Market for tower crane rental solutions
The tower crane rental market is expected to grow from USD 12.47 billion in 2023 to USD 16.80 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.34% during the forecast period.
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Regional analysis of the tower crane rental market
The Asia Pacific tower crane rental market has dominated the global tower crane rental market in 2023. The same is expected to hold true for the Asia Pacific tower crane rental market during the forecast period. As the region is facing rapid urbanization and industrialization, the urban population is increasing. There is a growing need for residential construction in countries such as China and India, as well as Southeast Asia. This, coupled with government initiatives, will be important in driving the Asia Pacific tower crane rental market.
Market dynamics for tower crane rental
Tower cranes are essential for lifting and transporting materials. They save time and labor costs and have a positive impact on the construction process. The development of smart cities and large-scale projects such as bridges and significant buildings are expected to drive the growth of the global tower crane rental market in the coming years. However, challenges such as inadequate labor, a preference for used cranes, and competition from small and medium-sized enterprises offering lower rental rates are hampering the market expansion. Furthermore, the growth of new power plants using renewable energy sources offers promising opportunities for the tower crane rental industry. Regular maintenance requirements for rented tower cranes contribute to high costs, which poses a major challenge to the market growth in the near future.
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Market scope for tower crane rental
Market size in 2023: USD 12.47 billion.
Market size in 2030: USD 16.80 billion.
CAGR 4.34% (2024-2030)
Forecast period 2024-2030
Base year 2023
Regional scope North America, Europe, Asia-Pacific, Middle East and Africa, South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2024-2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players Market Ranking Analysis.
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Market segmentation for tower crane rental
by product type
1. Hammerhead tower cranes
2. Self-erecting tower cranes
3. Flat-top tower cranes
4. Tower cranes with luffing jib
according to final consumption
1. Housing
2. Commercial
3. Infrastructure
Major players in the tower crane rental market
1. Bigge Crane and Rigging Co.
2. Action Construction Machinery GmbH
3. Titan Cranes & Rigging
4. Leavitt cranes
5. Zoomlion ElectroMech India Pvt. Ltd.
6. WASEL GmbH
7. ALL Crane
𝐅𝐨𝐫 𝐚 𝐝𝐞𝐞𝐩𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠, 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/market-report/global-tower-crane-rental-market/69597/
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