As per the latest study by Market Research Future Reports (MRFR), the global — tower crane rental market 2020 is estimated to expand due to the rising demand for real estate and infrastructure. The tower crane rental market has witnessed a significant growth due to the increasing dependence of small and medium companies on rental services owing to the inability to afford the cranes. Besides, renting a tower crane enables the contractors to lower the working capital expenses of the project and offer access to developed equipment. Furthermore, the growth of the construction industry plays an essential role in market expansion. In addition, the government of several countries are focusing on enhancing and developing the infrastructure and are making a massive investment for the same. This propels the market exponentially. The research has revealed that the global tower rental market is projected to witness a CAGR of 5% during the forecast period.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
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The global tower crane rental market can be segregated on the basis of end-use, product type, and region.
On the basis of end-use, the global tower crane rental market can be segmented into residential, commercial, and infrastructure. The residential segment is estimated to dominate the market and acquire the largest market share.
On the basis of product type, the global tower crane rental market can be segmented into luffing jib tower cranes, self-erecting tower cranes, hammerhead tower cranes, and flat-top tower cranes. The self-erecting tower cranes are estimated to lead the segment by product type during the review period.
On the basis of region, the global tower crane rental market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
The regional study of North America, Europe, Asia-Pacific, and the Rest of the world (RoW) has been performed. As per the analysis by MRFR, the global market is estimated to be dominated by the APAC region. The APAC region is likely to acquire the largest market share. The region consists of the fastest developing nations, i.e., India and China. Both nations have significant participation in expanding the market. Due to the rising urbanization and the increasing inclination towards developing the infrastructure is the major reason for market expansion in the region. Besides, the increasing population in the region contributes significantly to expanding the market. The demand for real estate has increased considerably due to the speeding population. In addition, the rising investment in the high-rise construction projects supported by investments in the residential and commercial construction sector has further propelled the market. In addition, China has made an immense investment in the public infrastructure from the last few years. Moreover, there are several construction projects in the pipeline. The second position is obtained by North America, followed by Europe.
However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the structure of the existing market.
The major competitors of the worldwide tower crane rental market are Maxim Crane Works, L.P (U.S.), Action Construction Equipment Ltd (India), Bigge Crane and Rigging Co. (U.S.), Titan Cranes & Rigging (Australia), Zoomlion ElectroMech India Pvt. Ltd (India), Leavitt Cranes (Canada), WASEL GmbH (Germany), United Crane and Rigging (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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