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Tower cranes are one the most essential equipment used across the coonstrucion of high-rise buildings. All the types of cranes are designed and manufactured to work economically in a specific site situation. Furthermore, tower cranes are featured to be more safe and reliable cmpared to other crane types and also are user-friendly. As a result, there is a significant demand of tower cranes across the construction industry.
Moreover, rental services across the construction industry is gaining maximum traction currently and also id expected to continue over the forecast period. With the adoption of rental services, dealers and contractors are saving money as rental services provide access to modern equipment and also it provides operational flexibility (what you need, when you need it) and can reduce complexity in organizations for reducing the size of the fleet impacts on activities such as procurement, maintenance, logistics, and asset disposals. In addition to this, tower crane rental companies are emphasizing on providing the tower cranes designed with the advanced technologies and also with safety requirements. This would ultimately help end-users as the rental overcome the needs with less capital expenditure. As a result, the demand of tower crane rental market is expected to grow substantially over the forecast period.
Moreover, the impact of COVID-19 is expected to sustain for a considerable period in the future. The immediate lockdown resulted on major construction and manufacturing hubs grinding to a halt. It resulted in critical hampering of production across the globe. According to United Nations (UN) analysis, the global economy possibly will shrink up to 1% in 2020 in accordance with previously forecasted growth of 2.5%. In COVID-19 pandemic, the building & construction is one of the most affected sectors across the globe. It is attributed to workers unavailability on sites even when most of the contractors have continued the construction work. The unavailability of workers reduces the expected percentage of global revenue through on-going residential and commercial constructional projects. The Associated General Contractors (AGC) of America stated that the COVID-19 pandemic has delayed construction projects for 28% of the contractors, owing to the shortage of sub-ordinates. However, this can hinder the growth of the tower crane rental market.
Key Market Driver -
• Increasing rental services across the construction industry • Rising Construction & Power Utilities spending worldwide to thrust the market growth
Key Market Restraint -
• Inappropriate crane operation training leads to accidents.
Some of the key competitors in the tower crane rental market include Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Titan Cranes & Rigging, Leavitt Cranes, Zoomlion ElectroMech India Pvt. Ltd., WASEL GmbH, ALL Tower Crane, LLC, United Crane and Rigging, FALCON TOWER CRANE SERVCES LTD, Rapicon Inc., Skycrane, NFT Group and Maxim Crane Works, L.P., among others.
Asia Pacific is expected to hold the highest share for global tower crane rental market over the forecast period 2020-2027. This is mainly due to the increasing infrastructure spending by the government across the major countries such as China, India, Japan, South Korea etc. Among them, China is estimated to hold the highest market share as a result of numerous emerging market players that are providing the technology driven tower crane on rental base. North America and Europe is also expected to grow significantly over the forecast period. This is mainly due to, the growing investments for the residential construction and also the commercial properties are creating lucrative opportunities for the equipment manufacturers to enhance their business in terms of rental services and sales of the product.
Middle east & Africa and Latin America are expected to grow moderately over the forecast period. This is mainly due to the steady growth in the infrastructural activities.
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