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.
Browse in-depth TOC on "Crane Rental Market"
249 - Tables
53 - Figures
257 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=267845854
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.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=267845854
"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.
Browse Adjacent Market: Building and Construction Market Research & Consulting
Related Reports:
Floor Grinding Machines Market - Global Forecast to 2027
Heavy Construction Equipment Market - Global Forecast to 2028
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/cranes-rental-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source : https://www.marketsandmarkets.com/PressReleases/cranes-rental.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/crane-rental-market-worth-64-8-billion-by-2029--exclusive-report-by-marketsandmarkets-302194553.html
