Tower Crane Rental Market to Reach $6.0 Billion, Globally, by 2032 at 4.2% CAGR: Allied Market Research

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03 Aug, 2023, 10:10 ET

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The global tower crane rental market is driven by several factors, such as the surge in construction activities in developing countries, reduction of expenses such as maintenance costs, labor costs, and operational costs, and no high ownership costs or financial constraints.

PORTLAND, Ore., Aug. 3, 2023 /PRNewswire/ -- 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 several factors, such as the surge in construction activities in developing countries, the reduction of expenses such as maintenance costs, labor costs, and operational costs, and no high ownership costs or financial constraints. On the other hand, a lack of skilled and qualified operators, and the cost of maintenance, fuel and repair, insurance storage, and operator training increase the overall construction cost, which restrains the growth of medium and small industries. Furthermore, emerging economies are rapidly urbanizing and industrializing, resulting in increasing infrastructure development, which presents a huge market opportunity to produce construction equipment to meet the expanding demand for various machines and equipment, such as tower cranes, in these markets.

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

COVID-19 Scenario:

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The hammer head segment to maintain its leadership status throughout the forecast period-

Based on type, the hammer head segment held the highest market share in 2020, accounting for nearly two-fifths of the global tower crane rental market revenue, and is estimated to maintain its leadership status throughout the forecast period. Due to a rise in the use of hammerhead crane equipment in a variety of industries for shifting materials such as land, dirt, and stone. However, the self-erecting segment is projected to manifest the highest CAGR of 6.3% during the forecast period. Owing to the increase in construction of new airports, ports, commercial spaces, and residential projects, these self-erecting machines provide significant time and labor savings compared to traditional tower cranes. Their quick setup time allows construction projects to commence faster, reducing the overall project duration.

The less than 5-ton segment to maintain its leadership status throughout the forecast period-

Based on capacity, the less than 5-ton segment held the highest market share in 2020, contributing to nearly half of the global tower crane rental market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rising demand for commercial constructions such as schools, malls, IT parks, and others. However, the 6-to-10-ton segment would display the fastest CAGR of 5.3% during the forecast period. This is because it offers a balance between lifting capacity and compact size, making it suitable for construction sites with limited space or restricted access.

The construction and infrastructure segment to maintain its lead position during the forecast period-

Based on end user, the construction and infrastructure segment held the largest share in 2020, garnering more than three-fifths of the global tower crane rental market revenue, and is expected to maintain its lead position during the forecast period. Owing to the growth in the number of construction and infrastructure projects that require high-efficiency tower cranes, However, the mining segment is expected to exhibit the largest CAGR of 9.6% during the forecast period. This is because the mining operations are subject to stringent safety regulations and standards. In addition, by renting cranes, mining companies can rely on the rental company's expertise in safety compliance, ensuring that the equipment meets the required standards and contributes to a safe working environment.

Asia-Pacific to maintain its dominance by 2032-

Based on region, the Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global tower crane rental market, and is expected to maintain its dominance by 2032. This is due to industrialization and business expansion by a key market player in the region. On the other hand, the LAMEA region is expected to witness the fastest CAGR of 6.0% during the forecast period. Owing to rising construction and infrastructure sectors in developing countries such as Africa, the Middle East, and others.

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global tower crane rental market. These players have adopted different strategies, such as new product launches, business expansion, acquisition, collaboration, and others, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research