The Tower Crane Rental Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Tower Crane Rental market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Tower Crane Rental. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario,
The current landscape of the Tower Crane Rental Market demonstrates a notable upsurge in growth, driven by the heightened adoption of tower crane rentals across diverse industries. Notably, the construction and infrastructure sectors are experiencing a substantial uptick, marked by an increased number of projects aimed at bolstering and modernizing existing infrastructure. This escalating demand for tower crane rentals can be attributed to their intrinsic advantages, which encompass cost-effectiveness, adaptability, and efficiency in managing intricate lifting tasks. As construction projects continue to diversify and expand in scale and complexity, the requirement for specialized equipment, such as tower cranes, becomes increasingly indispensable.
Projections indicate that the global tower crane rental market is poised to achieve a significant valuation of approximately US$ 7.3 billion by the year 2023. The impetus behind this growth trajectory is the mounting demand for tower crane rentals across a spectrum of end-use industries. Looking ahead, it is anticipated that the market will continue to flourish over the next decade, reaching an estimated value of US$ 12.8 billion by 2033. This growth trajectory is expected to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2033.
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Several factors are contributing to the projected boost in market growth in the near future. Foremost among these is the increasing adoption of tower crane rentals by a diverse array of end-users. Additionally, the rise in the number of infrastructure projects aimed at modernization and expansion is further driving this growth trend.
Furthermore, a notable development is the expanding application of tower crane rentals in the mining industry. These rentals serve versatile purposes in various mining applications, including the handling and unloading of heavy materials. This diversification of usage within the mining sector is expected to contribute significantly to overall sales and market expansion.
In recent years, the rise in urbanization and the swift migration of populations from rural to urban areas have significantly contributed to the escalation of construction activities. This upward trajectory in construction has been further propelled by the increasing demand for rental services in the field of tower crane technology, driven by remarkable technological advancements.
Modern tower cranes now boast a plethora of advanced features, including improved lifting capacities, enhanced safety systems, superior control and precision, and energy-efficient operation. These cutting-edge attributes have collectively intensified the demand for tower crane rentals, and this demand is expected to continue its upward trajectory during the forecast period.
The North American market stands as a prominent player in the global tower crane rental industry. This dominance can be attributed to the robust construction activities flourishing within the region. The proliferation of development projects in urban and metropolitan areas has created a compelling demand for tower crane rentals, further fueling the growth of this market.
Simultaneously, the Asia Pacific region is experiencing rapid growth in construction and infrastructure development, leading to a thriving demand for tower crane rentals. The surge in construction activities witnessed in countries such as China, India, and Japan has substantially driven the need for tower crane rental services, making the Asia Pacific region a significant player in this market.
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
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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
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 favour 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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