Tower Crane Rental Market trends, Future Outlook, Analysis and Forecast 2023-2030
Tower Crane Rental Market trends
Tower Crane Rental Market Size was valued at USD 12 Billion in 2022. The Tower Crane Rental Market trends is projected to grow from USD 16 Billion in 2023 to USD 26 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023–2030). Growth in construction and mining activities rises the market size.
Furthermore, rental services in the construction industry are now gaining popularity and are projected to continue over the forecast period. Rental services save dealers and contractors money because they provide access to modern equipment as well as operational flexibility (what you need, when you need it) and can reduce complexity in organizations for reducing fleet size impacts on activities such as procurement, maintenance, logistics, and asset disposals. Furthermore, tower crane rental firms are emphasizing the provision of tower cranes developed with the latest technology as well as safety criteria. This would ultimately benefit end users because the rental would meet their needs with minimal capital investment. As a result, the demand for tower crane leasing is likely to increase significantly over the predicted period.
Market Competitive Landscape:
The top companies in the tower crane rental market include
- Bigge Crane and Rigging Co. (US)
- Action Construction Equipment Ltd. (India)
- Titan Cranes & Rigging (Australia)
- Leavitt Cranes (Canada)
- Zoomlion ElectroMech India Pvt. Ltd. (India)
- WASEL GmbH (Germany)
- ALL Crane (US)
- United Crane and Rigging (Baltimore, Maryland)
- Falcon Tower Crane Services (UK)
- Rapicon Inc. (Canada)
- Skycrane (Canada)
- NFT Group (UAE)
- Maxim Crane Works L.P (US)
- Among others.
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The worldwide market is being consolidated by notable businesses that are investing in the creation of technologically advanced and cost-effective machines to meet rising construction demand. Furthermore, other important competitors are implementing aggressive tactics such as merger & acquisition, alliances, and facility expansion, which will support market growth in the next years.
Market USP Covered:
Market Drivers:
Throughout the projected period, the worldwide tower crane rental market is expected to develop due to increased demand for modern construction equipment. Furthermore, manufacturers’ leasing services allow the freedom to use the equipment as needed, greatly reducing capital investment. Furthermore, large investments by government agencies in the building sector are likely to drive demand in the following year.
The key reason driving the growth of the tower crane renting industry is increased construction activity owing to urbanization. More than 4 billion people reside in urban regions, and it is estimated that by 2050, two-thirds of the population would live in urban areas, contributing to the expansion of this industry. Another reason driving the growth of the tower crane rental market is the increasing tendency of people to move from rural to urban regions due to higher money, which leads to increased demand for compressed work schedules and safety at plant sites.
Market Restraints:
The most difficult aspect of market growth is properly training crane operators. To address this difficulty, rental companies must concentrate on routine programs. Accidents and incidents in the workplace are reduced when they are operated by educated specialists. The increase in purchasing costs associated with new equipment is a significant aspect for the sector. Another major challenge is the crane’s high maintenance and repair costs. Another significant challenge is that it requires frequent repair, and the rental crane is expensive.
COVID 19 Analysis
COVID-19’s impact is predicted to last for an extended period of time. The sudden lockdown brought major building and manufacturing centers to a halt. It caused significant disruptions in global production. According to United Nations (UN) study, the global economy may contract by up to 1% in 2020, compared to the 2.5% growth previously predicted. Building and construction is one of the most afflicted sectors worldwide in the COVID-19 epidemic. It is linked to labor unavailability on building sites, despite the fact that most contractors have completed their job. The inability of workers to complete ongoing residential and commercial construction projects affects the predicted percentage of global revenue.
World governments are collaborating on a global scale, followed by key market participants. This activity is generating global market investment and financing, which will help to expand the product range and counter market losses during the pandemic’s outbreak in 2020.
According to the Association General Contractors of America, the COVID-19 epidemic has caused a 28% delay in construction projects due to a lack of subordinates. This, however, may stifle the expansion of the tower crane rental Latent Demand and Opportunities.
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