The cranes rental market is projected to be valued at USD 48.8 billion in 2023 and is expected to grow at a CAGR of 7.0%, reaching USD 95.8 billion by 2033. The rising demand for crane rental services is primarily attributed to the surge in global construction projects, rapid urbanization, and ongoing infrastructure development.
The integration of advanced technologies like telematics, IoT, and automation is shaping the future of the crane rental industry. These innovations are enhancing safety, improving operational efficiency, and enabling real-time monitoring of crane performance and maintenance, leading to higher productivity and cost savings.
With the construction sector increasingly focused on sustainability, the cranes rental market is also evolving to offer eco-friendly and energy-efficient cranes. These machines align with green building initiatives and adhere to environmental regulations.
Mobile cranes, in particular, have gained popularity due to their versatility, mobility, and ease of deployment, making them ideal for a variety of applications, such as construction, infrastructure maintenance, and disaster recovery.
Additionally, the growing trend of outsourcing non-core activities like equipment management to rental companies is fueling market expansion. This approach allows construction firms to reduce operational complexities and focus on their core competencies. Renting cranes also reduces financial strain by eliminating the need for large capital investments, providing flexibility in equipment selection based on project needs.
However, the crane rental market faces certain challenges, including high competition among numerous players offering diverse services. This competitive landscape can lead to price pressures and reduced profit margins. Moreover, rental companies must prioritize the maintenance and safety of their fleets to meet regulatory standards, as failure to do so could result in accidents, legal issues, and reputational harm, all of which could negatively impact market growth.
Key Takeaways:
- The cranes rental market size in the United States is predicted to be valued at USD 18.4 billion by 2033 on a global level.
- The market for cranes rental in the United Kingdom is projected to be expanding at a CAGR of 6.7% from 2023 to 2033.
- During the forecast period, the market for cranes rental in China is expected to secure a 6.9% CAGR.
- The value share of the cranes rental industry in Japan is estimated to reach USD 17.4 billion by 2033.
- Based on type, the mobile cranes sub-segment is likely to achieve a 6.8% CAGR from 2023 to 2033.
Top Companies:
- Action Construction Equipment Ltd.
- Ahern Rentals, Inc.
- Al Jaber Heavy Lift
- ALE
- All Erection & Crane Rental Corp.
Segmentation Analysis
By Type:
- Mobile Cranes
- Fixed Cranes
By Weight Lifting Capacity:
- Low
- Low-Medium
- Heavy
- Extreme Heavy
By End Use:
- Building & Construction
- Marine & Offshore
- Mining & Excavation
- Oil & Gas
- Transportation
- Others
Report Preview: https://www.futuremarketinsights.com/reports/cranes-rental-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube