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 state of the Tower Crane Rental Market is characterized by a notable surge in growth, driven by the widespread adoption of tower crane rentals across various industries. Notably, the construction and infrastructure sectors are witnessing a significant increase, with a higher number of projects aimed at strengthening and modernizing existing infrastructure. This growing demand for tower crane rentals can be attributed to their inherent advantages, including cost-effectiveness, adaptability, and efficiency in managing complex lifting tasks. As construction projects continue to diversify and expand in both scale and complexity, the necessity for specialized equipment, such as tower cranes, becomes increasingly indispensable.
According to projections, the global tower crane rental market is set to achieve a substantial valuation of approximately US$ 7.3 billion by the year 2023. This growth trajectory is primarily driven by the escalating demand for tower crane rentals across a wide array of end-use industries. Looking ahead, it is anticipated that the market will sustain its upward trajectory over the next decade, reaching an estimated value of US$ 12.8 billion by 2033. This growth trend is expected to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2033.
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Numerous factors are poised to propel a significant upsurge in market growth in the foreseeable future. Of paramount importance is the increasing adoption of tower crane rentals across diverse end-user segments. Concurrently, the escalating number of infrastructure projects aimed at both modernization and expansion is serving as a key catalyst for this upward trajectory.
Moreover, a noteworthy development is the expanding utilization of tower crane rentals within the mining industry. These rentals are demonstrating their versatility in various mining applications, particularly in the handling and unloading of heavy materials. This diversification of usage within the mining sector is anticipated to play a pivotal role in driving overall sales and fostering market expansion.
In recent years, the surge in urbanization and the rapid influx of populations from rural to urban areas have significantly contributed to the surge in construction activities. This upward trend in construction has been further bolstered by the escalating demand for rental services in the realm of tower crane technology, propelled by notable technological advancements.
Modern tower cranes now boast a myriad of advanced features, including enhanced lifting capacities, robust safety systems, precise control mechanisms, and energy-efficient operations. These cutting-edge attributes have collectively intensified the demand for tower crane rentals, with projections indicating a continued upward trajectory during the forecast period.
The North American market stands out as a prominent contender in the global tower crane rental industry, owing to the robust construction activities thriving within the region. The proliferation of development projects in urban and metropolitan areas has generated a compelling demand for tower crane rentals, thereby fostering the expansion of this market.
Simultaneously, the Asia Pacific region is witnessing rapid growth in construction and infrastructure development, leading to a robust demand for tower crane rentals. The substantial surge in construction activities observed in countries such as China, India, and Japan has significantly fueled the need for tower crane rental services, solidifying the Asia Pacific region’s pivotal role 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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