Tower Crane Rental Market 2021 Outlook, Current and Future Industry Landscape Analysis 2031

Demand for tower crane rental plummeted in 2020 due to the onset of the COVID-19 pandemic. However, considering the recovery of the construction sector, sales prospects of tower crane rentals are projected to be bright over the forecast period, as the market experienced year-over-year growth by 4.8% between 2020 and 2021.

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.

• To Get a Sample Copy of the Report visit @  https://www.futuremarketinsights.com/reports/sample/rep-gb-13954

2016-2020 Global Tower Crane Rental Market Outlook Compared to 2021-2031 ForecastDemand for tower crane rentals grew at 1.5% CAGR between 2016 and 2020. The outbreak of the novel COVID-19 dampened sales prospects due to restrictions in movement and disrupted supply chains.

The negative impact of COVID-19 pandemic has been felt in the construction industry as well. Tower cranes are widely used in the construction industry for transportation of heavy material and pre-made structures to be assembled at the location. Suspension of construction activities during first quarter of 2020 therefore resulted in decelerating demand during for tower cranes.

However, with expedited vaccine drives and resumption of production activities across various sectors, FMI projects the global tower crane rentals market to achieve its pre-pandemic status over the forecast period, growing at a 5.7% CAGR.

Request Complete TOC Of this Report @ https://www.futuremarketinsights.com/toc/rep-gb-13954

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.

Competitive LandscapeKey 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.

As a part of their growth strategies, leading players are investing in intensive research and development to offer innovative and safe tower crane rental options suitable for various end-use applications. Besides this, strategic collaboration, partnerships, mergers and acquisitions will remain prominent growth strategies among key players. For instance:

• In September 2021, Konecranes won a 14-crane order from Thyssenkrupp Marine Systems for Kiel Shipyard built in Germany.

• Buy Now@ https://www.futuremarketinsights.com/checkout/13954

Global Tower Crane Rental Market by CategoryBy 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