Top Slewing Tower Cranes to Emerge as Top Choice in Tower Cranes Rental Market – Future Market Insights – PRNewswire

Top Slewing Tower Cranes to Emerge as Top Choice in Tower Cranes Rental Market – Future Market Insights – PRNewswire

A recent study published by FMI on the tower crane rental market provides in-depth analysis of trends and opportunities affecting the demand outlook through 2031. The report uncovers scope for expansion across key segments in terms of product type, lifting capacity, design type, vendor type, and applications.

DUBAI, UAE, Sept. 30, 2021 /PRNewswire/ — As per a comprehensive study conducted by FMI, the global tower crane rental market is projected to top US$ 6.49 billion in 2021. Driven by the growing dependence of small and medium enterprises on rental services due to their inability to afford cranes, the market is anticipated to grow at a CAGR of 5.7% during the forecast period 2021-2031 in comparison to 1.5% CAGR registered between 2016 and 2020.

Rapid urbanization, government initiatives adopted to promote the construction of smart cities and investment in infrastructural expansion of the power generation sector across underdeveloped and developing economies are estimated to favor the market growth.

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According to a report by the India Brand Equity Foundation, the Government of India has launched House Fall All, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and Smart City Mission, allocating US$ 1.89 billion for these initiatives in 2021. Similar upcoming construction projects will steer the demand for rental tower cranes. On the back of this, FMI has forecast the market to register 4.8% year-on-year (YoY) in 2021.

As per FMI, the top-slewing tower cranes rentals are projected to account for maximum demand in the design type segment. Owing to the fast-paced industrialization along with increasing application across seaports and residential & commercial construction projects, the demand for top-slewing tower cranes is estimated to account for nearly 60.4% of the overall market by the end of 2021.

“Rising stringent regulation implemented to minimize industrial operations emitting toxic fumes and increasing Public-Private Partnerships (PPP) between rental tower crane providers and government for infrastructural development are expected to enable growth in the market,” says the FMI analyst.

Key Takeaways from FMI’s Tower Cranes Rental Market Study

  • The U.S. is forecast to contribute the highest sales in North America, driving the regional market at a healthy CAGR of 5.7% over the assessment period.
  • China is anticipated to dominate the market in East Asia, accounting for nearly 76.7% of the sales in the region by the end of the coming decade.
  • Favored by the presence of original equipment manufacturers (OEMs) in the country, the market in Germany is expected to expand at a CAGR of 4.5% through 2031.
  • India is projected to emerge as one of the most remunerative markets in South Asia, accounting for around 43.1% of the demand share by 2031.
  • Among the vendor vertical, the OEM segment is estimated to gain 170 BPS over independent service providers, accounting for 40.2% of the total sales.

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