SAN ANTONIO, TX, UNITED STATES, September 10, 2024 -- Vertical construction projects, particularly in high-rise and mid-rise buildings, are fueling demand in the North American construction hoist rental market. According to a new report published by market research firm Verify Markets, the North American construction hoist rental market is seeing major growth, reaching a value of $1,207.4 million in 2023.
The rise of high-rise construction projects is transforming the skylines of major cities across North America. According to a report by the Council on Tall Buildings and Urban Habitat, the number of high-rise buildings (200 meters or taller) in the U.S. increased by 40% from 2010 to 2020, reflecting a strong upward trend in vertical development. In cities like New York, Chicago, and Toronto, high-rise residential and mixed-use projects have been key drivers of this growth. Additionally, key projects like CIBC Square I in Toronto and Skyline Tower in New York highlight the regional push towards vertical urbanization, emphasizing the demand for mixed-use and high-density developments. This trend, supported by government policies, is creating new opportunities for companies that provide construction hoists and other related equipment.
According to the Verify Markets report, high-rise projects alone make up $905.6 million of the construction hoist rental market opportunity, showcasing how vertical construction has become a crucial driver for the hoist rental industry. In 2023, a record number of 177 buildings taller than 200 meters were completed, surpassing previous years and setting a new milestone for tall building completions globally. The surge is primarily driven by the rapid expansion of high-rise developments in both the United States and Canada.
Furthermore, ongoing investment in infrastructure across the U.S. and Canada is accelerating the demand for construction hoist rentals, especially in projects requiring mid-rise and high-rise developments. These projects benefit from specialized hoists that can transport both materials and workers. Supportive government policies and the easing of construction regulations have made vertical construction more feasible, contributing to the steady growth of the construction hoist rental market.
One of the most significant technological advancements in the hoist rental industry is the integration of call boxes for manlift applications, such as those offered by companies like McKee. These call boxes are transforming the way manlift operations are managed on construction sites, dramatically improving safety, efficiency, and communication. Traditionally, manlift operations required manual coordination between operators and ground teams, a process that was time-consuming and susceptible to errors. Modern call boxes now allow workers to quickly summon the manlift to their location from different levels of the construction site. This innovation not only reduces downtime but also enhances safety by ensuring that workers are not left waiting in hazardous conditions. As a result, jobsite overhead costs are minimized, leading to greater price competitiveness for rental and service providers.
Despite the post-COVID normalization of construction activities, legal mandates for regular maintenance and inspections of construction hoists have added layers of safety and reliability to the market. Companies are responding by shifting their focus toward rentals, diversifying their equipment fleets to meet the evolving needs of the market. This flexibility makes rental options more attractive than outright purchases, as they allow construction companies to mitigate risks and manage costs more effectively.
Transport Platforms (TPMs) are gaining traction in construction where space or regulatory limitations hinder larger hoists. Their smaller footprint and compliance with strict safety standards make them ideal for mid-rise and space-constrained projects, where traditional systems are impractical. TPMs are particularly useful in urban areas with tight spaces, providing a cost-effective, safe solution for moving personnel.
With vertical construction poised to remain a cornerstone of urban development, the North American construction hoist rental market is expected to continue its upward trajectory. As the industry evolves, market participants must stay attuned to the regulatory environment and shifting demands to capitalize on this opportunity for sustainable growth.
The competitive landscape is marked by the presence of leading market participants, including Core Scaffolding, Morrow Equipment Company, Bigge Crane & Rigging, BrandSafway, USA Hoist, McDonough Elevators, Scaffolding Solutions, UCEL, Inc., Maxim Crane Works, among many others. These companies play a vital role in shaping the construction hoist rental market by tailored and cost-effective vertical transportation solutions.
A copy of the North American construction hoist rental market can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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