Cranes Rental Market Size

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.