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World Tower Crane Rental Market Size by 2031: Global Demand and Regional Analysis

FMI, Dubai: [322 Pages Report] As per newly released data by Future Market Insights (FMI), the demand in the tower crane rental market grew by year-on-year (YoY) rate of 4.8% in 2021, reaching a market valuation of US$ 6.49 Bn.

Expanding at a 5.7% CAGR, sales of tower crane rentals are projected to top 54,685 units over the forecast period, with China, Germany and Japan emerging as key producers in the market.

Demand for tower crane rental plummeted in 2020 due to the onset of the COVID-19 pandemic. However, considering the recovery of the construction sector, sales prospects of tower crane rentals are projected to be bright over the forecast period, as the market experienced year-over-year growth by 4.8% between 2020 and 2021.

The global construction industry has witnessed substantial growth in the past few years and the trend is expected to persist over the forecast period. Growth in the construction can be attributed to increasing government investments and rising per capita expenditure in home ownership and renovation. As infrastructure projects are rising globally, it is translating into high demand for tower crane rentals in the market.

Owing to high demand for tower crane rentals, key players operating in the market are focusing on enhancing their strategic partnerships with regional and local end-use industries to gain a competitive edge in the market. Besides this, players are offering customized fleet solutions, technologically advanced equipment, and robust aftersales services, which is further propelling demand for tower crane rentals in the market.

As per FMI’s in-depth regional analysis, China is projected to dominate the East Asia tower crane rentals market. Rapid adoption of technologically advanced equipment and machinery, along with increasing development of residential and commercial projects in the country will continue fostering sales of tower crane rentals over the forecast period.

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Public Private Partnerships (PPP) for infrastructural development in various countries are positively shaping the demand outlook for tower crane rentals. In addition to this, collaborative efforts to offer personalized crane rental solutions by key market players will continue augmenting market growth in forthcoming years,” says the FMI analyst.

Key Takeaways:

  • In terms of design type, the top slewing segment is projected to hold 60.4% of the total tower crane rental market share.
  • Based on end-use, applications of tower crane rentals are anticipated to continue rising in the construction sector, accounting for 59.3% of the total market share.
  • OEMs are expected to remain the most-preferred vendors for tower crane rental services, capturing 40.2% of the total market share.
  • China is anticipated to emerge as an attractive market, commanding 76.1% of the East Asian tower crane rental market share.
  • Germany is projected to lead the European tower crane rental market, growing at a 4.5% CAGR.
  • India will continue experiencing high demand for tower crane rentals, capturing 43.1% of the South Asia Pacific market share.
  • Japan and South Korea will collectively account for 8% of the global tower crane and rental market share.

For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-13954

Competitive Landscape

Key players operating in the global tower crane rental market are 

  • Konecranes,
  • Liebherr,
  • Mammoet,
  • Maxim Crane Works, L.P.,
  • Morrow Equipment Company,
  • Morwest Crane & Services,
  • Bigge Crane and Rigging Co.,
  • Stafford Crane Group,
  • Leavitt Cranes,
  • United Crane & Rigging,
  • Locabens Equipamentos,
  • Grumont Equipamentos Ltda,
  • JASO Group, and

As per FMI’s market survey, top 5 players comprising

  • Al Faris, Kanamoto Co., Ltd.,
  • Konecranes,
  • Mammoet and Uperio Group

are estimated to account for 41% of the total market share over the forecast period.

As a part of their growth strategies, leading players are investing in intensive research and development to offer innovative and safe tower crane rental options suitable for various end-use applications. Besides this, strategic collaboration, partnerships, mergers and acquisitions will remain prominent growth strategies among key players. For instance:

  • In September 2021, Konecranes won a 14-crane order from Thyssenkrupp Marine Systems for Kiel Shipyard built in Germany.

More Insights on the Global Tower Crane Rental Market

In its latest report, FMI offers an unbiased analysis of the global tower crane rental market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of

By Lifting Capacity:

  • Up to 5 Tons
  • 5 – 10 Tons
  • 10 – 20 Tons
  • 20 – 50 Tons
  • Above 50 Tons

By Product Type:

  • Self-Erecting
  • Hammerhead Crane
  • Luffing Jib Tower Crane
  • Mobile Tower Crane

By Design Type:

  • Top Slewing Tower Crane
  • Bottom Slewing Tower Crane

By Vendor Type:

  • Original Equipment Manufacturer (OEM)
  • Independent Service Provider

By Applications:

  • Building and Construction
    • Residential and Commercial
    • Industrial
    • Civic Infrastructure
  • Marine and Sea Ports
  • Mining
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

We Offer tailor-made Solutions to fit Your Requirements, Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-13954

Key Questions Answered in the Report

  • What is the current tower crane rental market value?
  • At what rate did the global tower crane rental market grow between 2016 and 2020?
  • What are the key trends driving tower crane rental sales?
  • Who are the leading players in the global tower crane rental market?
  • What will be the demand outlook for North America tower crane rental market?
  • What is the market share of the leading players operating in the tower crane rental market?
  • What is the tower crane rental demand outlook for Europe?
  • What is the current market share of Japan and South Korea in the global tower crane rental market?

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About Future Market Insights

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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