Tower Crane Rental Market Expected to Grow at 4.34% CAGR, Led by Asia-Pacific Expansion

Tower Crane Rental Market to reach USD 16.80 Billion, globally, by 2030 

The worldwide Tower Crane Rental Market would grow from USD 12.47 billion in 2023 to USD 16.80 billion by 2030, at a with Compound Annual Growth Rate (CAGR) of 4.34% during the forecast period. These factors contribute to key growth in basic urbanization, medium of smart city programs, and heavy infrastructure investment.

Growth Drivers & Opportunities Of The Market

Thus, the rise in urban populations has led to a greater demand for residential and commercial spaces, which has led to the need for the construction of high-rise buildings, and complex infrastructure projects. The renting of tower cranes, required for lifting and moving materials at these sites, has become common to ensure cost-effectiveness and operational efficiencies.

The increasing initiatives by governments to develop smart cities and sustainable living in urban spaces are expected to propel the market growth. For example, India's Smart Cities Mission intends to build 100 sustainable and inclusive cities, leading to an increase in demand for construction equipment, including tower cranes.

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Segmentation Analysis

The tower crane rental market is segmented by product type and end-use industry.

By Product Type:

Crane info: Set up in minutes, fast and cheap for low to mid-rise building projects.

Hammerhead Tower Cranes: Used widely in construction projects, they have a horizontal jib, allowing them to lift and move heavy materials on site.

Luffing Jib Tower Crane- Ideal for urban areas where space is limited, these cranes have a moving jib that provides more cwdajya inside the construction area.

By End-Use Industry:

Residential Construction: The rising urban population has resulted in heightened residential construction activities, which further fuels the need for tower crane rentals.

Commercial Construction: It includes developing office spaces, retail centers, etc.

Construction of Infrastructure: Tower cranes are essential for the construction of large-scale infrastructure projects, such as bridges and highways.

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Country-Level Analysis

United States:

Rising investments in infrastructure development and housing sector have contributed to growth in the construction industry, positively impacting tower crane rental in the U.S.

Germany:

Tower cranes have been in constant demand due to Germany's focus on renewable energy projects and infrastructure development.

China:

With extensive infrastructure projects and rapid urbanization, China has become one of the largest markets for tower crane rental.

India:

Growth of construction activities due to India’s Smart Cities Mission and urban development programs is projected to drive the tower crane rental market.

Australia:

With the continued growth of infrastructure and urban development comes the increased demand for tower crane rentals in Australia.

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Competitor Analysis

The key players in the tower crane rental market are:

Bigge Crane and Rigging Co: A leader in the industry providing diverse crane rental services.

Action Construction Equipment Ltd.: An Indian company offering all-inclusive crane rental services

Titan Cranes & Rigging Titan Cranes & Rigging: Provides crane rental services in multiple industries.

The new plant will be operated by Zoomlion ElectroMech India Pvt. Ltd. A rainforest rental service with advanced cranes.

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