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Cranes Rental Market Size
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.
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.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 13 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6% |
| 2032 Value Projection: | USD 25 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 205 |
| Tables, Charts & Figures: | 289 |
| Segments covered: | Product, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Cranes Rental Market Analysis
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.
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.
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.
Cranes Rental Market Share
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
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.
COVID-19 Impact
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:
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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
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