Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global tower crane rental market size expected to witness significant growth during the forecast period suggests Fortune Business Insights™ in its report, titled “Tower Crane Rental Market, 2021-2028”. The demand for rental construction equipment up surged due to shift from traditional to automated equipment as consumers are retro filling and renovating the old technology.
Key Industry Developments
- February 2020: Scotland based company, Highsparks TCS Ltd announced its acquisition by Uperio Group via its subsidiary Skyline Arcomet Ltd.
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Drivers & Restraints -
Demand for Technological Advanced Cranes to Propel Growth
The increasing demand for advanced construction equipment is expected to drive the global tower crane rental market growth during the forecast period. In addition to this, rental services offered by manufacturers provide the liberty of using the equipment as per the need which will significantly reduce the capital expenditure. Furthermore, significant investments by government agencies in the construction sector is expected to propel the demand in the forthcoming year.
On the contrary, lack of proper training and inefficient drivers are increasing the accidents, and it is the major market constraint.
COVID-19 Impact
The COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses in a variety of ways. The construction equipment industry was also paralyzed by the pandemic impact. For instance, according to a report by Associated General Contractors (AGS) of America nearly 28% of construction projects were hampered in the region. However, the market is expected to revive during the forecast period.
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Competitive Landscape
Product Launch by Key Players to Expand their Product Portfolio
The global market for construction equipment is consolidated by prominent companies focusing on investing in the development of technologically advanced and cost effective machines for the growing construction demand. Moreover, other key players are adopting proactive strategies such as merger and acquisition, partnerships, and facility expansion that will favor the growth of the market in the forthcoming years.
Segmentation
By type, the market is divided into hammer head tower cranes, self-erecting tower cranes, flat top tower cranes and luffing jib tower cranes. Based on its end-user, the market is divided into residential, commercial and industrial. Lastly, in terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
Tower Crane Rental Market Segmentation
By Type
- Hammer Head Tower Cranes
- Self-Erecting Tower Cranes
- Flat Top Tower Cranes
- Luffing Jib Tower Cranes
By End-user
- Residential
- Commercial
- Industry
By Region
- North America (U.S. and Canada)
- Europe (UK, Germany, France and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico and Rest of Latin America)
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Regional Insights
Asia Pacific to Remain Forefront; Developing Infrastructure to Aid Growth
Asia Pacific is expected to dominate the market owing to availability of online retailers and rental services over these tower cranes in the region. Additionally, the developing infrastructure in China and India is expected to promote the market. For instance, China is expected to hold the highest market share due to presence of major key players and several construction projects. Such as, the Chinese government envisioned building the One Belt One Road Project and 21st century Maritime Silk Road to improve water transport connectivity. The project was started in 2017.
The market in North America and Europe is expected to showcase significant tower crane rental market share owing to the increasing focus on the development of the residential sector and investment by government and private agencies will propel the regional market.
List of the Key Players Profiled in the Global Market
- Bigge Crane & Rigging Co.
- Action Construction Equipment
- Titan Cranes & Rigging
- Leavitt Cranes
- Zoomlion ElectroMech India Pvt. Ltd
- WASEL Gmbh
- All Tower Crane
- Skycrane
- L.P.
- Falcon Tower Crane Service
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
Continued…
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