A recent study published by FMI on the tower crane rental market provides in-depth analysis of trends and opportunities affecting the demand outlook through 2031. The report uncovers scope for expansion across key segments in terms of product type, lifting capacity, design type, vendor type, and applications.
DUBAI, UAE, Sept. 30, 2021 /PRNewswire/ -- As per a comprehensive study conducted by FMI, the global tower crane rental market is projected to top US$ 6.49 billion in 2021. Driven by the growing dependence of small and medium enterprises on rental services due to their inability to afford cranes, the market is anticipated to grow at a CAGR of 5.7% during the forecast period 2021-2031 in comparison to 1.5% CAGR registered between 2016 and 2020.
Rapid urbanization, government initiatives adopted to promote the construction of smart cities and investment in infrastructural expansion of the power generation sector across underdeveloped and developing economies are estimated to favor the market growth.
According to a report by the India Brand Equity Foundation, the Government of India has 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 steer the demand for rental tower cranes. On the back of this, FMI has forecast the market to register 4.8% year-on-year (YoY) in 2021.
As per FMI, the top-slewing tower cranes rentals are projected to account for maximum demand in the design type segment. Owing to the fast-paced industrialization along with increasing application across seaports and residential & commercial construction projects, the demand for top-slewing tower cranes is estimated to account for nearly 60.4% of the overall market by the end of 2021.
"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.
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.
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.
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:
More Valuable Insights on Tower Crane RentalMarket
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:
Key Questions Covered in the Tower Crane RentalMarket 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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.