Tower Crane Rental Market By Type (Self-Erecting, Luffing Jib, Hammer Head, Flat Top), By Capacity (Less Than 5 Ton, 6 to 10 Ton, More Than 10 Ton), By End User (Construction and Infrastructure, Mining, Energy, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global tower crane rental market was valued at $3,774.5 million in 2020, and is estimated to reach $5,972.1 million by 2032, registering a CAGR of 4.2% from 2023 to 2032. Tower crane rental services offer renting or leasing heavy machinery and tools used for the construction of buildings for individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for building projects by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Owing to the high cost of heavy towers, consumers who do not require the equipment on a daily basis need to choose to rent it rather than buy it. In addition, not all consumers have the ability to afford such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
However, in developed countries of North America and Europe, there is a saturation of new construction activities due to the already constructed infrastructure, the recent industrial collapse, and the high cost of development. As a result, substantial investments in brand-new building projects have declined, which is anticipated to eventually constrain expansion of the market for renting tower cranes in developed countries.
On the other hand, large cranes are available for rent, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, thanks to modern technologies such as IoT embedded in heavy construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth rented tower cranes.
The tower cranes market is segmented into type, capacity, application, and region. By type, the market is classified into self-erecting, luffing jib, hammer head, and flat top. The hammer head segment dominated the market in 2022. By capacity, the market is divided into less than 5 ton, 6 to 10 ton, and more than 10 ton. The less than 5 ton segment dominated the market in 2022. By application, it is categorized into construction & infrastructure, mining, energy, and others. The construction & infrastructure segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSISKey companies profiled in the tower crane rental market report include
Bigge Crane & Rigging Co., L.P. Crane, Action Construction Equipment, titan cranes & rigging, Falcon Tower Crane Service, Skycrane, leavitt cranes, All Tower Crane, WASEL Gmbh. and Zoomlion ElectroMech India Pvt. Ltd. Major companies in the market have adopted acquisition, product launch, business expansion, and other strategies as their key developmental strategies to offer better products and services to customers in the tower crane rental market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tower crane rental market analysis from 2020 to 2032 to identify the prevailing tower crane rental market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the tower crane rental market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global tower crane rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeSelf-Erecting
Luffing Jib
Hammer Head
Flat Top
By CapacityLess Than 5 Ton
6 to 10 Ton
More Than 10 Ton
By End UserConstruction and Infrastructure
Mining
Energy
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
South Africa
Key Market Players
Action Construction Equipment
All Tower Crane
Bigge Crane & Rigging Co.
Falcon Tower Crane Service
leavitt cranes
L.P. Crane
Skycrane
titan cranes & rigging
WASEL Gmbh
Zoomlion ElectroMech India Pvt. Ltd
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