Al Faris
- KAR Group
- CC Crane Hire
- Industrial Leasing Corporation
- Mammoet’s tower crane rental division provides a wide range of tower crane models with varying lifting capacities and configurations to meet diverse project requirements. The company ensures that its rental fleet consists of modern and well-maintained tower cranes equipped with the latest safety features and technological advancements.
- Wolffkran offers a comprehensive range of tower crane models, including luffing jib cranes, saddle jib cranes, and flat-top cranes. These cranes are known for their high-quality construction, advanced technologies, and efficient performance. Wolffkran’s tower cranes are designed to meet the demanding requirements of construction projects, ranging from small-scale developments to large and complex structures.
Know More about What the Tower Crane Rental Market Report Covers
Future Market Insights offers an unbiased analysis of the global tower crane rental market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the tower crane rental market, the market is segmented based on lifting capacity, design type, product type, vendor type, and application across five major regions.
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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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
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