According to a report by Future Market Insights (FMI), the global tower crane rental market is projected to reach a value of USD 7.3 billion in 2023. This growth is driven by rising demand for tower crane rentals across various industries. By 2033, the market is expected to reach USD 12.8 billion, with a compound annual growth rate (CAGR) of 5.8% from 2023 to 2033.
The growing use of tower crane rentals by numerous end users, along with an increase in infrastructure upgrade projects, is anticipated to fuel market expansion. Additionally, the rising application of tower crane rentals in the mining sector, where they are used for tasks like handling products and unloading heavy materials, is further boosting market sales.
Urbanization and migration from rural to urban areas have accelerated construction activities, contributing to market growth. Technological advancements in tower crane technology, such as improved lifting capacities, enhanced safety systems, better control and precision, and energy-efficient operation, are also driving the demand for rental services.
North America stands out as a key region for tower crane rentals, with demand driven by strong construction activities and development projects in urban areas. The Asia Pacific region is experiencing significant growth in construction and infrastructure development, particularly in countries like China, India, and Japan, further fueling demand for tower crane rentals.
Key Takeaways:
- 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$ 8.7 billion by 2033.
- Asia Pacific is 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$ 7.4 billion 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.
- 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
Key Segments Profiled:
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 the Pacific
- East Asia
Report Preview: https://www.futuremarketinsights.com/reports/tower-crane-rental-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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