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

MARKET OVERVIEW

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.

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

• 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

• 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.

• 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.

• 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.

MARKET SEGMENTATION

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.

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.