Tower Crane Rental Market in 2031 Surges to US$ 6.49 Billion, Demonstrating Rapid Growth

According to FMI’s comprehensive study, the global tower crane rental market is expected to exceed US$ 6.49 billion in 2021. Due to the inability of small and medium-sized businesses to afford cranes, the market is expected to grow at a CAGR of 5.7% between 2021 and 2031, compared to a 1.5% CAGR between 2016 and 2020.

Growth in the market is anticipated to be fueled by factors such as rapid urbanisation, government programmes to encourage the development of smart cities, and investments in extending the infrastructure for power generation in developing and underdeveloped nations.

According to a report by the India Brand Equity Foundation, the government of India has launched House Fall All, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the Smart City Mission, with a combined budget of US$ 1.89 billion set aside for these initiatives in 2021. Demand for tower crane rentals will be driven by similar impending development projects. As a result, FMI projects year-over-year growth of 4.8% in 2021.

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According to FMI, the design type segment is expected to have the most demand for top-slewing tower crane rentals. By the end of 2021, the demand for top-slewing tower cranes is anticipated to represent roughly 60.4% of the market as a result of the rapid industrialization and rising use in seaports and residential and commercial development projects.

“Rising stringent regulation implemented to minimize industrial operations emitting toxic fumes and increasing Public-Private Partnerships (PPP) between rental tower crane providers and government for infrastructural development are expected to enable growth in the market,” says the FMI analyst.

Key Takeaways from FMI’s Tower Cranes Rental Market Study

• The U.S. is forecast to contribute the highest sales in North America, driving the regional market at a healthy CAGR of 5.7% over the assessment period.
• China is anticipated to dominate the market in East Asia, accounting for nearly 76.7% of the sales in the region by the end of the coming decade.
• Favored by the presence of original equipment manufacturers (OEMs) in the country, the market in Germany is expected to expand at a CAGR of 4.5% through 2031.
• India is projected to emerge as one of the most remunerative markets in South Asia, accounting for around 43.1% of the demand share by 2031.
• Among the vendor vertical, the OEM segment is estimated to gain 170 BPS over independent service providers, accounting for 40.2% of the total sales.

Key Drivers

• Rising investment in unique infrastructures, massive statues, and skyscrapers worldwide is increasing the demand for tower crane rentals.
• Regulations implemented to encourage sustainable production activities across construction industry by regulatory bodies such as the Environmental Protection Agency and the Pollution Control Agency are encouraging industry players to opt for rental tower cranes in the U.S., thereby, is driving the market growth in North America.

Key Restraints

• Lack of skilled professionals to operate tower cranes and increasing number of accidents due to lack of crane operation experience are hampering the market growth.
• Increasing brand consciousness and aggressive marketing strategies is making the entry of new entrants difficult in the market, which is in turn, posing a challenge for market growth.

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Competitive Landscape

Top players operating in the global tower crane rental market comprise Konecranes, Al Faris, Kanamoto Co., Ltd., Mammoet and Uperio Group. These players are anticipated to account for nearly 41% of the overall market share, as per FMI.

Leading players are emphasizing on procuring novel equipment and widening their fleet size to address the surging demand for rental tower cranes. Besides this, some of the key companies are adopting inorganic strategies such as collaborations, partnerships, and agreements with end-users and regional distributors to strengthen their foothold. For instance,

• In July 2021, Maxim Crane Works, L.P., one of the largest Crane Rental Company, announced purchasing 51 grove cranes from Manitowoc, a U.S.-based tower crane manufacturer, to expand its product portfolio and consumer base in the U.S.
• In September 2021, Konecranes, a manufacturer and service provider of cranes and lifting equipment, won an order of 14 process crane from a German multinational conglomerate company, Thyssenkrupp Marine Systems, for Shipbuilding hall in Kiel, Germany.

Some of the leading players in the market profiled by FMI are:

• Konecranes
• Liebherr
• Mammoet
• Maxim Crane Works, L.P.
• Morrow Equipment Company
• Morwest Crane & Services
• Bigge Crane and Rigging Co.
• Stafford Crane Group

Key Questions Covered in the Tower Crane Rental Market Report 

• The market survey also highlights projected sales growth of the tower crane rental market between 2021 and 2031
• The report offers insight into tower crane rental demand outlook for 2021 2031
• Tower crane rental market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Tower crane rental market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

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More Valuable Insights on Tower Crane Rental Market

FMI in its new report, offers an unbiased analysis of the global tower crane rental market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in tower crane rental market with detailed segmentation:

Global Tower Crane Rental Market by Category

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
• Marine and Sea Ports
• Mining
• Others

By Region:

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