Tower Crane Rental Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

Key Highlights:
• The global Tower Crane Rental Market size was valued at USD 12 billion in 2022 growing at a CAGR of 6% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Tower Crane Rental Market size accounted for USD 12 Billion in 2022, growing at a CAGR of 6% from 2023 to 2033. The Tower Crane Rental Market refers to the industry or sector involved in the leasing or renting of tower cranes to construction companies, contractors, and other entities involved in large-scale construction projects. Tower cranes are specialized lifting equipment commonly used in the construction industry to lift and move heavy materials and equipment vertically and horizontally within a construction site.

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The Tower Crane Rental Market is primarily driven by Technological Advancements. Advances in tower crane technology, such as improved safety features, automation, and telemetry systems, contribute to the attractiveness of tower crane rental. Construction companies can benefit from the latest technological innovations without having to invest in new equipment.

Key Players
Some of the major Tower Crane Rental Market players holding high market shares include Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes and Zoomlion ElectroMech India Pvt. Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Falcon Tower Crane Services, Rapicon Inc. and Skycrane.

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Segmental Analysis
Based on Type, the Tower Crane Rental Market is segmented into Hammer Head Tower Cranes, Self-erecting Tower Cranes and Flat Top Tower Cranes. The Self-erecting Tower Cranes segment held the majority share of the Tower Crane Rental Market revenue. Self-erecting tower cranes are mobile cranes that can be easily transported and set up on a construction site without the need for additional equipment, making them ideal for smaller construction projects. The popularity of self-erecting tower cranes has been increasing due to their cost-effectiveness, ease of use, and flexibility.
Based on End Use, the Tower Crane Rental Market is segmented into Residential, Commercial and Infrastructure. The Infrastructure segment dominated the market. The infrastructure segment includes projects such as highways, bridges, airports, and other public works projects. The growth of this segment is driven by government initiatives to improve infrastructure, increase transportation connectivity, and promote economic development. The demand for tower cranes in the infrastructure segment is expected to increase due to the need for heavy lifting and construction activities involved in such projects. These all factors for Tower

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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