Global Tower Crane Rental Market Research Report- Forecast 2030

Tower Crane Rental Market Research Report Information By Product Type (Hammer Head Tower Cranes, Self-erecting Tower Cranes, and Flat Top Tower Cranes,), End-use (Residential, Commercial, and Infrastructure), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“ Market Forecast Till 2030

ID: MRFR/CO/6182-HCR | 107 Pages | Author: Varsha More | March 2024         

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Tower Crane Rental Market Overview


Tower Crane Rental Market Size was valued at USD 12 Billion in 2022. The Tower Crane Rental industry is projected to grow from USD 16 Billion in 2023 to USD 26 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2030). Growth in construction and mining activities rises the market size. The rise in demand activities concerning oil and gas units is the key market drivers enhancing market growth.
Tower Crane Rental Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Tower Crane Rental Market Trends




  • Growth in construction and mining activities to boost market growth




The tower crane rental market is driven by the growth in construction and mining activities. Tower cranes are widely used in the construction industry for lifting heavy materials and equipment to high heights, and in the mining industry for moving heavy loads and excavating materials. The construction industry is a major consumer of tower cranes. The growth in construction activities, such as the construction of residential buildings, commercial complexes, and infrastructure projects such as highways and bridges, is driving the demand for tower cranes. The tower crane rental market provides a cost-effective solution for construction companies that need to use tower cranes for a short period.


The mining industry is another significant consumer of tower cranes. Tower cranes are used in the mining industry for various applications such as loading and unloading heavy materials, transporting equipment, and excavating materials. The growth in mining activities, particularly in emerging economies such as China, India, and Brazil, is driving the demand for tower cranes in the mining industry. The tower crane rental market is also driven by the benefits it offers to customers. Renting a tower crane provides a cost-effective solution for customers who need to use the crane for a short period. It also provides flexibility, as customers can rent different types of cranes based on their specific needs and requirements. Overall, the growth in construction and mining activities, coupled with the benefits of tower crane rentals, is driving the growth of the tower crane rental market. Therefore, such factors related to Tower Crane Rental have enhanced the Tower Crane Rental market CAGR across the globe in recent years.


Tower Crane Rental Market Segment Insights


Tower Crane Rental Type Insights


The Tower Crane Rental Market segmentation, based on type, includes Hammer Head Tower Cranes, Self-erecting Tower Cranes, and Flat Top Tower Cranes. The Self-erecting Tower Cranes segment held the majority share in 2022 of the Tower Crane Rental Market revenue. Self-erecting tower cranes are mobile cranes that can be easily transported and set up on a construction site without the need for additional equipment, making them ideal for smaller construction projects. The popularity of self-erecting tower cranes has been increasing due to their cost-effectiveness, ease of use, and flexibility.


Tower Crane Rental End-Use Insights


Based on end-use, the Tower Crane Rental Market segmentation includes Residential, Commercial, and Infrastructure. The Infrastructure segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The infrastructure segment includes projects such as highways, bridges, airports, and other public works projects. The growth of this segment is driven by government initiatives to improve infrastructure, increase transportation connectivity, and promote economic development. The demand for tower cranes in the infrastructure segment is expected to increase due to the need for heavy lifting and construction activities involved in such projects. These all factors for Tower Crane Rental positively impact the market growth.


Figure 2: Tower Crane Rental Market, by Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Tower Crane Rental Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is one of the largest markets for tower crane rental, due to the increase in construction and infrastructure development activities in countries such as China, India, and Southeast Asian countries. The region is expected to maintain its dominance in the tower crane rental market during the forecast period.


Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil


Figure 3: TOWER CRANE RENTAL MARKET SHARE BY REGION 2022 (%)
TOWER CRANE RENTAL MARKET
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe’s Tower Crane Rental market accounts for the third-largest market share. The demand for tower crane rental services in Europe is also being driven by the need for heavy lifting equipment in the construction of tall buildings and complex infrastructure projects. The increasing focus on green building and sustainable development in the region is also driving the demand for tower crane rental services, as they are more environmentally friendly and cost-effective than purchasing and maintaining new cranes. Further, the Germany Tower Crane Rental market held the largest market share, and the UK Tower Crane Rental market was the fastest-growing market in the European region.


North America, Tower Crane Rental market, is expected to grow at the fastest CAGR from 2023 to 2030. North America is a significant market for tower crane rental due to the presence of large construction projects and infrastructure development activities in the region. The increasing demand for rental services in the construction industry and the need for heavy lifting equipment are also driving the growth of the tower crane rental market in North America. The United States, in particular, is a major market for tower crane rental, owing to the growth of the construction industry, increasing investments in infrastructure, and the presence of several large construction projects in the region. Moreover, the U.S. Tower Crane Rental market held the largest market share, and the Canada Tower Crane Rental market was the fastest-growing market in the North American region.


Tower Crane Rental Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the Tower Crane Rental market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Tower Crane Rental industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Tower Crane Rental. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Tower Crane Rental industry must offer affordable products.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Tower Crane Rental industry to benefit customers and expand the market sector. Major Tower Crane Rental market players, including Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P, and others, are attempting to increase market demand by funding R&D initiatives.


Bigge Crane and Rigging Co. is a global leader in the sale and rental of cranes, and also provides heavy rigging, specialized transportation, and engineering services. The company operates a diverse fleet of cranes, including crawler cranes, tower cranes, all-terrain cranes, and rough-terrain cranes, among others. Bigge Crane and Rigging Co. serve a wide range of industries, including construction, energy, petrochemical, infrastructure, and government.


Action Construction Equipment Ltd. (ACE) is an Indian company and one of the leading manufacturers of construction equipment in India, with a product portfolio that includes cranes, loaders, excavators, forklifts, and other material handling equipment. The company also provides rental and maintenance services for its products. ACE has a strong presence in the Indian market and exports its products to several countries around the world, including the Middle East, Africa, and Southeast Asia.


List of the Key Companies in the Tower Crane Rental market includes



  • Bigge Crane and Rigging Co.

  • Action Construction Equipment Ltd.

  • Titan Cranes & Rigging

  • Leavitt Cranes

  • Zoomlion ElectroMech India Pvt. Ltd.

  • WASEL GmbH

  • Terex Corporation

  • United Crane and Rigging

  • Falcon Tower Crane Services

  • Rapicon Inc.

  • Skycrane

  • NFT Group

  • Maxim Crane Works, L.P among others


Tower Crane Rental Industry Developments


June 2020: Terex Corporation has announced that it has appointed Cranbalt as the official Terex distributor for Tower Cranes in Sweden.


Tower Crane Rental Market Segmentation


Tower Crane Rental Type Outlook



  • Hammer Head Tower Cranes

  • Self-erecting Tower Cranes

  • Flat Top Tower Cranes


Tower Crane Rental End-Use Outlook



  • Residential

  • Commercial

  • Infrastructure


Tower Crane Rental Regional Outlook




  • North America



    • US

    • Canada


     




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe


     




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific


     




  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 12 Billion
Market Size 2023 USD 16 Billion
Market Size 2030 USD 26 Billion
Compound Annual Growth Rate (CAGR) 9.00% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End-Use, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P
Key Market Opportunities Increasing investments in the high-rise construction projects backed by investments in both, commercial and residential construction
Key Market Dynamics Growing urbanization Growth of construction industry, governments across the globe focus on infrastructure development and investing a huge amount of money




Frequently Asked Questions (FAQ) :

The Tower Crane Rental Market size was valued at USD 12 Billion in 2022.

The global market is projected to grow at a CAGR of 9.00% during the forecast period, 2023-2030.

Asia Pacific had the largest share in the Tower Crane Rental Market.

The key players in the market are Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P.

The self-erecting tower cranes category dominated the market in 2022.

The infrastructure had the largest share in the global market for Tower Crane Rental.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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