USD 7.20 billion
Tower Crane Rental Market Size, Share, Growth Analysis, By Lifting capacity(<20 tons, 20-50 tons, 50-100 tons, >100 tons), By Application(Construction, Industrial, Utility), By Type(Self-erecting, Luffing Jib, Hammer head, Flat top), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20C2087 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
92
|Figures:
76
Tower Crane Rental Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Utility
Fastest Growth
Growth Rate
9.7% CAGR
Global Tower Crane Rental Market ($ Bn)
Country Share for North America Region (%)
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Tower Crane Rental Market Segmental Analysis
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.
Global Tower Crane Rental Market By Application
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Tower Crane Rental Market Regional Insights
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.
Global Tower Crane Rental Market By Region
- Largest
- Fastest
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Tower Crane Rental Market Dynamics
Drivers
Increasing Construction Activities Will Aid Growth
- The global tower crane rental market's trajectory intricately intertwines with the broader construction industry. The burgeoning need for residential and commercial structures, alongside expansive infrastructure ventures like bridges, dams, and railways, fuels the continuous demand for tower cranes. A pivotal driving force behind this demand stems from the rapid urbanization and escalating population rates observed predominantly in emerging economies. These regions witness a substantial surge in construction projects necessitated by urban expansion and population growth, propelling the consistent requirement for tower cranes.
Restraints
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Tower Crane Rental Market Competitive Landscape
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
- Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)
- XCMG Group (China)
- Manitowoc Cranes, LLC (United States)
- Potain (France)
- Sany Group Co., Ltd. (China)
- Kobelco Construction Machinery Co., Ltd. (Japan)
- Favelle Favco Berhad (Malaysia)
- Wolffkran AG (Germany)
- COMANSA (Spain)
- Tadano Ltd. (Japan)
- Kroll Cranes A/S (Denmark)
- JASO Industrial Cranes (Spain)
- Vicario Armando S.r.l. (Italy)
- Sarens NV/SA (Belgium)
- NFT Specialized in Tower Cranes (United Arab Emirates)
- Minglong Holding Group Co., Ltd. (China)
- Raimondi Cranes (Italy)
- Yongmao Holdings Limited (China)
- Wilbert Tower Cranes GmbH (Germany)
- Yongmao Støtteben (Denmark)
Recent Developments
- In April 2024, SC&RA unveiled a valuable new resource for its members: "Understanding Mobile Crane Bare Rental Agreements." This resource aims to aid members in comprehending agreements pertinent to typical industry work. Additionally, it serves as a blueprint, fostering alignment among SC&RA and other industry stakeholders in safeguarding themselves within the bare rental contracts domain.
- In March 2024, United Rentals, based in the US, unveiled a new addition to its fleet: a battery pack energy storage system for cranes and hoists. Collaborating with engineering firm Termaco, United Rentals developed a rental version of its TREE (Termaco Reserve Electrical Energy) product. This innovative system offers sustainable on-site electrical power for equipment like tower cranes and hoists. Contractors can now utilize a much smaller generator and operate it intermittently, resulting in significant reductions in fuel consumption and emissions.
- In March 2024, McGovern Crane Hire added the Liebherr MK 140-5.1 to its fleet, receiving the latest variant of the original MK 140 earlier this month.
Tower Crane Rental Key Market Trends
- A notable shift is underway within the tower crane rental industry towards modular and lightweight designs, marking a growing trend that addresses diverse construction needs. Modular tower cranes, prized for their adaptable height and configuration, exhibit a remarkable flexibility ideally suited for a spectrum of construction projects. This design innovation enables seamless adjustments, ensuring suitability across varying project requirements. Simultaneously, the emergence of lightweight tower cranes signifies a significant advancement in ease of transportation, assembly, and dismantling processes. These cranes mitigate the logistical complexities traditionally associated with their bulkier counterparts, presenting a more efficient and convenient option for deployment.
Tower Crane Rental Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tower Crane Rental Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tower Crane Rental Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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