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With a predicted CAGR of 4.2% from 2024–2031, the worldwide tower crane rental market is expected to increase from $3.18B in 2023 to $7B in 2031. The service of tower crane rental involves the drafting of contracts outlining the terms and conditions for the operation of construction equipment by end users for a specific duration. At construction mining sites, heavy tasks are facilitated by construction equipment.
Additionally, rental services in the construction industry are now experiencing a surge in demand, and this trend is projected to persist throughout the forecast period. By using rental services, dealers and contractors can save money on equipment. These services offer modern equipment and operational flexibility, meaning you can use what you need, when you need it. Additionally, they can help organizations reduce fleet size, which impacts activities like procurement, maintenance, logistics, and asset disposals. Furthermore, tower crane rental services are putting a premium on offering tower cranes that are both technologically modern and compliant with all applicable safety regulations. Because the rental meets the needs with minimal capital expenditure, end-users would benefit in the end. Which means the tower crane rental business is going to have a lot of demand growth throughout the predicted time.
Also, COVID-19 will likely have an effect for a long time after it ends. Major industrial and construction centers came to a standstill as a direct consequence of the instant shutdown. Critically, it slowed production all around the world. The United Nations (UN) predicts that despite earlier projections of 2.5% growth, the world economy could contract by as much as 1% in 2020. The construction industry is among the hardest hit by the global COVID-19 outbreak. This is because most contractors have kept working on the projects, but there are still workers who aren't available. Due to a lack of available labor, the projected global revenue from ongoing commercial and residential construction projects is lower than predicted. The COVID-19 pandemic has caused 28% of contractors to postpone their construction projects, according to the Associated General Contractors (AGC) of America. This is because there is a severe lack of subordinates. But this might slow the expansion of the market for tower crane rentals.
Emerging markets in the Asia-Pacific, Latin American, and African regions have seen rapid population expansion, economic development, urbanization, and technological advancements in machinery that help enhance workflow, according to the tower crane rental industry trends. Because the rate of population rise is greater than the supply of housing, the demand for housing accommodation has surged due to the fast population growth in Asia-Pacific and Africa. These two regions are home to many rapidly developing nations that have seen rapid economic expansion in recent years. Commercial, industrial, corporate, and residential real estate has been rapidly expanding in emerging nations due to their booming economies.
Furthermore, in response to rising urbanization and industrialization, the governments of various developing nations have implemented measures to enhance the transportation network. For example, in 2021, the Brazilian government allocated $167.3 million for infrastructure development, in line with established trends. Construction of roads and bridges are thus included in such infrastructure development projects. As a result, the need for machinery and safety equipment needed to build various types of infrastructure has been driven by the expansion of rising nations. On top of that, you can save money and use the rented equipment for as long as you need it. Consequently, the government's increased investment and the advantages of rented equipment are fueling the expansion of the tower crane rental market.
The expansion of the building and mining industries is the primary factor propelling the tower crane rental market. For tasks like as transporting massive loads and extracting materials, as well as for lifting heavy equipment to great heights, tower cranes see extensive use in the construction and mining industries. Tower cranes are widely used in the building industry. Tower cranes are in high demand because to the increasing number of construction projects. These projects include the building of homes, businesses, and public works projects like highways and bridges. If a construction company needs tower cranes for a limited time, they can find an affordable option on the tower crane rental market.
Tower cranes are also widely used in the mining industry. The mining sector relies on tower cranes for a multitude of tasks, including the transportation of heavy equipment, the loading and unloading of materials, and the excavation of resources. A lot of people need tower cranes for their mining jobs because the mining sector is growing, especially in developing countries like Brazil, India, and China. Customer benefits are another factor propelling the tower crane leasing market. If a client just needs the crane for a limited time, renting one is a great economical option. Additionally, it offers versatility since clients can rent several kinds of cranes according to their individual need. In general, the market for tower crane rentals is seeing expansion due to the increasing number of building and mining operations, as well as the advantages of these rentals. As a result, the global Tower Crane Rental market has been experiencing an improved CAGR in recent years due to these and other associated aspects.
Report Coverage
Global Tower Crane Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tower Crane Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tower Crane Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tower Crane Rental market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tower Crane Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tower Crane Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Tower Crane Rental market based on the below-mentioned segments:
Global Tower Crane Rental Market, By Type
Self-Erecting
Luffing Jib
Hammer Head
Flat Top
Global Tower Crane Rental market, By Capacity
Less Than 5 Ton
6 to 10 Ton
More Than 10 Ton
Global Tower Crane Rental Market, By End User
Construction and Infrastructure
Mining
Energy
Others
Global Tower Crane Rental market, Regional Analysis
Additionally, rental services in the construction industry are now experiencing a surge in demand, and this trend is projected to persist throughout the forecast period. By using rental services, dealers and contractors can save money on equipment. These services offer modern equipment and operational flexibility, meaning you can use what you need, when you need it. Additionally, they can help organizations reduce fleet size, which impacts activities like procurement, maintenance, logistics, and asset disposals. Furthermore, tower crane rental services are putting a premium on offering tower cranes that are both technologically modern and compliant with all applicable safety regulations. Because the rental meets the needs with minimal capital expenditure, end-users would benefit in the end. Which means the tower crane rental business is going to have a lot of demand growth throughout the predicted time.
Also, COVID-19 will likely have an effect for a long time after it ends. Major industrial and construction centers came to a standstill as a direct consequence of the instant shutdown. Critically, it slowed production all around the world. The United Nations (UN) predicts that despite earlier projections of 2.5% growth, the world economy could contract by as much as 1% in 2020. The construction industry is among the hardest hit by the global COVID-19 outbreak. This is because most contractors have kept working on the projects, but there are still workers who aren't available. Due to a lack of available labor, the projected global revenue from ongoing commercial and residential construction projects is lower than predicted. The COVID-19 pandemic has caused 28% of contractors to postpone their construction projects, according to the Associated General Contractors (AGC) of America. This is because there is a severe lack of subordinates. But this might slow the expansion of the market for tower crane rentals.
Emerging markets in the Asia-Pacific, Latin American, and African regions have seen rapid population expansion, economic development, urbanization, and technological advancements in machinery that help enhance workflow, according to the tower crane rental industry trends. Because the rate of population rise is greater than the supply of housing, the demand for housing accommodation has surged due to the fast population growth in Asia-Pacific and Africa. These two regions are home to many rapidly developing nations that have seen rapid economic expansion in recent years. Commercial, industrial, corporate, and residential real estate has been rapidly expanding in emerging nations due to their booming economies.
Furthermore, in response to rising urbanization and industrialization, the governments of various developing nations have implemented measures to enhance the transportation network. For example, in 2021, the Brazilian government allocated $167.3 million for infrastructure development, in line with established trends. Construction of roads and bridges are thus included in such infrastructure development projects. As a result, the need for machinery and safety equipment needed to build various types of infrastructure has been driven by the expansion of rising nations. On top of that, you can save money and use the rented equipment for as long as you need it. Consequently, the government's increased investment and the advantages of rented equipment are fueling the expansion of the tower crane rental market.
The expansion of the building and mining industries is the primary factor propelling the tower crane rental market. For tasks like as transporting massive loads and extracting materials, as well as for lifting heavy equipment to great heights, tower cranes see extensive use in the construction and mining industries. Tower cranes are widely used in the building industry. Tower cranes are in high demand because to the increasing number of construction projects. These projects include the building of homes, businesses, and public works projects like highways and bridges. If a construction company needs tower cranes for a limited time, they can find an affordable option on the tower crane rental market.
Tower cranes are also widely used in the mining industry. The mining sector relies on tower cranes for a multitude of tasks, including the transportation of heavy equipment, the loading and unloading of materials, and the excavation of resources. A lot of people need tower cranes for their mining jobs because the mining sector is growing, especially in developing countries like Brazil, India, and China. Customer benefits are another factor propelling the tower crane leasing market. If a client just needs the crane for a limited time, renting one is a great economical option. Additionally, it offers versatility since clients can rent several kinds of cranes according to their individual need. In general, the market for tower crane rentals is seeing expansion due to the increasing number of building and mining operations, as well as the advantages of these rentals. As a result, the global Tower Crane Rental market has been experiencing an improved CAGR in recent years due to these and other associated aspects.
Report Coverage
Global Tower Crane Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tower Crane Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tower Crane Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tower Crane Rental market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Tower Crane Rental Market from 2021 to 2031.
- Market Forecast for Tower Crane Rental Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Tower Crane Rental competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Tower Crane Rental
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tower Crane Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tower Crane Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P
Primary Target Market
- Market Players of Tower Crane Rental
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Tower Crane Rental market based on the below-mentioned segments:
Global Tower Crane Rental Market, By Type
Self-Erecting
Luffing Jib
Hammer Head
Flat Top
Global Tower Crane Rental market, By Capacity
Less Than 5 Ton
6 to 10 Ton
More Than 10 Ton
Global Tower Crane Rental Market, By End User
Construction and Infrastructure
Mining
Energy
Others
Global Tower Crane Rental market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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