Tower crane rental refers to the construction site or bridge site that needs to use the tower crane place obtain the right to use the tower crane through the lease, without the need to purchase and maintain the tower crane. This method can save costs and improve construction efficiency.
Market Development Overview and Market Segment Analysis
In today's globalization, the construction industry and the related equipment rental industry are experiencing unprecedented development opportunities. With the advancement of technology, the promotion of environmental awareness, and the expansion of vertical industries, the global tower crane rental market has shown great potential and broad prospects. According to our research data, the global tower crane rental market revenue was $925 million in 2023. In the next few years, with the continuous development of the global economy and the prosperity of the construction industry, the tower crane rental market will usher in a broader space for development. It is estimated that by 2026, the global tower crane rental market will increase to $1014 million.
According to the different rotating modes, tower cranes can be divided into boom-type tower cranes and bottom-rotary-type tower cranes. The tower body of the boom-type tower cranes does not rotate, but realizes the rotation through the rotation of the boom, while bottom-rotary-type tower cranes rotate the whole tower body around the tower. The research shows that in the global tower crane rental market, the boom-type tower crane rental market segment occupies a dominant position. In 2023, the global boom-type tower crane rental market size was $631 million, with a market share of 68.24%.
From the perspective of downstream application scenarios, tower crane rental mainly involves residential buildings, commercial buildings, and infrastructure buildings. Among them, tower crane rental for residential buildings holds the largest market share.
Global Tower Crane Rental Market Size Forecast and Market Segment Analysis
Source: www.globalmarketmonitor.com
Analysis of Market Driving Factors
Firstly, the continuous advancement of technology is a key factor driving the growth of the tower crane rental market. The continuous introduction of new tower crane equipment not only improves construction efficiency but also significantly enhances construction safety. This technological innovation has led more and more construction companies to choose to lease tower cranes instead of purchasing them. Leasing not only saves initial investment costs but also ensures that enterprises always use the latest and most advanced equipment.
Secondly, the improvement of environmental awareness has also brought new growth momentum to the tower crane rental market. Against the backdrop of global climate change, construction companies are increasingly focusing on reducing resource consumption and environmental pollution. Renting tower crane equipment can not only meet this demand but also effectively avoid equipment idleness and waste. This environmentally friendly and sustainable development model conforms to global trends and requirements and is therefore widely welcomed and respected.
In addition, the growth of the tower crane rental market is also driven by the expansion of vertical industries. In addition to the traditional construction industry, energy, logistics, and other fields are also actively adopting tower crane equipment. This cross-industry expansion not only expands the scale of the tower crane rental market but also brings more development opportunities to the market.
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the global tower crane rental market is low. Data shows that in 2023, the top 3 companies in the industry achieved a total revenue of $129.32 million, with a total revenue share of only 13.98%. The top three companies were Shaanxi Construction Machinery Co., Ltd., Arcomet, and NFT Europe. In 2023, these three companies accounted for 5.07%, 4.98%, and 3.93% of the global tower crane rental market revenue, respectively.
Tower Crane Rental Market Revenue and Share of Main Companies in 2023
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Companies
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Market Revenue (Million USD)
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Share
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Shaanxi Construction Machinery Co., Ltd.
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46.90
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5.07%
|
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Arcomet
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46.07
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4.98%
|
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NFT Europe
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36.35
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3.93%
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Top3 Companies
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129.32
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13.98%
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Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Tower Crane Rental Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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