Crane Rental Market by Type (Mobile, Fixed), End-Use Industry (Building & Construction, Oil & Gas, Marine & Offshore, Mining & Excavation, Transportation), Weightlifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy) & Region - Global Forecast to 2029
Crane Rental Market
The global crane rental market is valued at USD 50.6 billion in 2024 and is projected to reach USD 64.8 billion by 2029, growing at 5.1% cagr from 2024 to 2029. The market growth is driven not only by the transformation of urban areas into smart cities but also by the cost-efficiency offered by crane rental services. Renting companies cover insurance, maintenance, and breakdown costs, providing significant financial relief to businesses. This comprehensive coverage ensures uninterrupted project workflows and minimizes unexpected expenses, making crane rentals an attractive and practical option for construction and industrial operations.
Attractive Opportunities in the Crane Rental Market
To know about the assumptions considered for the study, Request for Free Sample Report
Crane Rental Market Dynamics
Driver: Ongoing transformation of urban areas into smart cities
The ongoing transformation of urban areas into smart cities worldwide, combined with the continuously expanding mobile workforce, has created a significant need for new infrastructure and the renovation of existing structures. This trend has resulted in a heightened demand for rented cranes globally. According to a Forbes study conducted in June 2019, various cities are projected to invest over USD 135.0 billion in smart city technology. Consequently, the shift towards smart cities is anticipated to drive the increased demand for rented cranes, thereby propelling the growth of the crane rental market.
Restraint: "Addressing Maintenance Challenges: A Strategic Imperative for Crane Rental Companies"
One significant restraint for the crane rental market is the high cost and complexity of maintenance and repairs, which poses substantial challenges to the industry. Cranes are complex pieces of machinery that require meticulous upkeep to ensure their safety, reliability, and efficiency. Regular maintenance is not just a best practice but a necessity to comply with stringent safety regulations and standards set by industry authorities. Failure to maintain cranes properly can lead to severe consequences, including accidents, equipment failures, and legal liabilities.
The maintenance process for cranes is intricate and requires skilled technicians who are well-versed in the mechanical, hydraulic, and electronic systems that comprise modern cranes. These skilled professionals are not only scarce but also command high wages, adding to the operational costs for crane rental companies. Moreover, the parts and components used in crane maintenance are often specialized and expensive. For example, hydraulic systems, load-bearing cables, and electronic control systems must be regularly inspected, and any worn-out parts must be replaced with high-quality components to ensure the crane's operational integrity. These replacement parts are often sourced from specialized suppliers, which can drive up costs further.
In addition to regular maintenance, cranes are also prone to unexpected breakdowns and repairs. These incidents can be particularly disruptive and costly. A single crane breakdown on a job site can lead to project delays, contractual penalties, and increased labor costs as workers wait for the equipment to be repaired. The downtime associated with these repairs not only affects the crane rental company but also impacts their clients' project timelines and budgets, potentially straining business relationships and client trust.
Opportunity: Capitalizing on Renewable Energy Projects: A Lucrative Opportunity for Crane Rental Companies"
One significant opportunity for the crane rental market lies in the growing trend of renewable energy projects, particularly wind and solar farms. As governments and private sectors worldwide increasingly invest in renewable energy infrastructure to meet sustainability goals and reduce carbon footprints, the demand for specialized lifting equipment, such as cranes capable of installing large wind turbines and solar panels, is rising. Crane rental companies can capitalize on this trend by offering tailored solutions for these projects, ensuring they have the appropriate equipment and expertise to support the construction and maintenance of renewable energy facilities. This not only opens up a new revenue stream but also aligns the crane rental market with global environmental initiatives, enhancing its long-term growth prospects.
Challenges: Lack of skilled workforce
A proficient workforce is crucial for operating cranes safely and efficiently, minimizing accidents and optimizing resource utilization, including fuel. However, the scarcity of skilled personnel poses a challenge for the crane rental market. While the mining and excavation sector in Africa is experiencing rapid growth, resulting in heightened demand for rented cranes, the region faces a shortage of skilled crane operators. This shortage presents a significant obstacle for the crane rental market in meeting the escalating demand in Africa.
Crane Rental MARKET ECOSYSTEM
A market ecosystem for crane rental refers to the interconnected network of various entities, factors, and dynamics that collectively influence the production, distribution, and consumption of crane rental in the market. This ecosystem involves a range of participants, both internal and external, and includes various components that interact with each other to shape the overall functioning of the market. The key players in the market are are Liebherr (Germany), United Rentals Inc. (US), Palfinger AG (Austria), Furukawa UNIC Corporation (Japan), Serens N.V. (Belgium), Mammoet (Netherlands), The Manitowoc Company, Inc. (US), Action Construction Equipment Ltd. (Japan), Maxim Crane Works (US), Manitex International Inc. (US) etc.
Crane Rental Market: Ecosystem
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
"Fixed Crane is the second largest type amongst the type segment after mobile cranes in the crane rental market in 2024, in terms of value."
Fixed cranes are poised to be the second largest segment in the crane rental market due to their specific advantages and applications. While mobile cranes offer versatility and mobility, fixed cranes excel in certain scenarios where stability and lifting capacity are paramount. In large-scale construction projects, such as high-rise buildings or infrastructure development, fixed cranes provide the necessary lifting power and reach for heavy materials at considerable heights. Additionally, fixed cranes are often preferred for long-term projects with consistent lifting requirements, as they offer continuous operation without the need for frequent relocation. Industries like shipbuilding, where precision and stability are critical, also rely on fixed cranes for their operations. The steady demand from such sectors, coupled with the enduring need for heavy lifting solutions, positions fixed cranes as a significant segment in the crane rental market, serving as a complementary option alongside mobile cranes.
“Low accounted for the fastest growth by weightlifting capacity in the crane rental market in 2024” in terms of value.
Low weightlifting capacity cranes are anticipated to experience the fastest growth within the crane rental market due to several factors. Firstly, the proliferation of small to medium-sized construction projects, particularly in urban areas and developing regions, drives the demand for cranes with lower lifting capacities. These projects often require precise handling of lighter materials and components, such as steel beams, concrete blocks, and machinery parts, which are well-suited to low weightlifting cranes. Additionally, the cost-effectiveness and flexibility of low capacity cranes make them an attractive option for construction companies operating within tight budgets and shorter project timelines. Moreover, the increasing emphasis on safety regulations and ergonomic practices in the construction industry favors the use of smaller cranes for tasks that do not require heavy lifting, thereby boosting the demand for low weightlifting capacity cranes. Lastly, advancements in crane technology have led to the development of compact and efficient low capacity models, further driving their popularity and contributing to their projected rapid growth in the crane rental market.
“Building & Construction end-user will be the fastest growing for the crane rental market, in terms of value in 2024”
The building and construction segment is poised to be the fastest-growing market in the crane rental market due to several key factors. Firstly, urbanization continues to drive the expansion of residential, commercial, and infrastructural projects globally. As populations concentrate in urban areas, the demand for new buildings, roads, bridges, and other structures escalates, necessitating the use of cranes for various lifting and handling tasks. Additionally, government initiatives aimed at infrastructure development and modernization further bolster construction activities, stimulating the need for crane rentals. Furthermore, the flexibility and cost-effectiveness of renting cranes make it an attractive option for construction companies, especially for short-term or project-specific needs. The building and construction segment's rapid growth is also supported by advancements in construction technology and techniques, which require specialized lifting equipment provided by crane rental services. Overall, the combination of urbanization, infrastructure investments, technological advancements, and the inherent versatility of crane rentals positions the building and construction sector as the fastest-growing market share in the crane rental industry.
"Asia-Pacific will be the fastest growing market for crane rental Market in 2024, in terms of value."
The Asia-Pacific region is poised to emerge as the fastest-growing region in the crane rental market due to several key factors. Firstly, rapid urbanization and industrialization across countries like China, India, and Southeast Asian nations are driving significant demand for construction and infrastructure development. As urban populations swell and economic activities intensify, there is a pressing need for the construction of residential buildings, commercial complexes, transportation networks, and industrial facilities. This surge in construction projects fuels the demand for crane rental services, as these projects require versatile lifting solutions to handle heavy materials and equipment efficiently.
Moreover, government initiatives and infrastructure investments further propel the construction sector, with large-scale projects such as highways, bridges, airports, and power plants driving the demand for cranes. Additionally, the rise of smart cities and sustainable development initiatives in the region necessitate advanced lifting equipment to support the construction of eco-friendly infrastructure and renewable energy projects, further boosting the demand for cranes.
Furthermore, the Asia-Pacific region is witnessing rapid technological advancements in crane manufacturing, leading to the availability of more efficient, reliable, and cost-effective crane rental solutions. Overall, the confluence of urbanization, infrastructure development, government investments, technological advancements, and the shifting preference towards rental solutions positions the Asia-Pacific region as a key driver of growth in the global crane rental market.
To know about the assumptions considered for the study, download the pdf brochure
Crane Rental Market Players
The key players in this market are Liebherr (Germany), United Rentals Inc. (US), Palfinger AG (Austria), Furukawa UNIC Corporation (Japan), Serens N.V. (Belgium), Mammoet (Netherlands), The Manitowoc Company, Inc. (US), Action Construction Equipment Ltd. (Japan), Maxim Crane Works (US), Manitex International Inc. (US) etc. Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of crane rental have opted for new product launches to sustain their market position.
Crane Rental Market Report Scope
|
Report Metric |
Details |
|
Years considered for the study |
2020-2029 |
|
Base Year |
2023 |
|
Forecast period |
2024–2029 |
|
Units considered |
Value (USD Billion/Million) |
|
Segments |
Type, end-use industry, weightlifting capacity and region. |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies |
Liebherr (Germany), United Rentals Inc. (US), Palfinger AG (Austria), Furukawa UNIC Corporation (Japan), Serens N.V. (Belgium), Mammoet (Netherlands), The Manitowoc Company, Inc. (US), Action Construction Equipment Ltd. (Japan), Maxim Crane Works (US), Manitex International Inc. (US) etc. |
Segmentation
This report categorizes the global Cranes rental market based on type, end-use, application, grade and region.
On the basis of type, the market has been segmented as follows:
- Mobile cranes
- Fixed cranes
On the basis of End-use industry, the market has been segmented as follows:
- Synthetic Rubber
- Building & Construction
- Infrastructure
- Oil & Gas
- Marine& Offshore
- Mining & Excavation
- Transportation
- Others
On the basis of weightlifting capacity, the market has been segmented as follows:
- Low
- Low to medium
- Heavy
- Extreme heavy
On the basis of region, the market has been segmented as follows:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Recent Developments
- In November 2023, France's pioneering unit for utilizing treated wastewater to generate drinking water was inaugurated by Veolia (France) and Vendée Eau on November 16, 2023, as part of the Jourdain program. This innovative approach is set to contribute an extra 1.5 million cubic meters of drinking water during the heightened water scarcity periods from May to October in the Vendée region.
- In July 2023, DuPont (US) has unveiled the official commercial release of the DuPont™ FilmTec™ LiNE-XD nanofiltration membrane elements designed specifically for lithium brine purification.
- In May 2023, Xylem Inc. (US) has successfully finalized its acquisition of Evoqua Water Technologies Corp., a prominent provider of mission-critical water treatment solutions and services. This all-stock transaction, valued at around $7.5 billion, marks a significant strategic move for Xylem in expanding its capabilities in the water treatment sector.
- In April 2022, Pentair (US) has introduced the Pentair Rocean Reservoir, an avant-garde and eco-friendly water filtration system designed to offer consumers cleaner tap water effortlessly. Featuring InstaClean Technology and certified to eliminate or reduce 76 contaminants, the Pentair Rocean is positioned as an environmentally conscious substitute for bottled water, accompanied by a sleek and clean countertop appearance.
Frequently Asked Questions (FAQ):
What is the expected growth rate of the water and wastewater treatment equipment market?
This study's forecast period for the crane rentalmarket is 2024-2029. The market is expected to grow at a CAGR of 5.0% in terms of value, during the forecast period.
Who are the major key players in the water and wastewater treatment equipment market?
Veolia (France), Xylem (US), Ecolab (US), DuPont (US), Pentair (UK), 3M (US), Aquatech International (US), Thermax Limited (India), Culligan Water (US), Calgon Carbon Corporation (US) etc. are the leading manufacturers and service provider of crane rentalmarket.
What are the emerging trends in the Water and wastewater treatment equipment market?
The water and wastewater treatment equipment market is witnessing several emerging trends that are shaping the industry's future. These trends include the adoption of advanced technologies such as membrane filtration, UV disinfection, and IoT sensors, which enhance treatment efficiency and performance. There's also a growing emphasis on water reuse and recycling solutions to address water scarcity and sustainability challenges, alongside the integration of smart water management systems with data analytics for real-time monitoring and optimization. Energy efficiency has become a key focus, driving the demand for green technologies and energy-efficient equipment to reduce operational costs and environmental impact. Additionally, the market is seeing a rise in decentralized and modular treatment systems, offering flexibility, scalability, and resilience in water management strategies. These trends collectively reflect the industry's evolution towards more innovative, efficient, and sustainable water treatment solutions.
What are the drivers and opportunities for the water and wastewater treatment equipment market?
The market growth is driven by lack of freshwater and water scarcity concerns driving the adoption of sustainable water management practices, increase in industrial consumption & discharge, growing global population coupled with risein urbanization & industrialization. The opportunities are smart water management and data analysis, focus on reuse and recycling along with growing demand for energy efficient advanced water treatment technologies.
What are the restraining factors in the water and wastewater treatment equipment market?
Stringent regulations in wastewater industry is the major restraint for this market. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the market size of the Cranes rental market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, the gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, the monetary chain of the market, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The cranes rental market comprises several stakeholders in the value chain, which include machinery and equipment providers, Cranes manufacturers, distribution and end users. Various primary sources from the supply and demand sides of the Cranes rental market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the Cranes rental industry.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, application, end-use, grade and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs, were interviewed to understand the buyer’s perspective on the suppliers, products, fabricators, and their current usage of Cranes rental and the outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2023, available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
|
Company name |
Designation |
|
Liebherr (Germany) |
Machinery and equipment sales manager |
|
Bay Crane Northeast (US) |
Northeast Operations |
|
Flatiron Construction (Canada) |
Vice President & District Manager |
|
Maini Materials Movement Pvt Ltd (India) |
Head - Rental Business |
|
Bay Crane Northeast (US) |
Crane and Rigging Specialist |
Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the Cranes rentalmarket.
- The key players in the industry have been identified through extensive secondary research.
- The industry's supply chain has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Cranes Rental Market: Bottum-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Note: All the shares are based on the global market size.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
Cranes Rental Market: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
The crane rental market encompasses the leasing of various types of cranes, such as mobile, tower, crawler, and telescopic cranes, to industries involved in construction, manufacturing, and infrastructure projects. This market is critical for businesses that require lifting and handling heavy materials but prefer leasing over ownership to reduce costs and avoid maintenance responsibilities. Segmentation within the market is based on the type of crane, application, end-user industry, and geographical location. Mobile cranes are prized for their versatility and ease of movement, making them suitable for multiple locations and types of work. Tower cranes are essential in constructing high-rise buildings due to their height and lifting capacity. Crawler cranes offer superior stability and are favored for projects requiring heavy lifting over uneven surfaces. Telescopic cranes provide adjustable boom lengths, enhancing their utility in projects with varying height requirements. This market caters to temporary needs and project-specific requirements, offering flexibility and economic efficiency to industries that face dynamic operational demands.
Key Stakeholders
- Cranes rental suppliers
- Building & Construction sites
- Environment friendly product manufacturers
- Research organizations
- Electric cranes manufacturers
- Regulatory bodies
- Rental agencies
- End-users
Report Objectives
- To define, describe, and forecast the size of the Cranes rental market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on product type, end-use, application, grade and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries.
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market.
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Growth opportunities and latent adjacency in Crane Rental Market