The best slewing tower cranes will become the number one choice in the tower crane rental market
A recent study published by the IMF on the tower crane rental market provides In-depth analysis of trends and opportunities affecting the demand outlook till 2031. The report reveals possibilities for expansion in key segments in terms of product type, lifting capacity, type of design, type of provider and applications.
DUBAI, United Arab Emirates, September 30, 2021 / PRNewswire / – According to an in-depth study by the IMF, the tower crane rental market is thrown up 6.49 billion US dollars in 2021. Driven by the growing dependence of small and medium-sized businesses on rental services due to their inability to afford cranes, the market is expected to grow at a CAGR of 5.7% during the forecast period 2021 -2031, compared to 1.5% CAGR recorded between 2016 and 2020.
Rapid urbanization, government initiatives adopted to promote the construction of smart cities, and investments in the expansion of power generation sector infrastructure in underdeveloped and developing economies are expected to promote market growth.
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According to a report by the India Brand Equity Foundation, the government of India launched House Fall All, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart City Mission, allocating US $ 1.89 billion for these initiatives in 2021. Similar upcoming construction projects will drive rental demand for tower cranes. On this basis, IMF forecast that the market would register 4.8% year-on-year in 2021.
According to IMF, rentals of top-turning tower cranes should accommodate maximum demand in the design types segment. Due to rapid industrialization and increasing applications in seaports and residential and commercial construction projects, the demand for top-rotation tower cranes is expected to account for nearly 60.4% of the overall market by here. the end of 2021.
“The increasing stringent regulations implemented to minimize industrial operations emitting toxic fumes and the increase in public-private partnerships (PPP) between rental tower crane suppliers and the government for infrastructure development are expected to enable growth. of the market “ said the IMF analyst.
Key takeaways from the IMF Tower crane rental market To study
- The United States is expected to generate the highest sales in North America, driving the regional market to a healthy 5.7% CAGR over the evaluation period.
- China should dominate the market in East Asia, accounting for nearly 76.7% of the region’s sales by the end of the coming decade.
- Favored by the presence of original equipment manufacturers (OEMs) in the country, the market for Germany is expected to grow at a CAGR of 4.5% through 2031.
- India should become one of the most profitable markets in South Asia, accounting for around 43.1% of the demand share by 2031.
- Among vertical vendors, the OEM segment is expected to gain 170 BPS over independent service providers, accounting for 40.2% of total sales.
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- The increase in investment in unique infrastructure, massive statues and skyscrapers around the world is increasing the demand for rental of tower cranes.
- Regulations implemented to encourage sustainable production activities in the construction industry by regulatory bodies such as the Environmental Protection Agency and the Pollution Control Agency encourage industry players to opt for rental of tower cranes in the United States, which drives market growth in North America.
- The lack of qualified professionals to operate tower cranes and the increasing number of accidents due to lack of experience in crane operation are hampering the growth of the market.
- Rising brand awareness and aggressive marketing strategies make it difficult for new entrants to enter the market, which in turn poses a challenge for market growth.
Major players operating in the global tower crane rental market include Konecranes, Al Faris, Kanamoto Co., Ltd., Mammoet and Uperio Group. These players are expected to represent nearly 41% of the global market share, according to IMF.
Major players are focusing on purchasing innovative equipment and expanding their fleet size to meet the growing demand for rental tower cranes. In addition to 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 presence. For example,
- In July 2021, Maxim Crane Works, LP, one of the greatest Crane Rental Company, announced the purchase of 51 Grove cranes from Manitowoc, a United States-based tower crane manufacturer, to expand its product portfolio and consumer base in the United States
- In September 2021, Konecranes, a manufacturer and service provider of cranes and lifting equipment, has won an order for 14 process cranes from a German multinational conglomerate, Thyssenkrupp Marine Systems, for the shipbuilding hall in Kiel, Germany.
Some of the main players in the Marlet profiled by IMF are:
- Maxim Crane Works, LP
- Morrow Equipment Company
- Morwest Crane & Services
- Bigge Crane and Rigging Co.
- Group of Stafford cranes
- Leavitt cranes
- United Crane & Rigging
- Locabens Equipamentos
- Grumont Equipamentos Ltda
- JASO Group
- WOLFFKRAN International SA
- Uperio Group
- Al Faris
- KAR Group
- CC crane rental
- Industrial rental company
- Kanamoto Co., Ltd.
- Tat Hong Holdings Ltd.
- Action Construction Equipment Ltd.
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More valuable information on Tower crane rental Marlet
IMF in its new report, offers an unbiased analysis of the global tower crane rental market, analyzing forecast statistics to 2021 and beyond. The survey reveals growth projections in the tower crane rental market with detailed segmentation:
By lifting capacity:
- Up to 5 tons
- 5 – 10 tons
- 10 – 20 tons
- 20 – 50 tons
- Above 50 tons
By product type:
- Hammer crane
- Luffing jib tower crane
- Mobile tower crane
By type of design:
- Top slewing tower crane
- Lower slewing tower crane
By type of supplier:
- Original Equipment Manufacturer (OEM)
- Independent service provider
- Building and construction
- Residential and Commercial
- Civic infrastructure
- Sea and sea ports
- North America
- Latin America
- East Asia
- Middle East and Africa
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Key questions addressed in the Tower crane rental Market report
- The market research also highlights the expected sales growth of the Tower Crane Rental market between 2021 and 2031.
- Report provides insight into Tower Crane Rental Demand Outlook for 2021-2031
- Analyzing the tower crane rental market share of key companies in the industry and covering strategies such as mergers and acquisitions, collaborations or partnerships, etc.
- The Tower Crane Rental Market Analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancement within the industry
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