The report on Tower Crane Rental Market published by Future Market Insights – an ESOMAR certified market research and consulting firm, presents valuable insights and a meticulous analysis of the Tower Crane Rental market. This report, which encompasses the scope and essence of the research, scrupulously examines the driving factors, market size and forecast data for the Tower Crane Rental. It provides complex revenue and supply segmentation accompanied by a ten-year forecast till 2033. In addition, the document evaluates the key players in the industry, their market distribution, competitive scenario,
The tower crane rental market is currently experiencing significant growth, driven by the widespread use of tower crane rentals across various industries. The construction and infrastructure industry, in particular, is experiencing a significant upswing, characterized by an increased number of projects to strengthen and upgrade existing infrastructure. The increasing demand for tower crane rentals is due to their inherent advantages, including cost-effectiveness, adaptability, and efficiency in handling complex lifting tasks. As construction projects become more diverse and larger and more complex, the need for specialized equipment such as tower cranes is becoming more and more indispensable.
The global tower crane rental market is projected to reach a substantial value of approximately USD 7.3 billion by the year 2023. This upward trend is mainly driven by the increasing demand for tower crane rental across a wide range of end-use industries. Looking ahead, the market is expected to maintain its upward trend over the next decade and reach an estimated value of USD 12.8 billion by 2033. This growth trend is expected to register a compound annual growth rate (CAGR) of 5.8% from 2023 to 2033.
The full report can be found here
A significant upswing in the market growth is expected in the near future, driven by several key factors, the most important of which is the increasing use of tower crane rental across a variety of end-user segments. This trend is further amplified by an increase in infrastructure projects for modernization and expansion, which serves as a crucial catalyst for the expansion of the market.
A notable trend is the increasing usage of tower cranes in the mining industry, proving their versatility in handling and unloading heavy materials. This diversification of usage in the mining sector is expected to play a crucial role in increasing the overall revenue and driving market growth.
In recent years, the sharp rise in urbanization and rapid migration of population from rural to urban areas have contributed significantly to the rise in construction activity. This upward trend in the construction industry is further fueled by a rising demand for rental services in the field of tower crane technology, driven by remarkable technological advancements.
Modern tower cranes today boast a number of advanced features, including improved lifting capacities, robust safety systems, precise control mechanisms and energy-efficient operation. These cutting-edge features have collectively increased the demand for tower crane rentals, with projections indicating a continued upward trend for the forecast period.
The North American market has emerged as a major player in the global tower crane rental industry, owing to the strong construction activity in the region. The increase in development projects in urban and metropolitan areas has generated strong demand for tower crane rentals, thus promoting market expansion.
At the same time, the Asia Pacific region is experiencing rapid growth in construction and infrastructure building, resulting in strong demand for tower crane rental services. The significant increase in construction activities in countries such as China, India and Japan has significantly increased the need for tower crane rental services and cemented the central role of the Asia Pacific region in this market.
Key findings from the market study
- From 2018 to 2022, demand in the tower crane rental market grew at a compound annual growth rate of 5.2%.
- Based on design type, the top-slewing segment has a compound annual growth rate of 5.7%.
- By application, the construction segment is expected to grow at a CAGR of 5.6% during the forecast period.
- North America is emerging as a promising market for tower crane rental with an average annual growth rate of 5.7%.
- The tower crane rental industry in the UK is expected to reach $8.7 billion by 2033.
- The Asia Pacific region is an opportunistic market for tower crane rental and is expected to register a compound annual growth rate (CAGR) of 5.5% during the forecast period.
- The South Korean tower crane rental industry is expected to reach a market revenue of USD 7.4 billion by 2033.
Competitive environment
The global tower crane rental market is fragmented and includes several large and medium-sized players. The leading market players are investing in strategic agreements to gain market share.
Major players in the tower crane rental market are:
- Konecranes
- Liebherr
- Mammoth
- Maxim Crane Works, LP
- Morrow Equipment Company
- Morwest Crane & Services
- Bigge Crane and Rigging Co
- Stafford Crane Group
- Leavitt Cranes
- Value (in million USD) Crane and Rigging
- Locaben’s Equipment
- Grumont Equipment Ltda
- JASO Group
- Arcomet
- WOLFFKRAN International AG
- Uperio Group
- Al Faris
- KAR Group
- CC Crane Rental
- Industrial leasing company
- Mammoet’s tower crane rental division offers a wide range of tower crane models with different lifting capacities and configurations to meet a wide variety of project requirements. The company ensures that its rental fleet consists of modern and well-maintained tower cranes, equipped with the latest safety features and technological advancements.
- Wolffkran offers a comprehensive range of tower crane models including luffing jib cranes, saddle jib cranes and flat top cranes. These cranes are known for their high quality construction, advanced technologies and efficient performance. Wolffkran tower cranes are designed to meet the demanding requirements of construction projects, from small building projects to large and complex structures.
Learn more about the tower crane rental market report
Future Market Insights offers an unbiased analysis of the global tower crane rental market, providing historical data for the years 2018 to 2022 and forecast statistics for the years 2023 to 2033.
To understand the opportunities in the tower crane rental market, the market is segmented into five major regions based on lifting capacity, design type, product type, supplier type, and application.
Global tower crane rental market by category
According to load capacity:
- Up to 5 tons
- 5 – 10 tons
- 10 – 20 tons
- 20 – 50 tons
- Over 50 tons
By product type:
- Self-righting
- Hammerhead crane
- Luffing jib tower crane
- Mobile tower crane
By design type:
Bottom rotating tower crane
By provider type:
- Original Equipment Manufacturer (OEM)
- Independent service provider
By applications:
- Construction
- Residential and commercial areas
- industry
- Civil infrastructure
- Sea and port facilities
- Mining
- Miscellaneous
By region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
Author of:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and management consulting. He has successfully completed over 1500 client engagements, primarily in the automotive, chemical, industrial equipment, oil and gas, and services industries.
His core competencies lie in developing research methodologies, creating a unique analytical framework, statistical data models for pricing analysis, competitive mapping and market analysis. However, his expertise goes far beyond analysis. He advises clients on identifying growth potential in established and niche markets, investment/divestment decisions and market entry decisions.
Nikhil holds an MBA in Marketing and IT and a degree in Mechanical Engineering. Nikhil is the author of several publications and has been quoted in magazines like EMS Now, EPR Magazine and EE Times.
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