CHICAGO, July 11, 2024 /PRNewswire/ -- The report
"Crane Rental Market by Type (Mobile, Fixed),
End-Use Industry (Building & Construction, Oil & Gas,
Marine & Offshore, Mining & Excavation, Transportation),
Weightlifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy)
& Region - Global Forecast to 2029", is projected to reach
USD 64.8 billion by 2029, at a CAGR
of 5.1% from USD 50.6 billion in
2024. The crane rental market is strongly influenced by several key
factors, driving its growth and expansion globally. One significant
driver is the ongoing surge in construction and infrastructure
development, particularly pronounced in emerging economies
witnessing rapid urbanization and industrialization. This
heightened construction activity creates a substantial demand for
crane services, as these projects often require specialized lifting
equipment to facilitate their execution efficiently. Moreover,
companies are increasingly prioritizing cost-efficiency, opting for
crane rentals instead of outright purchases to mitigate the high
capital expenditure associated with acquiring new equipment. The
flexibility offered by rental agreements enables businesses to
access the required lifting capabilities without incurring
long-term financial commitments, making rentals an attractive
proposition, especially for short-term projects or those with
fluctuating demands.
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249 – Tables
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Technological advancements also play a pivotal role in driving
the popularity of crane rentals. Innovations such as telematics and
remote monitoring systems enhance operational efficiencies by
providing real-time data on crane performance and condition. This
allows for proactive maintenance and reduces downtime, ultimately
improving overall productivity and project timelines. Additionally,
the integration of environmentally friendly features in newer crane
models aligns with growing environmental regulations and
sustainability goals. Rental companies are increasingly offering
eco-friendly crane options that comply with stricter emission
standards, appealing to environmentally conscious clients and
ensuring compliance with regulatory requirements.
Furthermore, the inherent adaptability of crane rentals makes
them a preferred choice for companies navigating fluctuating
project needs and market conditions. Rental agreements offer
flexibility in terms of equipment selection, duration, and payment
structures, enabling businesses to scale their crane usage
according to project requirements. This agility is particularly
advantageous for industries with dynamic project scopes or
uncertain timelines, allowing them to optimize resource allocation
and minimize costs.
"Mobile cranes by type are projected to be the fastest
growing, in terms of value, during the forecast period."
The mobile crane segment is experiencing rapid growth within the
crane rental market due to several key factors. Firstly, mobile
cranes offer unparalleled versatility and flexibility, making them
well-suited for a wide range of construction projects. Unlike fixed
cranes, mobile cranes can be easily transported to different job
sites, enabling contractors to efficiently deploy them wherever
they are needed. This mobility is particularly valuable in urban
areas or remote locations where space is limited, or access is
challenging. Additionally, advancements in technology have led to
the development of more efficient and capable mobile crane models,
further driving their popularity. These modern mobile cranes boast
enhanced lifting capacities, improved manoeuvrability, and advanced
safety features, making them indispensable tools for construction
companies seeking to optimize their operations. Furthermore, the
trend towards sustainable construction practices has also
contributed to the growth of the mobile crane segment. Many modern
mobile cranes are designed to be more environmentally friendly,
with lower emissions and reduced fuel consumption compared to
traditional models. As a result of these factors, the mobile crane
segment is poised to continue its rapid expansion, catering to the
evolving needs of the construction industry worldwide.
"Low weightlifting capacity segment is projected to be
fastest growing weightlifting capacity, in terms of value, during
the forecast period."
The rapid expansion of the low weightlift capacity segment in
the crane rental market is fueled by various compelling factors.
Urbanization's global surge demands cranes with smaller footprints
and lower weight capacities to navigate tight urban spaces
effectively. These compact cranes, like mini-cranes or compact
mobile cranes, are indispensable for contractors operating in
bustling city centers due to their maneuverability and versatility.
Technological advancements have led to the development of more
efficient and lightweight crane models, maintaining robust lifting
capacities relative to their size. These innovations, driven by
advanced engineering and materials, appeal to construction firms
aiming to streamline operations and project timelines.
Additionally, the escalating demand for sustainable construction
practices has spurred the rise of low weightlift capacity cranes,
which boast lower fuel consumption and emissions, aligning with
sustainability goals and regulations. Beyond urban construction,
these cranes find applications in maintenance, landscaping, and
industrial projects, thanks to their precision and efficiency in
handling lighter loads. In summary, the convergence of
urbanization, technological advancements, sustainability goals, and
versatility propels the low weightlift capacity segment as the
fastest-growing sector in the crane rental market, expected to
maintain its prominence as construction practices evolve and demand
for compact, efficient, and eco-friendly equipment increases.
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"Building & Construction by end-user industry segment is
projected to be largest, in terms of value, during the forecast
period."
The building and construction segment holds the top position as
the largest consumer of crane rental services, surpassing sectors
like mining, excavation, transportation, and offshore drilling.
This dominance is chiefly attributed to the extensive and
continuous nature of construction activities worldwide. The surge
in urbanization and economic growth drives significant residential,
commercial, and infrastructural projects, especially in emerging
economies, creating a constant demand for diverse crane services.
Unlike industries such as mining and offshore drilling, which are
susceptible to cyclical market fluctuations and global economic
shifts, construction maintains a more stable demand curve fueled by
ongoing urban expansion and governmental infrastructure
initiatives.
Moreover, construction projects often entail varied and
multi-faceted crane applications, including lifting raw materials
and placing prefabricated components, necessitating a wide array of
crane types such as mobile, tower, and truck-mounted cranes. This
versatility expands the rental opportunities within the
construction sector, contrasting with industries like mining or
offshore drilling that require specialized equipment and are often
situated in remote or environmentally sensitive areas, posing
logistical challenges, and escalating operational costs.
Furthermore, regulatory, and environmental considerations in
urban and developed regions lean towards the rental model over
crane purchases. Renting allows construction firms to adapt swiftly
to evolving project needs without the enduring financial commitment
of equipment ownership, particularly advantageous in adhering to
stringent safety and emissions regulations common in urban
construction scenarios.
The consistent, year-round demand for crane rental services,
coupled with regulatory benefits and the varied crane applications
in construction projects, firmly establishes the building and
construction industry as the primary customer base in the crane
rental market. Its resilience ensures that crane rental services
remain indispensable for addressing the logistical complexities of
modern construction demands, reinforcing its supremacy over other
industries reliant on crane usage.
"North America is expected
to be the second largest market for cranes rental market during the
forecast period, in terms of value."
North America holds the
position of the second-largest market for crane rentals, following
closely behind Asia Pacific, due
to a combination of significant factors that distinguish the region
from others. Firstly, the construction industry in North America is substantial and diverse,
encompassing residential, commercial, industrial, and
infrastructure projects across the United
States, Canada, and
Mexico. The region's developed
economies and urban centers continually drive construction demand,
with ongoing projects ranging from high-rise buildings and
skyscrapers to roadways, bridges, and energy infrastructure. This
diversity in construction activities ensures a consistent demand
for crane rental services throughout the year, sustaining the
market's growth.
Moreover, North America
benefits from technological advancements and innovation in the
construction sector, which contribute to the adoption of crane
rentals. The region's construction companies often prefer renting
cranes equipped with the latest technologies, such as telematics,
GPS tracking, and remote monitoring systems, to enhance operational
efficiency, safety, and project management capabilities. This
emphasis on technology-driven solutions aligns with North America's reputation for embracing
innovation, further propelling the demand for crane rentals in the
region.
Additionally, regulatory frameworks and environmental
considerations play a significant role in driving crane rental
demand in North America. Stringent
safety standards and environmental regulations govern construction
activities, encouraging companies to opt for rental cranes that
comply with these requirements. Rental agreements also offer
flexibility, allowing construction firms to adapt quickly to
changing project needs while adhering to regulatory standards,
without the long-term financial commitments associated with
equipment ownership.
Key Players
The key players in this market Liebherr (Germany), United Rentals Inc. (US), Palfinger
AG (Austria), Furukawa UNIC
Corporation (Japan), Serens
N.V. (Belgium), Mammoet
(Netherlands), The Manitowoc
Company, Inc. (US), Action Construction Equipment
Ltd. (Japan),
Maxim Crane Works (US), Manitex
International Inc. (US) etc.
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