Wilmington, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) -- The global tower crane rental market is driven by reduction of expenses such as maintenance costs, labor costs, and operational costs, the increase in construction activities in emerging economies, and zero ownership costs or financial constraints.
Allied Market Research published a report, titled, "Tower Crane Rental Market 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): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global tower crane rental market was valued at $3.8 billion in 2020, and is estimated to reach $6.0 billion by 2032, registering a CAGR of 4.2% from 2023 to 2032.
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Prime Determinants of Growth:
The global tower crane rental market is driven by reduction of expenses such as maintenance costs, labor costs, and operational costs, the increase in construction activities in emerging economies, and zero ownership costs or financial constraints. On the other hand, an increase in the overall construction cost and a lack of skilled and qualified operators hamper the growth of the market to some extent. Furthermore, emerging economies are rapidly urbanizing and industrializing, resulting in increasing infrastructure development, which in turn is creating a huge market opportunity for the global construction equipment rental market to grow.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2020 |
| Market Size in 2020 | $3.8 Billion |
| Market Size in 2032 | $6.0 Billion |
| CAGR | 4.2 % |
| No. of Pages in Report | 188 |
| Segments covered | Type, Capacity, End User, and Region |
| Drivers | Surge in construction activities in developing countries |
| Reduction of expenses such as maintenance cost, labor cost, and operational costs | |
| No high ownership cost & financial constraints | |
| Opportunities | Ease of relocation and high efficiency with IoT technology |
| Restraints | Decrease in new construction activities in developed nations |
| Lack of skilled and qualified operators |
The less than 5-ton segment to lead the trail throughout the forecast period-
By capacity, the less than 5-ton segment dominated with the highest market share in 2020, contributing to nearly half of the global tower crane rental market revenue, and is expected to maintain its dominant status throughout the forecast period, due to growing demand for commercial constructions such as malls, IT parks, schools, and others. However, the 6-to-10-ton segment is projected to portray the fastest CAGR of 5.3% during the forecast period, as it offers a balance between lifting capacity and compact size, making it suitable for construction sites with limited space or restricted access.
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The hammer head segment to dominate throughout the forecast period-
By type, the hammer head segment gathered the highest market share in 2020, contributing to nearly two-fifths of the global tower crane rental market revenue, and is projected to maintain its leadership status throughout the forecast period, due to a rise in the use of hammerhead crane equipment in various industries for shifting materials such as stone, land, and dirt. However, the self-erecting segment is estimated to witness the fastest CAGR of 6.3% during the forecast period, owing to the growth in construction of new ports, airports, commercial spaces, and residential projects.
The construction and infrastructure segment to maintain its lead position during the forecast period-
By end user, the construction and infrastructure segment garnered the lion’s share in 2020, holding more than three-fifths of the global tower crane rental market revenue, and is expected to dominate during the forecast period. This is attributed to the growth in the number of construction and infrastructure projects that need high-efficiency tower cranes. However, the mining segment is anticipated to grow at the fastest CAGR of 9.6% during the forecast period.
Asia-Pacific to maintain its dominant position by 2032-
Based on region, the Asia-Pacific region dominated the trail with the highest market share in 2020, holding more than two-fifths of the global tower crane rental market, and is estimated to maintain its lead position by 2032. This is due to industrialization and business expansion by a key market player in the region. At the same time, the LAMEA region is projected to exhibit the fastest CAGR of 6.0% during the forecast period, owing to rising construction and infrastructure sectors in emerging economies such as Africa, the Middle East, and others.
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Leading Market Players: -
- leavitt cranes
- L.P. Crane
- Action Construction Equipment
- titan cranes & rigging
- WASEL Gmbh.
- Zoomlion ElectroMech India Pvt. Ltd
- Bigge Crane & Rigging Co.
- Falcon Tower Crane Service
- Skycrane
- All Tower Crane
The report offers a detailed analysis of these key players in the global tower crane rental market. The report mentions all the business strategies such as business expansion, new product launches, acquisition, collaboration and others adopted by these players in order to increase their market share and maintain dominant shares in different regions.
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