Tower Crane Rental Market

• Growth in construction and mining activities to boost market growth

The tower crane rental market is driven by the growth in construction and mining activities. Tower cranes are widely used in the construction industry for lifting heavy materials and equipment to high heights, and in the mining industry for moving heavy loads and excavating materials. The construction industry is a major consumer of tower cranes. The growth in construction activities, such as the construction of residential buildings, commercial complexes, and infrastructure projects such as highways and bridges, is driving the demand for tower cranes.

The tower crane rental market provides a cost-effective solution for construction companies that need to use tower cranes for a short period.

The mining industry is another significant consumer of tower cranes. Tower cranes are used in the mining industry for various applications such as loading and unloading heavy materials, transporting equipment, and excavating materials. The growth in mining activities, particularly in emerging economies such as China, India, and Brazil, is driving the demand for tower cranes in the mining industry. The tower crane rental market is also driven by the benefits it offers to customers. Renting a tower crane provides a cost-effective solution for customers who need to use the crane for a short period.

It also provides flexibility, as customers can rent different types of cranes based on their specific needs and requirements. Overall, the growth in construction and mining activities, coupled with the benefits of tower crane rentals, is driving the growth of the tower crane rental market. Therefore, such factors related to Tower Crane Rental have enhanced the Tower Crane Rental market CAGR across the globe in recent years.

For instance, six mega social housing projects are planned for South Africa within the next few years in February 2022; Moreover, Kenya started Africa’s largest affordable housing 3D printing project in 2021. Such infrastructure projects require large construction machinery to be able to run them. The market is driven by such equipment being rented out and used on these sites, thus leading to these developments becoming lucrative opportunities for tower crane rentals.

The Global Tower Crane Rental Market Industry is projected to experience substantial growth in the coming years. The market is expected to reach 11.3 USD Billion in 2024 and grow to 21.1 USD Billion by 2035, indicating a robust upward trend. The anticipated CAGR of 5.87% from 2025 to 2035 highlights the increasing demand for tower cranes in construction projects worldwide. This growth is driven by various factors, including infrastructure development, rising construction activities, and technological advancements. The market's expansion reflects the evolving needs of the construction industry and the importance of tower cranes in meeting these demands.

Sustainability initiatives are becoming increasingly relevant in the Global Tower Crane Rental Market Industry. As construction companies aim to reduce their carbon footprint, there is a growing preference for eco-friendly equipment. Tower cranes that utilize energy-efficient technologies and materials are gaining traction. This shift towards sustainability is likely to influence rental decisions, as firms seek to align with environmental regulations and consumer expectations. Consequently, the market may witness a rise in demand for sustainable tower crane options, which could reshape rental practices in the coming years.

Technological advancements play a crucial role in shaping the Global Tower Crane Rental Market Industry. Innovations in crane design and operation enhance efficiency and safety, making tower cranes more appealing to construction firms. Features such as remote operation and improved load management systems are increasingly integrated into modern cranes. These advancements not only reduce operational costs but also increase productivity on construction sites. As companies adopt these technologies, the demand for advanced tower cranes is likely to rise, thereby contributing to the overall growth of the market.

The Global Tower Crane Rental Market Industry is significantly influenced by the rising construction activities worldwide. With an increasing number of residential and commercial projects, the demand for tower cranes is expected to rise. For example, the market is anticipated to grow to 21.1 USD Billion by 2035, reflecting a robust growth trajectory. This increase is attributed to the need for efficient lifting solutions in large-scale construction projects. As construction companies seek to optimize their operations, the rental of tower cranes becomes a viable option, further propelling the market forward.

Economic growth and urbanization are pivotal drivers of the Global Tower Crane Rental Market Industry. As economies expand, urban areas are experiencing rapid growth, necessitating extensive construction projects. This trend is particularly evident in developing regions where infrastructure improvements are critical. The anticipated compound annual growth rate (CAGR) of 5.87% from 2025 to 2035 underscores the market's potential as urbanization continues to accelerate. As cities evolve, the demand for tower cranes to facilitate construction will likely increase, further solidifying the market's position in the global economy.

The Global Tower Crane Rental Market Industry experiences a notable boost due to the ongoing surge in infrastructure development across various regions. Governments are investing heavily in urbanization projects, including roads, bridges, and high-rise buildings. For instance, the global market is projected to reach 11.3 USD Billion in 2024, driven by these initiatives. This trend indicates a growing demand for tower cranes, as they are essential for lifting heavy materials in construction projects. As urban areas expand, the need for efficient construction solutions becomes paramount, thereby enhancing the market's growth prospects.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is one of the largest markets for tower crane rental, due to the increase in construction and infrastructure development activities in countries such as China, India, and Southeast Asian countries. The region is expected to maintain its dominance in the tower crane rental market during the forecast period.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: TOWER CRANE RENTAL MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe’s Tower Crane Rental market accounts for the third-largest market share. The demand for tower crane rental services in Europe is also being driven by the need for heavy lifting equipment in the construction of tall buildings and complex infrastructure projects. The increasing focus on green building and sustainable development in the region is also driving the demand for tower crane rental services, as they are more environmentally friendly and cost-effective than purchasing and maintaining new cranes.

Further, the Germany Tower Crane Rental market held the largest market share, and the UK Tower Crane Rental market was the fastest-growing market in the European region.

North America, Tower Crane Rental market, is expected to grow at the fastest CAGR from 2023 to 2030. North America is a significant market for tower crane rental due to the presence of large construction projects and infrastructure development activities in the region. The increasing demand for rental services in the construction industry and the need for heavy lifting equipment are also driving the growth of the tower crane rental market in North America.

The United States, in particular, is a major market for tower crane rental, owing to the growth of the construction industry, increasing investments in infrastructure, and the presence of several large construction projects in the region. Moreover, the U.S. Tower Crane Rental market held the largest market share, and the Canada Tower Crane Rental market was the fastest-growing market in the North American region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Tower Crane Rental market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Tower Crane Rental industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Tower Crane Rental. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Tower Crane Rental industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Tower Crane Rental industry to benefit customers and expand the market sector. Major Tower Crane Rental market players, including Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, Terex Corporation, United Crane and Rigging, Falcon Tower Crane Services, Rapicon Inc., Skycrane, NFT Group, and Maxim Crane Works, L.P, and others, are attempting to increase market demand by funding R&D initiatives.

Bigge Crane and Rigging Co. is a global leader in the sale and rental of cranes, and also provides heavy rigging, specialized transportation, and engineering services. The company operates a diverse fleet of cranes, including crawler cranes, tower cranes, all-terrain cranes, and rough-terrain cranes, among others. Bigge Crane and Rigging Co. serve a wide range of industries, including construction, energy, petrochemical, infrastructure, and government.

Action Construction Equipment Ltd. (ACE) is an Indian company and one of the leading manufacturers of construction equipment in India, with a product portfolio that includes cranes, loaders, excavators, forklifts, and other material handling equipment. The company also provides rental and maintenance services for its products. ACE has a strong presence in the Indian market and exports its products to several countries around the world, including the Middle East, Africa, and Southeast Asia.