The global Tower Crane Rental Market is anticipated at USD 6.9 billion in 2022. Demand is likely to remain high for tower crane rental during the assessment period. This is due to the rapid technological advances in top-slewing tower cranes garnering USD 12.8 billion in 2033, recording a CAGR of 5.8% from 2023 to 2033. The market is likely to secure USD 7.3 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Tower Crane Rental Market Size Value in 2023 | USD 7.3 billion |
| Tower Crane Rental Market Forecast Value in 2033 | USD 12.8 billion |
| Global Growth Rate | 5.8% CAGR |
| Forecast Period | 2023 to 2033 |
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| Historical CAGR (2018 to 2022) | 5.2% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.8% |
Demand for tower crane rentals grew at 5.2% CAGR between 2018 and 2022. The outbreak of the novel COVID-19 dampened sales prospects due to restrictions on movement and disrupted supply chains.
The rapidly growing industrialization, mainly in emerging nations, and noteworthy prominence in construction and civic utility activities are anticipated to act as prime factors fueling the significant growth of the tower crane rentals market.
Tower cranes are widely used in the construction industry for the transportation of heavy materials and pre-made structures to be assembled at the location. Suspension of construction activities during the first quarter of 2020, resulted in decelerating demand for tower cranes.
With expedited vaccine drives and resumption of production activities across various sectors, FMI projects the global tower crane rentals market to achieve its pre-pandemic status over the forecast period, growing at a 5.8% CAGR
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The Increased Industrialization drives The Growth of the Tower Crane Rental Market
Rapid urbanization in developing and developed economies is spurring demand for crane rentals, and the trend is anticipated to continue over the forecast period.
The government initiatives promoting the development of smart cities and improvements in the power generation sector will continue augmenting growth in the global tower crane rental market.
User-friendliness, safety, and reliability offered by tower cranes are other factors driving their adoption in a variety of end-use industries.
With the adoption of tower crane rental services, manufacturers can reduce the cost of operations as rental services provide access to a range of modern equipment and operational flexibility depending upon the requirements of the manufacturers.
With the help of rental services, organizations can streamline operations such as procurement of equipment, maintenance, transportation, and asset disposal.
Manufacturers operating in the tower crane rental market are emphasizing providing tower cranes equipped with advanced technological features and safety requirements. The demand for tower crane rentals is anticipated to witness upswings in the forthcoming years.
Increased Construction activity across the globe is likely to drive the Tower Crane Rental Market Growth
Increasing construction activities across the globe and rapid increase in urbanization have increased in recent years.
The migration activity and shift from rural areas to urban areas contributed to escalating construction activities. The growing number of residential and commercial activities is expected to boost the sales of the tower crane rental market during the forecast period.
The increasing adoption of tower crane rentals by many end users, and the increased number of projects undertaken to upgrade the current infrastructure are factors expected to boost market growth in the near future.
Stringent Emission Control Legislations to Stunt Market Growth
In some regions, the construction equipment industry must comply with strict legislation to attain certain standards of construction equipment.
Government authorities formed to promote environmental conservation such as the Pollution Control Agency and the Environmental Protection Agency have launched regulations to promote sustainable production activities in the construction and manufacturing industries, which is encouraging companies to minimize industrial operations that generate emissions and toxic fumes.
The lack of skilled professionals for operating tower cranes might hamper sales of tower crane rentals. This equipment is heavy and larger in size, careful handling is the most crucial step while operating tower cranes. Failure and accidents can result in social and economic losses, which can further have a negative impact on demand for tower crane rentals.
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Increasing Infrastructural Development to Drive Market Growth in The Region.
As per FMI’s analysis, China is projected to emerge as an attractive tower crane rental market, holding 77% of the East Asia market share.
The rapid expansion of the construction industry, along with investment in new projects towards the expansion of civic infrastructure in the country will continue driving sales of tower crane rentals over the forecast period.
China is home to one of the largest construction industries in the world, which requires a consistent supply of construction equipment and heavy machinery, resulting in high demand for tower cranes.
China is projected to dominate the East Asia tower crane rentals market in the forthcoming years, providing avenues for growth for key market players.
Increasing Application in Commercial and Residential Sectors to Boost the Market Growth
Germany is projected to dominate the Europe tower crane rentals market, expanding at a 5.4% CAGR over the forecast period. Growth can be attributed to the presence of OEMs in the country, coupled with increasing applications of tower cranes in the residential and commercial sectors.
The market is driven by infrastructure projects, commercial developments, and residential construction.
The Rapidly Growing Construction Industry Provides an Opportunity for Market Growth
India has emerged as the second largest tower crane rental market in South Asia Pacific due to the expansion of the construction sector, accounting for 45.4% of the overall sales.
Increasing construction activities and civic utility applications in India are resulting in high demand for tower cranes, which in turn is shaping the sales outlook of tower crane rentals in India positively.
The government investments in promoting infrastructural development in the country, along with increasing mining activities in India are anticipated to continue spurring demand for tower crane rentals in the forthcoming years.
Top Slewing Tower Cranes Rentals to Remain Highly Sought After
Based on the design, the top-slewing segment is projected to account for 62.1% of the total tower crane rental market share in 2021. The demand for various tower crane design types varies from region to region.
In North America and the Middle East & Africa, top-slewing platforms are expected to contribute the maximum market share global tower crane market. Demand for top-slewing platforms in Asia Pacific is expected to propel a boost over the forecast period as industrialization and urbanization continue picking up pace.
Applications of Tower Crane Rentals in the Construction Sector to Continue Rising
As per FMI’s analysis, the construction industry accounts for 60.3% of the total tower crane rental market share. Growing demand can be attributed to the expansion of large-scale industries and the civic utilities segment, the cranes are used for small-scale infrastructure projects.
The increasing prominence of high-rise buildings in developed and developing countries across the globe is expected to drive sales of tower crane rentals over the assessment period.
OEMs to Remain the Most-Preferred Vendor Type
The OEM segment is estimated to account for 41.4% of the total tower crane rental market share. Benefits offered by OEMs such as access to better quality and technologically advanced equipment, customization in fleet size, and aftersales services are propelling demand for tower crane rentals in the market.
The segment is projected to gain 170 BPS over independent service providers during the forecast period. With OEMs direct venturing into rental sales, the supply chain costs will be saved without the employment of external channel partners or intermediaries, allowing the OEMs to focus on customer supply contracts, aftersales services, and relationship management.
Some prominent companies in the tower crane rental market are –
Leading players operating in the global tower crane rental market are focusing on intensive research and development for launching innovative products and services in the market.
Along with this, manufacturers are aiming at strategic collaborations with end-users and regional distributors to address the requirements of an expanding customer base. Brand consciousness and aggressive marketing make it challenging for new entrants in this market. For instance:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.8% from 2023 to2033 |
| Market Value in 2023 | USD 7.3billion |
| Market Value in 2033 | USD 12.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Lifting Capacity, Design Type, Vendor Type, Application, Product type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Konecranes; Liebherr; Mammoet; Maxim Crane Works, L.P.; Morrow Equipment Company; Morwest Crane & Services; Bigge Crane and Rigging Co; Stafford Crane Group; Leavitt Cranes; Value (USD Million) ed Crane & Rigging; Locabens Equipamentos; Grumont Equipamentos Ltda; JASO Group; Arcomet; WOLFFKRAN International AG; Uperio Group; Al Faris; KAR Group; CC Crane Hire; Industrial Leasing Corporation |
As of 2023, the market for tower crane rental is expected to be valued at USD 7.3 billion, as per FMI
By 2033, the market value of tower crane rental is expected to reach USD 12.8 billion
From 2023 to 2033, tower crane rental sales are expected to flourish at a CAGR of 5.8%
Based on application, the construction segment is expected to account for a CAGR of 5.7% during the forecast period.
Based on the design type, the top-slewing segment dominates the market with a CAGR of 5.6% during the forecast period.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Lifting Capacity 5.1. Up to 5 Tons 5.2. 5 – 10 Tons 5.3. 10 – 20 Tons 5.4. 20 – 50 Tons 5.5. Above 50 Tons 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Self-Erecting 6.2. Hammerhead Crane 6.3. Luffing Jib Tower Crane 6.4. Mobile Tower Crane 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design Type 7.1. Top Slewing Tower Crane 7.2. Bottom Slewing Tower Crane 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vendor Type 8.1. Original Equipment Manufacturer (OEM) 8.2. Independent Service Provider 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Applications 9.1. Building and Construction 9.1.1. Residential and Commercial 9.1.2. Industrial 9.1.3. Civic Infrastructure 9.2. Marine and Sea Ports 9.3. Mining 9.4. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Konecranes 20.2. Liebherr 20.3. Mammoet 20.4. Maxim Crane Works, L.P. 20.5. Morrow Equipment Company 20.6. Morwest Crane & Services 20.7. Bigge Crane and Rigging Co. 20.8. Stafford Crane Group 20.9. Leavitt Cranes 20.10. Value (USD Million)ed Crane & Rigging 20.11. Locabens Equipamentos 20.12. Grumont Equipamentos Ltda 20.13. JASO Group 20.14. Arcomet 20.15. WOLFFKRAN International AG 20.16. Uperio Group 20.17. Al Faris 20.18. KAR Group 20.19. CC Crane Hire 20.20. Industrial Leasing Corporation 21. Assumptions & Acronyms Used 22. Research Methodology
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Tower Crane Rental Market
