Cranes Rental Market

Cranes Rental Market Size, Growth and Forecast (2022 - 2027)

The Global Cranes Rental Market size was valued at US$ 48.5 billion in 2021 and is anticipated to reach the valuation of US$ 58.1 billion by 2027 and is predicted to register a CAGR of 6.7% during 2022-2027.

Market Overview:

The usage of cranes on a rental basis rather than purchasing them, together with increased investments in various end-use industries such as building and construction, transportation, and oil and gas, among others, is fuelling Cranes Rental Market growth.

This Cranes Rental industry is projected to be fuelled by new trends in developing economies for the construction of new projects. For example, India's finance minister, Nirmala Sitharaman, announced a $1.4 trillion infusion into the economy to enhance the country's infrastructure. The huge influx will occur between 2020 and 2025, resulting in significant building of airports, ports, and motorways, among other projects. During the forecast period, the global cranes rental market will experience significant growth in terms of volume, scale, and intensity, particularly in the Asia Pacific region. Cranes are becoming a common sight in modern constructions such as large commercial and residential zones, and their optimum production speeds are often required. Cranes are commonly used in the transportation industry, shipyards, and freight depots. Cranes are also a common element of the manufacturing business, where combining heavy equipment in one location for a single purpose sometimes needs crane rental.

Recent Developments in Cranes Rental Industry:

• Mammoet Introduces Sk6,000 Crane to Improve Fpso Modularization Strategies- 6,000t Crane Capacity Allows Modules to Be Built Bigger Than Ever Before.
• Sarens Provides Wind Clients with Transportation, Crane, And Installation Services - Sarens has always been well-equipped to deliver global crane services ranging from 50 to 3.200 tonnes. Sarens began creating its in-house installation team a few years ago, anticipating changes in the wind business, and strengthened its transportation capabilities by cooperating with major transportation companies across several locations.

REPORT COVERAGE:

Cranes Rental Market Drivers:

Government initiatives, construction spending, and favourable policies are all essential factors driving the global crane rental industry forward. During the forecast period, Asia-Pacific is expected to be a critical market, with a high demand for rental cranes due to increased development and construction activities. Furthermore, the growing popularity of mobile cranes is a key factor in propelling the Cranes Rental Market volume.

Cranes Rental Market Restraints:

The lack of skilled and qualified crane operators is one of the primary problems limiting Cranes Rental Market share. One of the industry's major issues is providing sufficient training to crane operators. Leading crane rental companies, on the other hand, are focusing on providing regular training programmes for operators to overcome this difficulty. This is predicted to drastically reduce occupational accidents and catastrophes.

Cranes Rental Market Opportunities:

The factors driving demand for Cranes Rental Market expansion are rapid urbanisation and increased building and infrastructure development in emerging countries as a result of a growing focus on smart city development. Increased investment in transportation, commercial infrastructure, and energy also contributes to a rise in the demand for rental equipment to meet seasonal needs. With the simple availability of customised construction equipment, the desire for hiring equipment as needed will rise, boosting the demand for crane rentals.

Cranes Rental Market Challenges:

Due to the outbreak of the COVID-19 health issue, the Cranes Rental Market is expected to increase slowly in 2020. Globally, movement restrictions and government-imposed lockdowns have affected the manufacturing and construction industries. Construction projects were halted or shut down due to a lack of raw materials and adequate labour, affecting crane rental service providers' market revenues. Furthermore, international trade limitations are limiting the demand for crane rentals in the logistics and transportation industry.

Cranes Rental Market is Segmentation Analysis:

By Type:

• Mobile Cranes
• Fixed Cranes

 By type, Mobile cranes are likely to occupy the largest share in cranes rental market during the outlook period due to its wide acceptance in various end-use industries like building & construction, and transportation.

By Weight Lifting Capacity:

• Low
• Low-Medium
• Heavy
• Extreme Heavy

By weight lifting capacity, Low weight segment accounted for the largest portion in cranes rental business and will have prominent growth over the determined period. This growth is contributing to the increase in various types of activities for construction, repairs, and maintenance around the globe, which is predicted to drive the market boom.

By End-Use Industry:

• Building & Construction
• Marine & Offshore
• Mining & Excavation
• Oil & Gas
• Transportation
• Others (Industrial and Municipal)

By end-use industry, the market is isolated or divided into building & construction, marine & offshore, mining & excavation, oil & gas, transportation, industrial and municipal. Building & construction be consistent with commercial & residential buildings and infrastructure is the important consumer in the market.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Region Analysis:

The Asia Pacific region leads the global cranes rental market that is estimated to grow at a significant rate due to the increasing call for cranes on rental basis in a particular region like China, Japan, India, Australia, and other countries. Furthermore, rising population levels and increasing investments from domestic & foreign investors are expected during the conjecture period to drive the growth of the APAC cranes rental market.

Key Players in the Market:

Major Key Players in the Global Cranes Rental Market are

• Sarens NV (Belgium)
• Mammoet (Netherlands)
• ALL Erection & Crane Rental Corp. (US)
• Lampson International LLC (US)
• Action Construction Equipment Ltd. (India)
• Maxim Crane Works, L.P. (US)
• ALE (US)
• Sanghvi Movers Limited (India)
• Deep South Crane and Rigging (US)