Globally, the tower crane rental market occupies a high CAGR of about 6.10% USD 7,634.20 million during the market forecast 2022-2030
Globally, the tower crane rental market occupies a high CAGR of about 6.10% USD 7,634.20 million during the market forecast 2022-2030. The industry of tower crane rental market projects at a moderate growth in the upcoming years. Excess of height and also its lifting capacity is helpful for the construction of dams, bridges, high height buildings, power plants, and shipyards. Some of the tower cranes like Hammerhead tower cranes, self-erecting cranes, flat high height tower-based cranes are spread throughout the market as per the different lifting techniques. The tower crane rental market is growing at a high rate and is covering a high share during the market forecast period. The presence of small, medium-sized companies that invest much in purchasing abilities due to their high expenses, high lifting capabilities, and they are modernized and the so-called advanced features.
Due to the outcome of the COVId 19 health crisis, slow market growth in the rental market was marked. The government imposed lockdown and shutdown whereas he also enforced restrictions in the movement of the public. This disrupted the construction and manufacturing sector globally and regionally. Reduction in the viability of the raw materials was marked and shortage of labor facilities led to the downfall and shutdown of construction projects. This in turn showed a negative impact on the economic wealth of the crane rental providers. The outgoing and incoming facility of the crane was hampered. This hampering of international trade disrupted the demand of the crane concerning logistics and transportation units. It caused a reduction in market value.
Their strategies include building partnerships, merging, acquisition, manufacturing high-quality products, and services, less rental expenses along collaboration with certain manufacturing companies. To help grow the industrial marketing trends, the key players are adding up and inventing new cranes for serving the user base.
The market is being classified based on product type and end-use. Based on product type, the tower crane rental industry is being classified into several tower cranes. Some of the tower cranes are erection cranes, hammerheads tower cranes, flat-top tower cranes, and luffing jib tower cranes. The self-erecting tower cranes hold a major position and dominate the market. Based on the end-use segment, the tower crane rental industry is classified into the residential, commercial, and infrastructural segments. The residential segment holds the dominant segment as it carries out certain projects for constructing high-height buildings. The migration of people to urban areas increased the need for residential areas thus increasing the demand for cranes.
Technology led to the invention of certain tower cranes at less price. The growth in marketing trend led to assisting the electrical workers in installing maintenance and helping in repairing the crane.
Globally, the market is being classified into the regions of North America, the European region, Asia Pacific, and some areas of the rest of the world. The Asia Pacific holds the largest tower crane rental market share followed by the regions of North America and Europe during the market forecast period. This has contributed to the rise in investment in both residential and commercial sectors in the countries of China and India. This is said to steer up the demand for both China and the Indian region.
The report gives good coverage about the market estimation during the market forecast period. It signifies the revenue coverage from 2020 to 2026. The report signifies the market segmentation and the recent developments taking place. The report gives a vivid picture of the market scenario during the market forecast period. It also gives detailed information about the impact of COVID on the population and which affected the trade movements so carried out within the countries. The report gives information about key players expanding their empire through certain regions. It symbolizes the strategies that are so taken by them to make their customer base strong. It gives information about the various growth factors that are so taken into account for developing the market.
|Market Size||USD 7,634.20 million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, End-use, Regions|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bigge Crane and Rigging Co. (US), Action Construction Equipment Ltd. (India), Titan Cranes & Rigging (Australia), Leavitt Cranes (Canada), Zoomlion ElectroMech India Pvt. Ltd. (India), WASEL GmbH (Germany), ALL Crane (US), United Crane and Rigging (Baltimore, Maryland), Falcon Tower Crane Services (UK), Rapicon Inc. (Canada), Skycrane (Canada), NFT Group (UAE), and Maxim Crane Works, L.P (US).|
|Key Market Opportunities||Increasing investments in the high-rise construction projects backed by investments in both, commercial and residential construction|
|Key Market Drivers||
Tower crane rental market has a CAGR of 6.10% during the forecast period.
North America would dominate tower crane rental market.
The self-erecting tower cranes segment would lead tower crane rental market.
The residential segment would lead the tower crane rental market.
Players involved in tower crane rental market are Action Construction Equipment Ltd. (India), Bigge Crane and Rigging Co. (US), Leavitt Cranes (Canada), Titan Cranes & Rigging (Australia), WASEL GmbH (Germany), ALL Crane (US), Zoomlion ElectroMech India Pvt. Ltd. (India), Falcon Tower Crane Services (UK), United Crane and Rigging (Baltimore, Maryland), NFT Group (UAE), Rapicon Inc. (Canada), Skycrane (Canada), and Maxim Crane Works, L.P (US).
The Asia Pacific region gained momentum during the market forecast period of 2022-2030. This region acquires high growth due to the rise in investment which is helpful for public infrastructural development. The Asia Pacific region gains a revenue of about USD 3.5billion which ranges to USD 5billion. The key players use various projects for a long period. The government here is focussing on strengthening the energy infrastructure.
The uprising of the construction industry in the Indo- China region, due to the increase in urbanization and growth in population due to the development in the IT sector, rises the tower crane rental market growth. Some of the Middle East and African regions like Saudi Arabia and Turkey are giving much more priority and spreading eco-friendliness. Investing much more for hospitality, transportation, and spending on energy and easy availability for construction requirements steers up the tower crane rental market size.