Tower Crane Rental Market Size

Tower Crane Rental Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The tower crane rental market is growing at a rapid pace. It is estimated to reach $ 17.81 billion in 2032. This growth rate translates into a compound annual growth rate (CAGR) of 5.87% for the forecast period. The main driver of this market is the increasing demand for high-rise buildings, especially in urban areas. As cities grow, the need for reliable and efficient lifting equipment is growing, which is driving the rental market for tower cranes. Moreover, technological developments in the design and operation of cranes, such as the integration of the Internet of Things (IoT) and automation, are contributing to the growth of the market. These innovations improve the efficiency and safety of the equipment, making it more attractive to construction companies. Liebherr, Terex and Manitowoc are investing heavily in research and development to launch new crane models and improve their rental services. Strategic alliances and collaborations, such as between equipment manufacturers and rental companies, are also strengthening the market's growth potential.

Regional Market Size

Regional Deep Dive

The Tower Cranes Renting Market is experiencing a growth in several regions, owing to the increasing urbanization, rising investments in the construction of roads and bridges, and the shift from construction to renting. North America is characterized by the booming construction sector, especially in the urban areas, while Europe is witnessing the rising trend of sustainable building practices. Asia-Pacific is growing rapidly, owing to the rising investments in the construction of roads and bridges, especially in the emerging economies. The Middle East and Africa are experiencing growth, owing to the large-scale projects, while Latin America is slowly adopting tower crane renting as a cost-effective solution for construction needs.

North America

• The North American market is influenced by the current U.S. government spending bill, which allocates considerable funds for public works and thereby increases the demand for tower cranes.
• The main players, United Rentals and Sunbelt Rentals, are expanding their fleets with advanced technology cranes, which will increase their efficiency and safety on the construction sites.
• Regulations governing safety, especially in California, are causing rental companies to put in newer and safer equipment, which is expected to raise the market standards.

Europe

• For the European market, the development of energy-saving cranes is led by companies such as Liebherr and Terex.
• In the light of the European Union’s Green Deal, which is influencing building regulations to promote the use of sustainable materials and construction methods, we are seeing a growing demand for innovative rental solutions.
• The recovery from the pandemic is continuing, especially in the United Kingdom, where the building boom is in the housing and road building sectors, which is boosting the rental market.

Asia-Pacific

• The pact of the abyss continues to carry on in the East and the West, and the demand for cranes is increasing.
• The new crane technology of the two companies is a combination of the Internet of Things and artificial intelligence, and is combined with the Internet of Things to achieve higher efficiency and safety.
• In countries like India, where government policies encourage urban development, the construction industry is looking for ways to reduce its capital expenditure.

MEA

• The Middle East and Africa region is experiencing a building boom, especially in the UAE and Saudi Arabia, where mega-projects such as NEOM and the Expo 2020 are driving the demand for tower cranes.
• Companies like Al Faris and Al Jaber Group are expanding their rental fleets to meet the requirements of these mega projects, with a particular emphasis on heavy-duty cranes.
• Government efforts to diversify the economy away from oil are bringing in greater investment in the public sector, which is good news for the rental market.

Latin America

• Brazil and Mexico, both of which have made an effort to develop their transportation and housing, have been the leading countries in the rental of tower cranes.
• LOCAL RENTALS ARE STARTING TO IMPLEMENT INTERNATIONAL TECHNOLOGIES TO IMPROVE FLEXIBILITY AND OPERATING EFFICIENCY.
• In the face of the current economic difficulties, the construction industry in the region is now economizing on capital expenditure.

Did You Know?

“Tower cranes are used in the construction industry to lift up to twenty tons, and they are essential to large-scale projects, but they are rented instead of bought in order to reduce costs.” — Construction Equipment Magazine

Segmental Market Size

Tower Cranes are an important part of the construction industry, and the current market for tower cranes is experiencing steady growth due to increasing urbanization and development of transportation. Tower cranes play a very important role in the construction of large buildings, especially in narrow urban areas. Tower cranes are mainly driven by the increasing need for construction equipment, the increasing trend of leasing equipment instead of buying equipment, and the cost control brought about by leasing equipment.

In North America, United Rentals and Ahern Rentals are the leading companies. Their principal fields of operation are the construction of high-rise buildings, bridges, and large-scale industrial projects. They are also benefited by the trend towards sustainable building, which has been bolstered by government initiatives and by the growing demand for green construction from companies that wish to reduce their carbon footprint. Also, the latest developments in telematics and automation have had a major impact on the industry, enhancing the efficiency and safety of crane operations.

Future Outlook

Tower cranes are the most commonly used cranes. The tower crane market is expected to increase from $11.28 billion in 2024 to $17.81 billion by 2032, at a robust CAGR of 5.87%. The growth of this market is mainly driven by the increasing construction activities in the world, especially in the emerging economies, where urbanization and the development of the city are accelerating. The construction of high-rise buildings is becoming more and more common, and the use of tower cranes is becoming more and more common, resulting in the rental penetration rate of tower cranes increasing.

A key trend in this market is the integration of IoT and AI into crane operations. This is expected to increase the efficiency and safety of crane operations, which will lead to a further increase in market growth. These innovations not only optimize crane usage, but also reduce downtime and maintenance costs, which will make crane rental more attractive to construction companies. Furthermore, the support of the government in the form of investment in the construction of public and private buildings and sustainable construction will also boost the demand for crane rental. Also, the shift to prefabricated construction and the trend towards green building will continue to shape the market landscape and encourage the development of rental models that meet these new standards.