Global Tower Crane Rental Market

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 News

  • 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.
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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 competitive environment of the 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. '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)'

The 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.

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.

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.

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Global Tower Crane Rental Market

Report ID: SQMIG20C2087

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