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“The cranes rental market is projected to grow at a CAGR of 4.7% between 2019 and 2024.”
The cranes rental market is estimated to be USD 42.1 billion in 2019 and is projected to reach USD 53.1 billion by 2024, at a CAGR of 4.7% from 2019 to 2024. Growing investments from domestic and foreign investors in the country’s economy are expected to drive the growth of cranes rental market during the forecast period. Moreover, the preference of cranes on a rental basis rather than purchasing is expected to fuel the growth of cranes rental market during the forecast period.
“Mobile Cranes is the dominant type which is likely to drive the market for cranes rental market during the forecast period.”
Based on type, the cranes rental market is segregated into mobile cranes and fixed cranes. Among these, mobile cranes accounted for the largest share in the cranes rental market. This is due to wide acceptability, mobility and ease of installation and setup, coupled with increasing demand from various end-use industries such as building & construction, transportation, and others are expected to drive the growth of cranes rental market.
“Increasing miscellaneous activities is expected to drive the growth of low weight lifting capacity segment of cranes rental market.”
Based on weight lifting capacity, the cranes rental market is segregated into low (0-100 Tons), low- medium (101-300 Tons), heavy (301-700 Tons) and extreme heavy (700+ Tons). Among these, low weight lifting capacity segment accounted for the largest share due to increase in miscellaneous activities for construction, repairs, and maintenance around the globe which is expected to drive the growth of cranes rental market. Moreover, heavy weight lifting capacity to account for the second-largest share in the cranes rental market.
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“Increasing investment from domestic & foreign investors majorly in the building & construction industry is expected to fuel the growth of cranes rental market”
Based on end-use industry, the cranes rental market is segregated into building & construction, marine & offshore, mining & excavation, oil & gas, transportation, and others. Building & construction, which consists of commercial & residential buildings and infrastructure (bridges, tunnels) is the major consumer of cranes in the cranes rental market and is projected to increase in the near future. This growth is attributed to increasing infrastructure activities in various parts of the world, such as China, India, Ghana, and other countries. Moreover, increasing investment in public and private sectors from domestic and foreign investors around the globe is expected to drive the growth of cranes rental market during the forecast period.
“Asia Pacific occupied for the majority of the market share in 2019 and is projected to witness the fastest growth during the forecast period.”
The Asia Pacific region is the largest and fastest-growing market for cranes rental. Due to increasing investments and rising population levels in the Asia Pacific region, the demand for cranes on a rental basis is expected to grow, and the trend is projected to increase in the near future. Middle East & Africa to account for the second-largest share in the cranes rental market.
Breakdown of primary interviews for the report on the cranes rental market
- By Company Type – Tier 1 – 20 %, Tier 2 –45 %, and Tier 3 – 35 %
- By Designation – C-Level – 20 %, Director Level – 25 % and Others – 55 %
- By Region –Europe- 50 %, North America – 20 %, Asia Pacific– 15 %, South America- 10 %. Middle East & Africa – 5 %
The leading cranes renting companies, globally, profiled in this report are Sarens NV (Belgium), Mammoet (Netherlands), ALL Erection & Crane Rental Corp. (US), Lampson International LLC (US), Action Construction Equipment Ltd. (India), Maxim Crane Works, L.P. (US), ALE (US), Sanghvi Movers Limited (India), and Deep South Crane and Rigging (US), among others.
- The report covers the cranes rental market based on type, weight lifting capacity, end-use industry, and region.
- This report aims at estimating the size and future growth potential of the cranes rental market across various segmentation types.
- The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
- From an insight perspective, this report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles.
- These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the cranes rental market, high-growth regions, and drivers, restraints, opportunities, and challenges in the cranes rental market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on various types of cranes on a rental basis offered by top players operating in the cranes rental market.
- Product Development/Innovation: A detailed insight into upcoming cranes rental based on type & weight lifting capacity, R&D activities, and new applications in various end-use industries in the cranes rental market.
- Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for cranes rental across different regions.
- Market Diversification: An exhaustive information about new products, untapped geographies, recent developments, and investments in the cranes rental market.
- Competitive Assessment: In-depth assessment of strategies, products, and fleet capabilities of leading players in the cranes rental market.