The global tower crane rental market is poised to surpass USD 22,232.1 million at a favorable 4.32% CAGR over the estimated years (2018-2023). Tower cranes have turned into a common fixture at almost every major construction site. It is used by construction crew for lifting concrete, steel, large tools such as generators and acetylene torches and other building materials. They are fixed on strong concrete base as well as anchored by huge bolts that can be easily removed after construction.

There are plentiful factors that is boosting the growth of the tower crane market. These factors as per the Market Research Future (MRFR) report include demand for apartments and residential buildings in urban areas, land banking via governments, rapid urbanization, initiatives undertaken by the government for infrastructure development, expansion of the construction industry, need for high rise projects especially in urban areas, emergence of energy-efficient and green building, stemming of mid-scale and small developers and growing construction activities. The additional factors resulting in the growth of the market include the machine’s heavyweight lifting capacities, increasing global population, increasing infrastructure refurbishment projects, expansion of Tier I and II cities and its alluring features namely small swing radius, large lifting capacity, user-friendly, and needs small operational room. On the other hand, scarcity of skilled manpower affecting the quality, speed and safety of construction projects, soaring price of procurement and training for contractors and limited machinery utilization are factors that may impede the growth of the tower crane market over the estimated years.

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Market Segmentation

MRFR report provides an extensive segmental analysis of the tower crane market on the basis of type and application.

Based on type, it is segmented into luffing jib tower cranes, hammerhead, flat top and self-erecting. Of these, self-erecting will have the largest share in the market over the estimated years. These cranes are widely used for construction of residential buildings, refinery factories and dams due to the ease that it provides in folding.

Based on application, the tower crane market is segmented into power plants, shipyards, high rise building, bridge building and dam building. Of these, high rise building will dominate the market over the estimated years followed by bridge building.

Regional Analysis

By region, the tower crane market covers growth opportunities and latest trends across Middle East and Africa, Asia Pacific, Europe, South America and North America. Of these, the APAC region will command the market with China and Japan being the key contributors. Both are predicted to touch USD 5,345.1 million by 2023. The tower crane market in North America is expected to have a substantial growth over the estimated years. The US and Canada are the key contributors in this region. Development projects of bridges and high-rise buildings are predicted to expedite the demand of the tower crane market in this region in the upcoming years.

Key Players

Leading players profiled in the tower crane market include Fangyuan Group Co. Ltd. (China), Wolffkran International AG (Switzerland), Terex Corporation (U.S.), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Sichuan Construction Machinery (Group) Co. (China), Zhejiang Construction Machinery Group Co., Ltd. (China), Guangxi Construction Engineering Group Ltd. (China), HKTC (Korea), Favelle Favco BHD (Malaysia), LIEBHERR (Switzerland), Manitowoc (U.S.), Yongmao Holdings Limited (Singapore), Shandong Dahan Construction Machinery Co., Ltd. (China), XCMG Group (China),and Shandong Huaxia Group Co., Ltd (China).

May 2019- Ladybird Crane Hire has been appointed the UK distributor of Montarent Bouwlogistiek, the leading mobile tower crane manufacturer in Dutch.

April 2019- The Varso Tower that is being made in Wola with 1017 feet as its total height will be EU’s tallest building and will tower over the whole of Polish capital. Its construction is likely to be completed in 2020. A couple of Terex tower cranes from Herkules SA, the crane service provider that is being used by the contractor Warbud for this significant project is playing an immensely imperative part in the construction.