Cranes Rental Market

Crane Rental Market worth $64.8 billion by 2029

The report "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", is projected to reach USD 64.8 billion by 2029, at a CAGR of 5.1% from USD 50.6 billion in 2024.

Browse 249 market data Tables and 53 Figures spread through 247 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/cranes-rental-market-267845854.html

The crane rental market is strongly influenced by several key factors, driving its growth and expansion globally. One significant driver is the ongoing surge in construction and infrastructure development, particularly pronounced in emerging economies witnessing rapid urbanization and industrialization. This heightened construction activity creates a substantial demand for crane services, as these projects often require specialized lifting equipment to facilitate their execution efficiently. Moreover, companies are increasingly prioritizing cost-efficiency, opting for crane rentals instead of outright purchases to mitigate the high capital expenditure associated with acquiring new equipment. The flexibility offered by rental agreements enables businesses to access the required lifting capabilities without incurring long-term financial commitments, making rentals an attractive proposition, especially for short-term projects or those with fluctuating demands.

Technological advancements also play a pivotal role in driving the popularity of crane rentals. Innovations such as telematics and remote monitoring systems enhance operational efficiencies by providing real-time data on crane performance and condition. This allows for proactive maintenance and reduces downtime, ultimately improving overall productivity and project timelines. Additionally, the integration of environmentally friendly features in newer crane models aligns with growing environmental regulations and sustainability goals. Rental companies are increasingly offering eco-friendly crane options that comply with stricter emission standards, appealing to environmentally conscious clients and ensuring compliance with regulatory requirements.

Furthermore, the inherent adaptability of crane rentals makes them a preferred choice for companies navigating fluctuating project needs and market conditions. Rental agreements offer flexibility in terms of equipment selection, duration, and payment structures, enabling businesses to scale their crane usage according to project requirements. This agility is particularly advantageous for industries with dynamic project scopes or uncertain timelines, allowing them to optimize resource allocation and minimize costs.

“Mobile cranes by type is projected to be the fastest growing, in terms of value, during the forecast period.”

The mobile crane segment is experiencing rapid growth within the crane rental market due to several key factors. Firstly, mobile cranes offer unparalleled versatility and flexibility, making them well-suited for a wide range of construction projects. Unlike fixed cranes, mobile cranes can be easily transported to different job sites, enabling contractors to efficiently deploy them wherever they are needed. This mobility is particularly valuable in urban areas or remote locations where space is limited or access is challenging. Additionally, advancements in technology have led to the development of more efficient and capable mobile crane models, further driving their popularity. These modern mobile cranes boast enhanced lifting capacities, improved maneuverability, and advanced safety features, making them indispensable tools for construction companies seeking to optimize their operations. Furthermore, the trend towards sustainable construction practices has also contributed to the growth of the mobile crane segment. Many modern mobile cranes are designed to be more environmentally friendly, with lower emissions and reduced fuel consumption compared to traditional models. As a result of these factors, the mobile crane segment is poised to continue its rapid expansion, catering to the evolving needs of the construction industry worldwide.

“low weightlifting capacity segment is projected to be fastest growing weightlifting capacity, in terms of value, during the forecast period.”

The rapid expansion of the low weightlift capacity segment in the crane rental market is fueled by various compelling factors. Urbanization's global surge demands cranes with smaller footprints and lower weight capacities to navigate tight urban spaces effectively. These compact cranes, like mini-cranes or compact mobile cranes, are indispensable for contractors operating in bustling city centers due to their maneuverability and versatility. Technological advancements have led to the development of more efficient and lightweight crane models, maintaining robust lifting capacities relative to their size. These innovations, driven by advanced engineering and materials, appeal to construction firms aiming to streamline operations and project timelines. Additionally, the escalating demand for sustainable construction practices has spurred the rise of low weightlift capacity cranes, which boast lower fuel consumption and emissions, aligning with sustainability goals and regulations. Beyond urban construction, these cranes find applications in maintenance, landscaping, and industrial projects, thanks to their precision and efficiency in handling lighter loads. In summary, the convergence of urbanization, technological advancements, sustainability goals, and versatility propels the low weightlift capacity segment as the fastest-growing sector in the crane rental market, expected to maintain its prominence as construction practices evolve and demand for compact, efficient, and eco-friendly equipment increases.

“Building & Construction by end-user industry segment is projected to be largest, in terms of value, during the forecast period.”

The building and construction segment holds the top position as the largest consumer of crane rental services, surpassing sectors like mining, excavation, transportation, and offshore drilling. This dominance is chiefly attributed to the extensive and continuous nature of construction activities worldwide. The surge in urbanization and economic growth drives significant residential, commercial, and infrastructural projects, especially in emerging economies, creating a constant demand for diverse crane services. Unlike industries such as mining and offshore drilling, which are susceptible to cyclical market fluctuations and global economic shifts, construction maintains a more stable demand curve fueled by ongoing urban expansion and governmental infrastructure initiatives.

Moreover, construction projects often entail varied and multi-faceted crane applications, including lifting raw materials and placing prefabricated components, necessitating a wide array of crane types such as mobile, tower, and truck-mounted cranes. This versatility expands the rental opportunities within the construction sector, contrasting with industries like mining or offshore drilling that require specialized equipment and are often situated in remote or environmentally sensitive areas, posing logistical challenges and escalating operational costs.

Furthermore, regulatory and environmental considerations in urban and developed regions lean towards the rental model over crane purchases. Renting allows construction firms to adapt swiftly to evolving project needs without the enduring financial commitment of equipment ownership, particularly advantageous in adhering to stringent safety and emissions regulations common in urban construction scenarios.

The consistent, year-round demand for crane rental services, coupled with regulatory benefits and the varied crane applications in construction projects, firmly establishes the building and construction industry as the primary customer base in the crane rental market. Its resilience ensures that crane rental services remain indispensable for addressing the logistical complexities of modern construction demands, reinforcing its supremacy over other industries reliant on crane usage.

“North america is expected to be the second largest market for cranes rental market during the forecast period, in terms of value.”

North America holds the position of the second-largest market for crane rentals, following closely behind Asia Pacific, due to a combination of significant factors that distinguish the region from others. Firstly, the construction industry in North America is substantial and diverse, encompassing residential, commercial, industrial, and infrastructure projects across the United States, Canada, and Mexico. The region's developed economies and urban centers continually drive construction demand, with ongoing projects ranging from high-rise buildings and skyscrapers to roadways, bridges, and energy infrastructure. This diversity in construction activities ensures a consistent demand for crane rental services throughout the year, sustaining the market's growth.

Moreover, North America benefits from technological advancements and innovation in the construction sector, which contribute to the adoption of crane rentals. The region's construction companies often prefer renting cranes equipped with the latest technologies, such as telematics, GPS tracking, and remote monitoring systems, to enhance operational efficiency, safety, and project management capabilities. This emphasis on technology-driven solutions aligns with North America's reputation for embracing innovation, further propelling the demand for crane rentals in the region.

Additionally, regulatory frameworks and environmental considerations play a significant role in driving crane rental demand in North America. Stringent safety standards and environmental regulations govern construction activities, encouraging companies to opt for rental cranes that comply with these requirements. Rental agreements also offer flexibility, allowing construction firms to adapt quickly to changing project needs while adhering to regulatory standards, without the long-term financial commitments associated with equipment ownership.

Key Players

The key players in this market 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.

Don’t miss out on business opportunities in Crane Rental Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Crane Rental Market Size,  Share & Growth Report
Report Code
CH 7276
PR Published ON
7/11/2024
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Crane Rental Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status
...

Digital Virtual Assistant - MarketsandMarkets

Home