What is the global market size of Tower Crane Rental Market?

Global Tower Crane Rental Market size was valued at USD 6.56 billion in 2021 and is poised to grow from USD 7.20 Billion in 2022 to USD 13.76 billion by 2030, growing at a CAGR of 9.7% in the forecast period (2023-2030).

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

Q: Who are the key vendors in the Global Tower Crane Rental Market?

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. '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)'

Q: What is the key driver of Global Tower Crane Rental Market?

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.

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.

Tower Crane Rental Market Report Snapshots

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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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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

Tower Crane Rental Market Insights

Tower Crane Rental Market Report Snapshots

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FAQs

What is the market size of Tower Crane Rental Market?

Who are the key vendors in the Tower Crane Rental Market?

What is the key driver of Tower Crane Rental Market?

What is the key market trend for Tower Crane Rental Market?

Which region accounted for the largest share in Tower Crane Rental Market?

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