Global Tower Crane Rental Market to Post 5% CAGR Between 2019 and 2023 | Size, Share, Growth, Trends, Demand, Industry Analysis, Key Player profile and Regional Outlook by 2023
Research Reports
Jan 05, 2021
Market Research Future (MRFR) projects that the global tower crane rental market will expand at 5% CAGR during the assessment period (2019-2023). As construction of new high-rise buildings increases, the demand for tower cranes also grows further. Tower cranes are used in various types of the modern infrastructures, which include high rise bridge, power plants, shipyards, dam etc.
Over the years, demand for tower crane rental services has grown substantially partly owing to the increased construction activities in emerging economies. Tower cranes play an important role in modern construction activities. A wide range of tower cranes has come up, which include flat top tower cranes, self-erecting tower cranes, hammer head tower cranes, etc. Customised variants are also available for specific construction requirements.
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Tower crane rental service are picking up steam all over the world. Many small and mid-scale construction companies prefer renting tower cranes owing to cost benefits. There are several others benefits of renting tower crane, which minimum maintenance related burdens, quick replacement and access to wider option and latest versions. Moreover, rental services providers offer a broader option of equipment customization and offer latest upgrades. All these factors are having a cumulative impact on the tower crane rental services.
Many service providers also provide assistance on the types of tower crane that a construction project requires. Construction companies get equipment according their specific needs. The global tower crane rental market is expected to benefit from the increased government expenditures on developing housing infrastructure.
Global Tower Crane Rental Market: Segmental Analysis
The segmental analysis of the market has been conducted based on end-use and product type.
Based on end-use, key segments include commercial, infrastructure and residential. The residential segment currently commands the largest market share in term of values. There has been a significant uptick in residential construction in recent years. Development of high-rise residential building coupled with the rising demand for affordable housing is supporting the segment’s growth. The rapid urbanization has triggered a greater need for residential spaces.
Based on product type, key segments include self-erecting tower cranes, luffing jib tower cranes, hammer head tower cranes, and flat top tower cranes. Of these, the self-erecting tower cranes segment is expected represent an impressive market share during the assessment period. The segment is likely to retain its leading spot beyond 2019.
Global Tower Crane Rental Market: Regional Analysis
On the basis of region, the market has been segmented into Asia Pacific (APAC), Europe, North America and rest of the world (RoW). The market in APAC is expected to remain highly profitable during the assessment period. APAC currently represents one of the fastest-growing markets for tower crane rental. Rising urban population, investment in infrastructural development, rapid growth of the construction sector and high demand for housing are some of the major factors supporting the market growth in Asia. There has been a considerable rise in commercial and residential construction activities in countries such as India and China, which driving the demand for tower crane rental services in these countries.
Apart from APAC, the market is also expected to witness an impressive growth in regions such as Europe and North America. These two regions will remain important investment destinations for the market players throughout the assessment period.
Global Tower Crane Rental Market: Competition Analysis
MRFR in its report as mentioned some of major market participants namely Action Construction Equipment Ltd. (India), Leavitt Cranes (Canada), WASEL GmbH (Germany), United Crane and Rigging (Baltimore, Maryland), Rapicon Inc. (Canada), NFT Group (UAE), Bigge Crane and Rigging Co. (US), Falcon Tower Crane Services (UK), Titan Cranes & Rigging (Australia), Maxim Crane Works, L.P (US), Zoomlion ElectroMech India Pvt. Ltd. (India), Skycrane (Canada) and ALL Crane (US).
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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