Markets & Reports
Tower crane rental market to reach $6 billion by 2032
August 1, 2023 By Don Horne
According to the new report Tower Crane Rental Market, by Allied Market Research, the tower crane rental market was valued at $3.8 billion in 2020, and is estimated to reach $6 billion by 2032, growing at a CAGR of 4.2 per cent from 2023 to 2032.
You can download a sample of the report here: https://www.alliedmarketresearch.com/request-sample/107636
Emerging markets such as Asia-Pacific, Latin America, and Africa have witnessed a rise in population, economic growth, urbanization, and increase in technological advancement in machinery that aid in the improvement of workflow.
The population in Asia-Pacific and Africa has grown at a rapid pace, thus creating a surge in demand for housing accommodation as the increase in rate of the population is higher than the availability of housing. Most of the countries in these two regions are emerging nations and have experienced strong economic growth.
The growth of the economy in the emerging countries has fueled the expansion of commercial, industrial, corporate, and residential properties.
Manufacturers having significant tower crane rental market share are developing advanced equipment, which are economical and sustainable.
For instance, in March 2021, ACR launched a tower crane, which uses smart power control and electronic integrated hydraulic system. It has an in-house designed fuel optimization system to improve fuel efficiency and deliver ideal job performance with loss-free power and speed. Moreover, integration of IoT is expected to help to overcome shortage of skilled laborers and enhance safety of operators & end users.
These factors are anticipated to offer remunerative opportunities for expansion of the global market during the tower crane rental market forecast period.
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