The global cranes rental market is expected to be worth USD 76.37 billion by 2029 from USD 55.22 billion in 2024, growing at a CAGR of 6.7% from 2024 to 2029.
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.
Global Cranes Rental Market Drivers:
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. The global cranes rental market is projected to be fuelled by new trends in developing economies for the construction of new projects. For instance, 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 in the coming years, 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.
Government initiatives, construction spending, and favourable policies are all essential factors driving the global crane rental market 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.
The factors driving demand for Cranes Rental Market expansion are rapid urbanisation and increased building and infrastructure development in emerging countries because 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.
Global 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.
Impact of COVID-19 on the global cranes rental market:
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.
Market Size Available
2022 – 2028
2023 - 2028
By Type, End-use, Weightlifting and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
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)
This research report on the global cranes rental market has been segmented and sub-segmented based on type, end-use, weightlifting and region.
Global Cranes Rental Market - By Type:
Based on 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.
Global Cranes Rental Market - By Weightlifting Capacity:
By weightlifting 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.
Global Cranes Rental Market - By End-Use Industry:
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.
Global Cranes Rental Market – By Region:
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 MARKET PLAYERS:
Companies playing a major role in the global cranes rental market include 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) and Deep South Crane and Rigging (US).
RECENT HAPPENINGS IN THE MARKET:
Mobile cranes will drive the business picture due to their better operability and versatility in all terrains. In 2022, the segment accounted for 60% of total sales.
The utilities market in China was worth more than USD 48.5 billion in 2022, and it is expected to grow at a 6.7 percent CAGR through 2028.
Crane rentals will gain traction in Asia Pacific, owing to increased public infrastructure construction in the region. Revenues in the APAC industry exceeded USD 48.5 billion in 2022, and are expected to reach USD 58.1 billion by 2028.
Some of the firms in this industry's competitive spectrum include AT Hong Holdings Ltd, Action Construction Equipment Ltd., Inc., Sarens NV, Buckner Heavy lift Cranes, LLC, Lampson International LLC, and Hitachi Construction Machinery Co., Ltd.
Given the state-wide lockdowns and production shutdowns that have impacted the industrial and construction sectors as a result of the COVID epidemic, crane rental industry may encounter a lag.
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