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Cranes Rental Market Size By Product (Mobile Crane [All-terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Fixed Crane [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]), By Application (Construction & Mining, Manufacturing, Utility, Transportation, Oil & Gas), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2032

  • Report ID: GMI4777
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Cranes Rental Market size surpassed USD 13 billion in 2022 and is slated to register over 6% CAGR from 2023 to 2032, driven by the rising number of construction projects, that are elevating the demand for renting construction equipment services.
 

Heavy government and private sector investments towards large-scale infrastructure development projects, such as railway stations, high-rises, and airports are positively influencing the industry outlook. Meanwhile, in June 2022, the UK’s National Highways announced £167 million (over $200 million) to improve roadways across Southwest England.
 

Cranes Rental Market

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Lack of trained crane operators may constrain sector growth

Despite a plethora of growth opportunities, the cranes rental market is currently being challenged by a severe scarcity of qualified and trained crane operators. Training crane operators is a hefty task and a major hurdle faced by the renting industry. As per a 2021 survey by the Crane Association of New Zealand, many crane rental firms are turning down the work due to a lack of enough crane operators. While many crane rental providers have introduced upskilling initiatives and training programs, the results are likely to take a considerable amount of tome to be impactful.
 

Growing internet penetration to stimulate mobile cranes segment expansion

The industry size from mobile crane type is anticipated to observe 5% growth during 2023 to 2032, fueled by surging mobile connectivity and internet penetration initiatives. Several world governments have unveiled new projects bringing telecommunication facilities to remote rural areas, creating strong need for mobile cranes rental service. Mobile cranes are also typically used to install and maintain telephone as well as overhead electricity lines, fostering further product demand.
 

Government funding to bolster crane rental application in oil & gas market

The cranes rental market revenue from the oil & gas market is poised to exceed USD 5 billion by 2032, owing to the increasing deployment of rental cranes inside the global business. Cranes are typically used in the maintenance, assembly and provision of numerous oil & gas extraction systems, due to their large lifting capacities. With rising private and government investments towards offshore drilling projects, the sector is slated to witness notable progress.
 

Global Crane Rental Market, by Application

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Steady economic growth to strengthen Asia Pacific regional outlook

The APAC cranes rental market is expected to attain 8% gains through 2032. Steady economic growth and increasing labor costs are set to fuel the demand for rental cranes. Ongoing expansion of the region’s transportation, construction and manufacturing industries are introducing novel development prospects. To capture a bigger chunk of the expanding competitive landscape, many crane manufacturers and rental service providers are scaling their fleets and also leasing ISO-certified products. Moreover, they are similarly focusing on providing certified training courses to ensure worker safety.
 

Asia Pacific Crane Rental Market, By Country

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Partnerships and collaborations to outline the industry overview

Major cranes rental market players include Ainscough Crane Hire, Al Faris, Bigge Crane and Rigging Co., Barnhart Crane and Rigging, Buckner Heavylift Cranes, LLC, Action Construction Equipment Ltd., among others. In recent years, many industry players have turned to partnerships and collaborations to effectively address the skilled worker scarcity and capture a bigger stake in a rapidly growing scenario.
 

Additionally, in November 2022, Sarens, a Belgian crane rental services provider, inked a partnership agreement with PetroVietnam Technical Services Corporation (PTSC), a Vietnam-based oil and gas-related facility contributor, to cater to the offshore renewable industry in Vietnam. Industrial companies and EVN involved in the supply chain practices of offshore wind farm development are looking to commission the first 7GW capacity in 2030, augmenting market dynamics for cranes rental.
 

Impact of COVID-19 on the industry trends

The COVID-19 lockdowns led to severe disruptions in construction sector globally, hampering business stance significantly. The economic disruptions caused by the pandemic and the Russia-Ukraine conflict have further resulted in the slowdown of mobility and production, leading to an acute energy crisis. Many world governments are now launching oil & gas exploration projects to address their energy needs, which likely to work in favor of the industry. Meanwhile, resumption of business across other application avenues would also support the market in its post-COVID-19 recovery.
 

This market research report on cranes rental includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

Market, By Product

  • Mobile cranes  
    • All terrain cranes
    • Crawler crane
    • Rough terrain crane
    • Truck loader crane
  • Fixed cranes 
    • Monorail crane
    • Tower crane
    • Stiffleg crane
    • Gantry crane

Market Size, By Application

  • Construction & mining
  • Utility
  • Transportation
  • Manufacturing
  • Oil & gas

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size of cranes rental was valued at USD 13 billion in 2022 and is expected to grow at over 6% CAGR between 2023 and 2032.

The APAC cranes rental industry is expected observe 8% growth from 2023 to 2032, on account of the demand created by the region’s steady economic growth and increasing focus of crane manufacturers along with rental service providers on fleet expansion efforts.

The mobile cranes segment is poised to attain 5% gains during 2023 to 2032, driven by growing internet expansion and mobile connectivity initiatives globally, with cranes being used for the installation and maintenance of power and communication lines across remote regions.

The leading contenders partaking in the cranes rental industry include names such as Maxim Crane Works, L.P., Sanghvi Movers Limited, Mediaco Group, Sarens NV, Sims Crane & Equipment, Sarilar Group, TAT HONG HOLDINGS LTD, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 289
  • Countries covered: 16
  • Pages: 205

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