Overview
International tower crane rentalmarket is expected to grow at a significant rate during the forecast period of2023. Sufficient height and ability to lift the tower cranes are among the mainreasons behind the market growth. Greater usage of these for constructionpurposes, ranging from dams, bridges, buildings to power plants, makes it evenmore significant. Tower crane rental market is equally strong in each of itssegments, be it about hammerhead tower cranes or the self-erecting towercranes.
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Growing usage of flat-top towercranes is also one of the foremost reasons behind the significantly growingglobal tower crane rental market. In modern times, the tower crane rental ishigh on demand, which is expected to maintain the growth rate throughout 2023.One of the prime reasons behind this is the inability of the small and mediumlevel organizations to procure high-end equipment expending huge budget. Thetower crane rental services are much cost-effective for them in comparison.
Greater assurance of safetyassociated with tower cranes is one of the prime reasons that makeinternational crane rental market so much enriched. Advanced technology canalso be touted as one of the foremost reasons behind the established global towercrane rental market. These cranes being developed by the application needsmakes things even more significant. It enables the rental services to provideexactly as per the demand of the concerned client. Growing constructionindustry encourages the prospect of a global tower crane rental market. Global towercrane rental market growth is expected to grow at a CAGR of around 5%during the forecast period.
Global Tower crane rentalMarket: Segmentation
International tower crane rentalmarket can be segmented on product type and end-use. In terms of product type,the market can be further segmented into hammerhead tower cranes, self-erectingtower cranes, flat-top tower cranes, luffing jib tower cranes.
In terms of product type, themarket can be segmented into hammerhead tower cranes, self-erecting towercranes, flat-top tower cranes, luffing jib tower cranes. Based on end-user, theglobal towercrane market trend can be segmented into residential, commercial, andinfrastructure. The residential segment holds the highest market share in thetower crane rental market through expensive construction projects.
Global Tower Crane RentalMarket: Regional Analysis
International tower crane rentalmarket can be segmented on region, basically in North America, Europe,Asia-Pacific, and Rest of the world (RoW). Asia-Pacific is the most prominentof all holding the largest share of the entire tower crane rental market. Thesame is expected to continue in the same fashion until 2023. It’s the growinginvestments in high-end construction projects in developed nations like Chinaand India makes it more encouraging. Coming to European market, it is primarilyled by the UK and Germany. In rest of the world, Middle East and Africa areexpected to remain the most dominant.
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Key Players
The major competitors of theworldwide tower crane rental market are Maxim Crane Works, L.P (U.S.), ActionConstruction Equipment Ltd (India), Bigge Crane and Rigging Co. (U.S.), Titan Cranes & Rigging (Australia),ZoomlionElectroMech India Pvt. Ltd (India), Leavitt Cranes (Canada), WASEL GmbH (Germany), United Crane andRigging (Baltimore, Maryland), ALL Crane (U.S.), Falcon Tower Crane Services(U.K.), Skycrane (Canada), Rapicon Inc.(Canada), and NFT Group (UAE).
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