The Tower Crane Rental Market is currently experiencing a remarkable surge in growth, driven by the growing utilization of tower crane rentals across various industries. Notably, the construction and infrastructure sectors are undergoing a significant upswing, marked by a rising number of projects aimed at enhancing and modernizing existing infrastructure. This escalating demand for tower crane rentals can be attributed to their inherent advantages, which encompass cost-effectiveness, adaptability, and efficiency in handling intricate lifting tasks. As construction projects continue to diversify and expand in scale and complexity, the necessity for specialized equipment such as tower cranes becomes increasingly paramount.
Projections indicate that the global tower crane rental market is poised to reach a substantial valuation of approximately US$ 7.3 billion by the year 2023. The driving force behind this growth trajectory is the mounting demand for tower crane rentals across a spectrum of end-use industries. Over the next decade, the market is anticipated to further flourish, with an estimated worth of US$ 12.8 billion by 2033. This growth trajectory is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2033.
Several factors are contributing to the projected boost in market growth in the near future. Foremost among them is the increasing adoption of tower crane rentals by a diverse array of end users. Additionally, the heightened number of infrastructure projects geared towards modernization and expansion is further propelling this growth trend.
Another noteworthy development is the expanding application of tower crane rentals in the mining industry. These rentals find versatile use 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 the overall sales and market expansion.
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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
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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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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