USD 7.20 billion
Report ID:
SQMIG20C2087 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
92
|Figures:
76
Global Tower Crane Rental Market size was valued at USD 7.20 billion in 2022 and is poised to grow from USD 7.90 billion in 2023 to USD 16.57 billion by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).
The expansion of the tower crane rental industry faces hurdles due to a shortage of qualified operators, partly stemming from high training costs in certain nations. Additionally, contractors grapple with increased expenses in acquiring tower cranes, posing a challenge. In rural areas lacking safety regulations, the improper use of heavy equipment heightens the risk of accidents.
However, there's potential for preference towards modern tower cranes if governments bolster infrastructure development efforts and invest in operator safety.
Global Market Size
USD 7.20 billion
Largest Segment
Utility
Fastest Growth
Growth Rate
9.7% CAGR
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Global tower crane rental market is segmented on the basis of lifting capacity, application, type and region. By lifting capacity, the market is segmented into <20 tons, 20-50 tons, 50-100 tons, >100 tons. By application, the market is segmented into construction, industrial, utility. By type, the market is segmented into self-erecting, luffing jib, hammer head, flat top. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
In 2022, the construction sector claimed the largest revenue share at 52.5%, and this trend is forecasted to persist in the upcoming period. Its dominance is expected to be fueled by the ongoing surge in residential and commercial infrastructure projects spanning the globe. These developments, occurring on a global scale, serve as key drivers behind the sector's sustained growth. With continued investments in both residential and commercial infrastructure projects worldwide, the construction sector remains poised to maintain its leading position, contributing significantly to economic growth and development.
The utilities segment is projected to undergo a substantial CAGR of 6.6% in terms of revenue. This notable increase can be attributed to its extensive utilization in various critical applications such as oil and gas projects, power initiatives, utility projects, and other ventures involving significant applications like subterranean construction.
Analysis by Lifting Capacity
Throughout the forecasted period, the dominance within the market is expected to be held by the segment focusing on tower cranes weighing less than 20 tonnes. This particular segment's growth is primarily propelled by the increasing demand for tower cranes in residential and commercial construction endeavors. The surge in construction activities aimed at building homes and businesses serves as a pivotal factor driving the expansion of this specific market segment.
Forecasts indicate that the market segment encompassing tower cranes with a capacity ranging from 20 to 50 tonnes is poised to experience the most rapid expansion throughout the projected period. This accelerated growth is directly fueled by the escalating demand for tower cranes in the execution of industrial and infrastructural projects. The pivotal role played by these cranes in supporting the development of diverse industrial ventures and crucial infrastructure projects significantly contributes to the remarkable expansion witnessed within this market sector.
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North America plays a pivotal role in shaping the tower crane rental market due to several contributing factors. The region's construction industry stands as a primary driver, witnessing substantial growth and demanding efficient equipment for various projects. North America's urban development, infrastructure upgrades, and commercial expansions continually spur the demand for tower cranes.
The Asia-Pacific region is poised to exhibit the most significant growth rate, with China and India spearheading this trajectory. Renowned for hosting some of the most notable high-growth economies globally, the region stands out as a pivotal manufacturing hub and favored destination for travel enthusiasts.
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Drivers
Increasing Construction Activities Will Aid Growth
Restraints
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The competitive environment of the Global Tower Crane Rental Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The surge in vertical construction, particularly in urban landscapes, has exerted a profound influence on the tower crane rental market. The escalating preference for high-rise buildings arises from the scarcity of available land and the imperative to accommodate burgeoning urban populations. Tower cranes emerge as indispensable tools in the efficient construction of these soaring structures, uniquely equipped to lift substantial materials to considerable heights and cover expansive operational areas.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 7.20 billion |
Market size value in 2031 | USD 16.57 billion |
Growth Rate | 9.7% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Tower Crane Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tower Crane Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tower Crane Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tower Crane Rental Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20C2087