Cranes Rental Market Analysis

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.