Tower Crane Rental Market Growth Scenario
As per the latest study by Market Research Future Reports (MRFR), the global tower crane rental market in 2020 is estimated to expand due to the rising demand for real estate and infrastructure. The Tower Crane Rental Market has witnessed 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 investments for the same. The tower crane rental market refers to the business of renting out tower cranes to construction companies and other organizations that require such equipment for their operations. Tower cranes are large, tall machines that are used to lift heavy materials and equipment to high heights, making them essential for constructing tall buildings and structures.
The tower crane rental market is driven by the growth of the construction industry, particularly in urban areas where skyscrapers and other tall structures are being built. As construction activity increases, so does the demand for tower cranes, which has led to the growth of the tower crane rental market.
Tower crane rental companies typically offer a range of services to their customers, including equipment maintenance, transportation and installation, and training and support. They may also offer additional services such as crane operators and other specialized personnel to assist with the construction project.
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The tower crane rental market is highly competitive, with many players offering similar services. As such, companies in this market must differentiate themselves by providing superior service, offering competitive pricing, and ensuring the reliability and safety of their equipment.
Key Players
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).
Market Segmentation
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 Share by Company can be segmented into North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
Regional Analysis
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.
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