Tower Crane Rental Market to Reach $6.0 Billion | Allied Market Research

The global construction industry is soaring, and at the heart of this vertical ascension is the tower crane. Tower cranes, those imposing giants of the construction site, are crucial for lifting heavy loads, enabling efficient construction, and ultimately shaping skylines around the world. With the construction industry flourishing, the demand for tower crane rental services is reaching new heights. Allied Market Research has published a report that delves deep into this dynamic market, and here's what it reveals.

Market Overview

The report titled "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" presents a comprehensive view of the global tower crane rental market. In 2020, the market was valued at $3.8 billion, and it's projected to reach $6.0 billion by 2032, marking a steady compound annual growth rate (CAGR) of 4.2% from 2023 to 2032.

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Prime Drivers of Growth

The global tower crane rental market is on a strong growth trajectory, driven by several key factors:

Construction Boom in Developing Countries: Developing nations are witnessing a surge in construction activities, leading to a heightened demand for tower cranes. These countries are investing heavily in infrastructure development, resulting in a substantial need for construction equipment like tower cranes.

Cost Savings: Tower crane rental offers significant cost savings compared to ownership. Renting eliminates expenses such as maintenance, labor, and operational costs, making it an attractive option for many construction companies.

Flexibility and Efficiency with IoT: Tower cranes are becoming smarter with the integration of Internet of Things (IoT) technology. This enhances their efficiency and ease of relocation, further boosting their demand.

Market Dynamics

While there are several growth drivers, some challenges and opportunities also shape the market:

Opportunities:

Ease of relocation and increased efficiency with IoT technology.
Challenges:

Decreased construction activities in developed nations.
A shortage of skilled and qualified crane operators.
COVID-19 Impact and Recovery

The COVID-19 pandemic initially cast a shadow over the tower crane rental market as global lockdowns disrupted construction activities. However, as the situation improved, the demand for tower crane rental rebounded, presenting growth opportunities for market players.

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Segmental Insights

The market is segmented based on various parameters:

Type: In 2020, the hammer head segment dominated the market, accounting for nearly two-fifths of the global tower crane rental market revenue. It's projected to maintain its leadership position throughout the forecast period due to its versatility and widespread use in various industries.

Capacity: The less than 5-ton capacity segment held the highest market share in 2020, contributing to nearly half of the global tower crane rental market revenue. It's expected to maintain its leadership status as it caters to the rising demand for commercial constructions.

End User: The construction and infrastructure segment held the largest share in 2020, expected to maintain its lead position during the forecast period. However, the mining segment is expected to exhibit the largest CAGR, driven by safety compliance and the need for reliable equipment in the mining sector.

Region: Asia-Pacific led the market in 2020 and is expected to maintain its dominance by 2032. The LAMEA region is expected to witness the fastest CAGR due to rising construction and infrastructure sectors in developing countries.

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Leading Market Players

Key players in the global tower crane rental market 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. These companies are adopting various strategies like new product launches, expansion, acquisition, and collaboration to strengthen their market presence.

In conclusion, the global tower crane rental market is on an upward trajectory, fueled by construction growth in developing nations and the cost-efficiency of rental services. While challenges exist, including a shortage of skilled operators, opportunities such as IoT integration and recovery from the COVID-19 pandemic promise a bright future for this industry. As construction projects continue to reach for the sky, tower cranes will remain indispensable, and the tower crane rental market will continue to rise to meet the challenge.

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Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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