Home > HVAC & Construction > Cranes Rental Market
Cranes Rental Market size exceeded USD 13.5 billion in 2019 and is estimated to grow at more than 4.5% CAGR between 2020 and 2026. High demand for crane rental services is owing to its ability to provide access to a broad range of equipment with no initial investment costs.
Purchasing new cranes entails heavy down payments, which divert a large amount of capital from key operating expenses. The cranes rental market players, such as construction contractors & manufacturers, also must bear additional expenditure such as storage cost, interest on loan amount, licensing, insurance, and tax on new equipment. The ability of crane rental services to provide the advanced equipment without these additional costs is supporting the business expansion.
Get more details on this report - Request Free Sample PDF
Growing industrialization in Asia Pacific, North America, and Europe has led to a booming manufacturing sector in these regions. According to 2019 statistics reported by the World Bank, Europe & Central Asia’s manufacturing sector constitutes 14% of the overall GDP of the region. Similarly, manufacturing activities in North America contribute 11% to the growing GDP of the region. The growing trend of deploying technologically advanced crane rental in the manufacturing sector for high performance output and improved employee safety is supporting the demand for crane rental market.
Report Coverage | Details |
---|---|
Base Year: | 2019 |
Market Size in 2019: | 13.5 Billion (USD) |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 4.5% |
2026 Value Projection: | 16.5 Billion (USD) |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 205 |
Tables, Charts & Figures: | 282 |
Segments covered: | Product, Application |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Get more details on this report - Request Free Sample PDF
One of the major factors restricting the market growth is the lack of skilled and qualified crane operators. Giving proper training to crane operators is one of the biggest challenges faced by the industry. However, to overcome this challenge, leading crane rental providers are focusing on administering routine training programs for operators. This is expected to significantly reduce accidents and mishaps at the workplace.
The cranes rental market is anticipated to witness slow growth in 2020 due to the outbreak of COVID-19 health crisis. Restriction on movement and government enforced lockdowns have hampered the manufacturing & construction sector globally. Shortage of raw materials and adequate labor led to suspension or shut down of construction projects, impacting the market revenues of crane rental service providers. Additionally, restrictions on international trade are also hampering the demand for crane rentals from the logistics & transportation sector.
The mobile cranes rental market held over 60% revenue share in 2019. This segment includes crane rental revenue generated from all-terrain, rough terrain, crawler, and truck loader cranes. Several benefits provided by these mobile crane rentals, such as enhanced operability and flexibility, in all terrains are positively influencing the industry value. The ability of these cranes to operate in narrow spaces and challenging locations is further boosting their demand.
In response to the rapidly growing industry trend, the market players are adding new equipment to their fleet of rentals to serve their customers. For instance, in May 2019, Wisconsin-based Ideal Crane Rental announced the expansion of its fleet by adding new mobile Liebherr cranes including an LTM 1160-5.2 model, an LTM 1450-8.1 model, and an LTM 1100-5.2 model to its portfolio of crane rentals. Features, such as variable outrigger base, counterweights, and telescopic boom, are expected to assist crane rental customers to enhance their operating efficiency.
Get more details on this report - Request Free Sample PDF
Utility application segment valuation in the China cranes rental market was over USD 200 million in 2019 and is expected to witness 11% growth rate through 2026. Electricity distribution requires specially designed cranes with the ability to reach escalated heights. Crane rental assist electrical workers to conduct installation, maintenance & repair work on high-voltage power distribution lines.
According to a report by the Bureau of Labor Statistics in 2019, there are over 450,000 powerline workers in the U.S. Modern crane models, such as tower cranes and mobile truck loader cranes, are integrated with buckets and supportive platforms that enhance the safety of these workers.
Get more details on this report - Request Free Sample PDF
Asia Pacific cranes rental market revenue crossed USD 3.5 billion in 2019 and is predicted to reach around USD 5 billion by 2026. The growing demand in the region can be attributed to increasing investments in public infrastructure development. For instance, in September 2019, China announced the Chongqing-Kunming high-speed railway project. It plans to invest over USD 20.5 million in this 699 km high-speed railway line, linking Chongqing and Kunming.
The market leaders are adopting business expansion strategies to increase their shares in the crane rental business. For instance, in May 2019, Maxim Crane Works announced its plans to expand its business operations in the Pacific Northwest region of the U.S. Market players are also strategically collaborating with other equipment providers to cater to a wide customer base.
Key companies operating in the cranes rental market include Action Construction Equipment Ltd., Inc., AT Hong Holdings Ltd, Buckner Heavylift Cranes, LLC, Sarens NV, Hitachi Construction Machinery Co., Ltd. Lampson International LLC, Mammoet, Maxim Crane Works, L.P., Prangl Gesellschaft M.B.H, and Starlog Enterprises Limited.
Market, By Product
Market, By Application
The above information has been provided for the following regions and countries: