Tower cranes are the modern balanced cranes that consist of various basic parts. The high lifting capacity and height of tower cranes enable them to be used in construction of tall structures. A modern tower crane consists of three main sections, which include base, the tower mast and the slewing unit. The most important features of the tower cranes are safety, reliability and user-friendliness. Tower crane rentals are available in different capacities depending on the requirement of the end-users, also there are different types of tower crane rentals available in the market such as hammer head cranes, self-erecting cranes and others.
Tower crane rental is gaining traction in the market, because many small and medium-scale developers cannot afford to buy the tower cranes. On the other hand, big players utilize it for various projects over a longer time duration in order to save the overall project cost, hence they are more likely to buy the tower cranes instead of renting it.
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Global Tower Crane Rental Market: Segmentation
Globally, the tower crane rental market can be segmented on the basis of product type and end-user.
Based on the product type, the global tower crane rental market can be segmented into
- Hammer Head Cranes
- Self-erecting Cranes
- Flat Top Cranes
- Luffing Jib Cranes
Based on the End-user, the global tower crane rental market can be segmented into
Global Tower Crane Rental Market: Dynamics
With the rise in infrastructural investments in Asia Pacific, Middle East & Africa and North America, the demand for the tower crane rental is also expected to surge in the near future. Various governments are focussing on strengthening energy infrastructure. As an example, in 2015, the Chinese government laid emphasis on development of large number of infrastructure projects in order to boost the GDP of the country. This type of government initiatives are boosting the demand for tower crane rentals and thus in turn driving the global tower crane rental market.
Rental service providers of tower cranes are facing various challenges in the market such as the rented tower crane requires regular maintenance and thus cost is one of the major factors restraining the growth of the global tower crane rental market.
Rental service providers are focussing on making partnerships with the tower crane manufacturers in order to meet the demand for growing construction industry. Also, service providers and distributors of tower cranes are investing in the new facilities in order to house their rental fleets. These are some of the key trends identified in the global tower crane rental market.
Global Tower Crane Rental Market: Region-wise Outlook
Considering regions, Asia-Pacific is expected to dominate the other regions in the global tower crane rental market over the forecast period. Growing construction industry in developing countries such as India and China supported by rising urbanization and population, along with the development of IT sector propel the demand for tower crane rental market over the next decade. North America is also expected to exhibit rapid growth owing to the rising investments in the residential as well as non-residential sectors. European countries such as Germany, France and Poland are expected to boost the demand for tower crane rental market. In Middle East & Africa, countries such as Saudi Arabia and Turkey are focussing continuously on promoting the eco-friendly constructions of buildings. Rising investments in hospitality, transportation, energy, together with easy availability of construction equipment are expected to boost the tower crane rental market growth.
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Global Tower Crane Rental Market: Market Participants
Some of the examples of the market participants identified across the value chain of the global Tower Crane Rental market include Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, ALL Tower Crane, LLC, United Crane and Rigging, FALCON TOWER CRANE SERVCES LTD, Rapicon Inc., Skycrane, NFT Group and Maxim Crane Works, L.P., among others.