The global tower crane rental market was valued at $3.77 Billion in 2020, and is estimated to reach $5.97 Billion by 2032, registering a CAGR of 4.2% from 2023 to 2032. Tower crane rental services offer renting or leasing heavy machinery and tools used for the construction of buildings for individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for building projects by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Owing to the high cost of heavy towers, consumers who do not require the equipment on a daily basis need to choose to rent it rather than buy it. In addition, not all consumers have the ability to afford such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
However, in developed countries of North America and Europe, there is a saturation of new construction activities due to the already constructed infrastructure, the recent industrial collapse, and the high cost of development. As a result, substantial investments in brand-new building projects have declined, which is anticipated to eventually constrain expansion of the market for renting tower cranes in developed countries.
On the other hand, large cranes are available for rent, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, thanks to modern technologies such as IoT embedded in heavy construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, Increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth rented tower cranes.
The tower cranes market is segmented into type, capacity, application, and region. By type, the market is classified into self-erecting, luffing jib, hammer head, and flat top. The hammer head segment dominated the market in 2022. By capacity, the market is divided into less than 5 ton, 6 to 10 ton, and more than 10 ton. The less than 5 ton segment dominated the market in 2022. By application, it is categorized into construction & infrastructure, mining, energy, and others. The construction & infrastructure segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
Owing to the high cost of heavy towers, consumers who do not require the equipment on a daily basis need to choose to rent it rather than buy it. In addition, not all consumers have the ability to afford such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
However, in developed countries of North America and Europe, there is a saturation of new construction activities due to the already constructed infrastructure, the recent industrial collapse, and the high cost of development. As a result, substantial investments in brand-new building projects have declined, which is anticipated to eventually constrain expansion of the market for renting tower cranes in developed countries.
On the other hand, large cranes are available for rent, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, thanks to modern technologies such as IoT embedded in heavy construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, Increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth rented tower cranes.
The tower cranes market is segmented into type, capacity, application, and region. By type, the market is classified into self-erecting, luffing jib, hammer head, and flat top. The hammer head segment dominated the market in 2022. By capacity, the market is divided into less than 5 ton, 6 to 10 ton, and more than 10 ton. The less than 5 ton segment dominated the market in 2022. By application, it is categorized into construction & infrastructure, mining, energy, and others. The construction & infrastructure segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSIS
Key companies profiled in the tower crane rental market report Include
Bigge Crane & Rigging Co., L.P. Crane, Action Construction Equipment, titan cranes & rigging, Falcon Tower Crane Service, Skycrane, leavitt cranes, All Tower Crane, WASEL Gmbh. and Zoomlion ElectroMech India Pvt. Ltd. Major companies in the market have adopted acquisition, product launch, business expansion, and other strategies as their key developmental strategies to offer better products and services to customers in the tower crane rental market.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tower crane rental market analysis from 2020 to 2032 to identify the prevailing tower crane rental market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the tower crane rental market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global tower crane rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Self-Erecting
- Luffing Jib
- Hammer Head
- Flat Top
By Capacity
- Less Than 5 Ton
- 6 to 10 Ton
- More Than 10 Ton
By End User
- Construction and Infrastructure
- Mining
- Energy
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- South Africa
Key Market Players
- Action Construction Equipment
- All Tower Crane
- Bigge Crane & Rigging Co.
- Falcon Tower Crane Service
- leavitt cranes
- L.P. Crane
- Skycrane
- titan cranes & rigging
- WASEL Gmbh
- Zoomlion ElectroMech India Pvt. Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TOWER CRANE RENTAL MARKET, BY TYPE
CHAPTER 5: TOWER CRANE RENTAL MARKET, BY CAPACITY
CHAPTER 6: TOWER CRANE RENTAL MARKET, BY END USER
CHAPTER 7: TOWER CRANE RENTAL MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Tower crane rental market is likely to experience a significant growth rate of 4.2% from 2020-2032 owing to increasing market demand from construction and manufacturing sector.Tower crane rental is a service that allows end customers to hire out construction equipment for a set amount of time in exchange for signing contracts that specify how to use it. Heavy operations are facilitated at construction and mining sites by the use of construction equipment.
Given the difficult activities carried out at building sites, heavy construction equipment, such as tower cranes, sometimes sustains damage or undergoes destruction. Like any other type of vehicle, heavy construction equipment needs to be regularly serviced and maintained in order to remain in good working order. There are also labor costs and operational costs, which include the price of hiring knowledgeable, seasoned drivers and the cost of fuel to operate the machinery, among other things. However, companies that rent out equipment have their own crew of equipment operators whom they hire and train. Additionally, some companies offer to cover the cost of the diesel, which is subtracted from the payment made by the consumer. Due to these elements, consumers can easily hire pricey, heavy machinery with skilled operators only if required. This helps to minimize the expense in the form of wages of operators as well as expenses incurred due to their maintenance. Hence such an advantage of construction rental equipment propels the growth of the market.
Ongoing construction projects for malls and offices have been witnessed in developing nations of Asia, Africa, and Latin America. For instance, more than 13 shopping centers were built in Brazil in 2021. These malls are multistory and are constructed on multiple acres of land, which propels demand for heavy construction equipment. Furthermore, rapid industrialization in developing countries has led to construction of new and luxurious office spaces in major cities and various countries. For instance, in 2021, over 17 major IT parks were completed in India in major cities such as Mumbai, Delhi, Pune, Bangalore, and Hyderabad.
In addition, several housing projects are under construction in Africa. For instance, in February 2022, six new mega social housing projects were planned for South Africa, which are expected to be completed in the coming few years. In addition, in 2021, Africa's largest 3D-printed affordable housing project started in Kenya. Such infrastructure projects need heavy construction equipment for operation. This equipment is rented and used at these sites, which drives the growth of the global tower crane rental market.
Due to their numerous levers and gears, heavy and sophisticated construction equipment need qualified personnel to operate it. However, making a mistake might result in a number of issues, including the inability to carry out the intended operations. To operate these powerful devices, an equipment operator must also complete training and obtain a licence. For instance, to operate this large machinery, operators must possess a current, government-approved licence. Because of this, not everyone is able to use the equipment at building sites for profit. Although it costs businesses time and money to teach employees to run these machines, some equipment rental companies do offer such training. Therefore, a significant barrier to the growth of the industry is the lack of skilled operators in the global tower crane rental market.
In addition, at new construction sites, large cranes are inexpensive, simple to disassemble, and easy to move. Additionally, tracking the locations and operations of equipment has become simple for rental companies thanks to modern technologies like IoT embedded in heavy construction equipment. IoT ensures on-time delivery within budget, enhances job precision, and assists in resolving equipment safety issues in addition to helping to address the skilled labor crisis. Thus, during the anticipated period, the introduction of new technology connected to the internet is anticipated to promote market growth for tower crane rentals.
The tower cranes market is segmented into type, capacity, application, and region. By type, the market is classified into self-erecting, luffing jib, hammer top and flat top. By capacity, the market is divided into less than 5 Ton, 6 to 10 Ton and more than 10 Ton. By application, it is bifurcated into construction & infrastructure, mining, energy, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players profiled in the tower crane rental market include Bigge Crane & Rigging Co., L.P. Crane, Action Construction Equipment, titan cranes & rigging, Falcon Tower Crane Service, Skycrane, leavitt cranes, All Tower Crane, WASEL GmbH, and Zoomlion ElectroMech India Pvt. Ltd.
Key Market Insights
- By type, the Hammer Head segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 5.0% from 2023 to 2032.
- By capacity, the 6 to 10 Ton segment is projected to grow at a CAGR of 5.3% during the forecast period.
- By end user industry, the construction and manufacturing segment is projected to grow at a CAGR of 3.6% during the forecast period.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 3.7% during the forecast period.
Companies Mentioned
- Action Construction Equipment
- All Tower Crane
- Bigge Crane & Rigging Co.
- Falcon Tower Crane Service
- leavitt cranes
- L.P. Crane
- Skycrane
- titan cranes & rigging
- WASEL Gmbh
- Zoomlion ElectroMech India Pvt. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 188 |
| Published | June 2023 |
| Forecast Period | 2020 - 2032 |
| Estimated Market Value ( USD | $ 3.77 Billion |
| Forecasted Market Value ( USD | $ 5.97 Billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
