Tower Crane Rental Market - Global Demand, Sales, Consumption and Forecasts to 2023
- minakshi jagtap
- Dec 9, 2020
- 3 min read
Overview
International tower crane rental market is expected to grow at a significant rate during the forecast period of 2023. Sufficient height and ability to lift the tower cranes are among the main reasons behind the market growth. Greater usage of these for construction purposes, ranging from dams, bridges, buildings to power plants, makes it even more significant. Tower crane rental market is equally strong in each of its segments, be it about hammerhead tower cranes or the self-erecting tower cranes.
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Growing usage of flat-top tower cranes is also one of the foremost reasons behind the significantly growing global tower crane rental market. In modern times, the tower crane rental is high 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 medium level organizations to procure high-end equipment expending huge budget. The tower crane rental services are much cost-effective for them in comparison.
Greater assurance of safety associated with tower cranes is one of the prime reasons that make international crane rental market so much enriched. Advanced technology can also be touted as one of the foremost reasons behind the established global tower crane rental market. These cranes being developed by the application needs makes things even more significant. It enables the rental services to provide exactly as per the demand of the concerned client. Growing construction industry encourages the prospect of a global tower crane rental market. Global tower crane rental market is expected to grow at a CAGR of around 5% during the forecast period.
Global Tower crane rental Market: Segmentation
International tower crane rental market 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-erecting tower cranes, flat-top tower cranes, luffing jib tower cranes.
In terms of product type, the market can be segmented into hammerhead tower cranes, self-erecting tower cranes, flat-top tower cranes, luffing jib tower cranes. Based on end-user, the global tower crane market can be segmented into residential, commercial, and infrastructure. The residential segment holds the highest market share in the tower crane rental market through expensive construction projects.
Global Tower Crane Rental Market: Regional Analysis
International tower crane rental market can be segmented on region, basically in North America, Europe, Asia-Pacific, and Rest of the world (RoW). Asia-Pacific is the most prominent of all holding the largest share of the entire tower crane rental market. The same is expected to continue in the same fashion until 2023. It’s the growing investments in high-end construction projects in developed nations like China and India makes it more encouraging. Coming to European market, it is primarily led by the UK and Germany. In rest of the world, Middle East and Africa are expected to remain the most dominant.
Industry News
Latest reports on global tower crane rental market suggest a steady growth throughout the forecast period of 2023. This growth rate is expected to be achieved at a CAGR of 5% through the review period between 2017 and 2023.
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