Cranes Rental Market Size to Reach USD 79.35 Billion in 2032 | Emergen Research
Rising demand for rental cranes is one of the major factors driving Cranes Rental market revenue growth.
Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global cranes rental market size was USD 48.60 Billion in 2022 and is expected to register a steady revenue CAGR of 5.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for rental cranes is a key factor driving market revenue growth. Cranes that are rented rather than purchased have the advantage of being maintained by the rental firms, which implies that each rental crane is in good condition, equipped with modern safety features, and capable of functioning safely on the project site. Renting cranes is particularly beneficial for construction companies that work on many projects at the same time, which are utilized on many large building construction projects, assisting both builders and contractors in shortening the completion timetable.
In addition, rising strategic initiatives taken by major companies is another key factor driving revenue growth the market. For instance, on 23 October 2023, MYCRANE, the world's largest online crane rental company, launched its services in India, marking a key milestone in the country's construction industry. The company's web platform streamlines the process, allowing users to easily identify and book cranes for their projects while benefiting from convenience, efficiency, and transparency. However, shortage of skilled crane operators can lead to operational delays on construction sites, which could restrain market revenue growth. Projects may take longer to complete, potentially incurring additional costs, which can increase the risk of accidents, injuries, and damage to property.
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Scope of Research
Report Details | Outcome |
Market Size in 2022 | USD 48.60 Billion |
CAGR (2023–2032) | 5.1% |
Revenue Forecast To 2032 | USD 79.35 Billion |
Base Year For Estimation | 2022 |
Historical Data | 2019–2021 |
Forecast Period | 2023–2032 |
Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type of Cranes, Weight Lifting Capacity, End-Use, Customer Type, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
Key Companies Profiled | Maxim Crane Works, United Rentals Inc., TNT Crane & Rigging, Bigge Crane and Rigging Co, Endeavor Business Media, LLC, Crane Rental Service, Inc., Tadano Ltd, Barracuda Networks, Inc., Barnhart, Bay Crane, Deep South Crane & Rigging, LLC, Lampson International LLC, Sims Crane & Equipment, Sarens n.v./s, Mammoet, BUCKNER HEAVYLIFT CRANES, LLC, Runnion Equipment Company, Imperial Crane, Bragg Companies, and Bishop Lifting |
Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global cranes rental market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective products in the market.
Some major players included in the global cranes rental market report are:
Maxim Crane Works
United Rentals Inc.
TNT Crane & Rigging
Bigge Crane and Rigging Co.
Endeavor Business Media, LLC.
Crane Rental Service, Inc.
Tadano Ltd.
Barracuda Networks, Inc.
Barnhart
Bay Crane
Deep South Crane & Rigging, LLC.
Lampson International LLC.
Sims Crane & Equipment
Sarens n.v./s.
Mammoet
BUCKNER HEAVYLIFT CRANES, LLC.
Runnion Equipment Company
Imperial Crane
Bragg Companies
Bishop Lifting
Strategic Development
On 20 March 2021, MyCrane, based in Dubai, launched a global business-to-business digital platform for crane rental procurement. Users can utilize the platform to input details about their lifting needs and receive tailored quotations from various certified crane companies. MyCrane also provides a marketplace as well as support services such as engineering and legal advice. The platform streamlines the crane rental procurement process and eliminates the need for users to contact different equipment vendors.
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Some Key Highlights from the Report
The mobile cranes segment accounted for largest revenue share in the global cranes rental market in 2022. This is due to rising demand for mobile cranes since these provide unparalleled flexibility and mobility, particularly in circumstances with many impediments. Mobile cranes can handle project sites with limited area and access tiny passages. Mobile cranes are smaller, which makes these the perfect choice for construction sites on narrow city streets and other projects with limited area. In addition, mobile cranes are designed to be quick to put up, leading to improved efficiency and productivity, allowing to complete more work in less time, which is also expected to drive revenue growth of this segment during the forecast period.
The tower cranes segment is expected to register steadily fast revenue growth rate in the global cranes rental market during the forecast period. This is due to rising demand for tower cranes since it has a considerable height and reach, making these ideal for tall skyscraper construction. These cranes have a large lifting capability and a horizontal jib that can cover a large area. In addition, these cranes typically handle tasks such as lifting and positioning steel beams, delivering building supplies, moving heavy equipment, concreting a portion of the structure, and others, hence driving revenue growth of this segment.
On 6 February 2023, Action Construction Equipment (ACE) launched India's first fully electric mobile crane, the country's largest indigenous crane with a lifting capability of 180 tones, and India's first self-propelled aerial work platforms, among other innovative items. The ACE F150-ev 4X4 crane is a zero-emission machine with a lifting capability of 15 tones, and it offers the optimum combination of environmental credentials, customer benefits, and efficiency.
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Emergen Research has segmented the global cranes rental market on the basis of type of cranes, weight lifting capacity, end-use, customer type, and region:
Type of Cranes Outlook (Revenue, USD Billion; 2019-2032)
Mobile Cranes
Tower Cranes
Telescopic Handlers
Overhead Cranes
Floating Cranes
Gantry Cranes
Loader Cranes
Weight Lifting Capacity Outlook (Revenue, USD Billion; 2019-2032)
Low
Medium
Heavy
Extreme Heavy
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Construction and Infrastructure
Energy and Utilities
Manufacturing
Maritime and Ports
Mining and Resources
Transportation and Logistics
Agriculture
Customer Type Outlook (Revenue, USD Billion; 2019-2032)
Commercial businesses
Government and public sector
Industrial clients.
Residential customers
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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