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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), Regions — Forecast till 2030

ID: MRFR/CO/6182-HCR | February 2021 | Region: Global | 107 pages

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MARKET OVERVIEW


Globally, the tower crane rental market occupies a high CAGR of about 5% during the market forecast period. 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.


COVID 19 ANALYSIS


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.


COMPETITIVE LANDSCAPE


Globally, the market is competitive having some key players who use the strategies and gain the competitive advantage SE. They take various steps to expand their global presence and raise their tower crane rental market share. These key players provide some type of type to fulfill the requirement of the client as per the new technology and to fulfill safety requirements. The key players here in the market are


  • Bigge Crane and Rigging Co. of the United States

  • Maxim Crane Works

  • LP of the United States

  • Titan Cranes and Rigging of Australia

  • NFT Group of the United Arab Emirates

  • Action Construction Equipment Ltd of China

  • Skycrane of Canada

  • Leavitt Cranes of Canada

  • Rapicon Inc. of Canada

  • Zoomlion Electromech India Pvt Ltd of India

  • Falcon Tower Crane Services of the United Kingdom

  • Easel GmbH of Germany

  • All Crane of the United States and United Crane and

  • Rigging of Baltimore Maryland.


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.


MARKET DYNAMICS


Drivers


  • Consumers have started renting different types of cranes for single protection as per their need and their requirement. This lessens the actual cost of the overall project thus driving up the market demand. Growth in construction and mining activities rises the market size. The rise in demand activities concerning oil and gas units drives up the tower crane demand. Investing huge sums for the infrastructural development, especially in the APAC region, grows market demand. Setting up more of the crane industry in North American and some of the European regions grows the market demand.


Opportunities


  • High growth in the construction industry provides opportunities for market size. The government focussing more on the infrastructural development and investing a huge sum on the tower crane rental market growth fuels up its expansion. Accessing a broad range of equipment with no initial cost raises the demand for tower cranes. The ability to add extra cost for using advanced equipment is rising the expansion of the business.


Challenges

  • Properly training the crane operators is the major challenging factor for market growth. To overcome this challenge, the rental operators have to focus on routine programs. Operation by trained professionals reduces accidents and mishaps at the workplace. The rise in purchasing expenses linked with new equipment is a challenging factor for the market. High maintenance and repair costs of the crane are another most important challenging factor. Another most important challenging factor is that it requires regular maintenance and the rental crane is of high cost.


Cumulative growth

The rise in tower crane rental market value at a high rate takes place. The base period is that during which maximum growth occurred.

Restraints

Preferring the particular variety of tower cranes, costs more thus hampering down the rise of tower crane rental market size. The absence of skilled and qualified crane-trained officers restrains the rise of the tower crane rental market growth.

MARKET SEGMENTATION


By type

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.


By technology

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.


REGIONAL ANALYSIS


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.


RECENT DEVELOPMENTS



  • Wisconsin in May 2019, launched a new crane rental for expanding its fleet. It includes some of the advanced features like variable out trigger base, telescopic boom, and many more which assists in raising its efficiency and serving the customers.

  • The very famous project of China in September 2019, namely the Chongqing Kunming large pace railway project. China has invested over USD 20.5 million for a 699km rail line which has linked Chongqing and Kunming.

  • Maxim Crane Works in May 2019, planned to expand its business in the region of the United States, In this region, the key players collaborate to widen the customer base.


REPORT OVERVIEW


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.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   5% CAGR (2022-2030)
  Base Year   2021
  Forecast Period    2022 to 2030
  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

  • Growing urbanization
  • Growth of construction industry, governments across the globe focus on infrastructure development and investing a huge amount of money


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    Frequently Asked Questions (FAQ) :

    Tower crane rental market has a CAGR of 5% 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 2016 to 2026. 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.