Global Cranes Rental Market Size, Share, Growth Analysis, By Product(Mobile cranes, All terrain cranes), By Application(Construction & mining, Utility)

Description

Global Cranes Rental Market size was valued at USD 46.70 billion in 2022 and is poised to grow from USD 48.86 billion in 2023 to USD 70.12 billion by 2031, growing at a CAGR of 4.62% during the forecast period (2024-2031).

The dynamic Global Cranes Rental Market is primarily fueled by the demands of construction, infrastructure expansion, and logistical requirements across various sectors such as manufacturing, energy, and shipping. Urbanization and the rise of large-scale infrastructure projects are significant market drivers, alongside the growing preference for flexible rental solutions over ownership commitments. Rental services offer cost-effective alternatives for accessing specialized cranes without the burdens of long-term investment and maintenance. Technological advancements like telematics, GPS tracking, and remote monitoring are enhancing operational efficiency and safety, while there's a notable shift towards eco-friendly and energy-efficient crane solutions to meet sustainability objectives. Market dynamics are influenced by global economic fluctuations, regional regulations, and the impact of events like the COVID-19 pandemic, which temporarily disrupted operations but are expected to rebound as construction activities resume. Both established players and local rental companies engage in competitive strategies such as collaboration with equipment manufacturers and digitalization efforts to streamline rental processes.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cranes Rental Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Cranes Rental Market Segmental Analysis

The Global Cranes Rental Market is segmented on the basis of Product, Application and region. By Product, the market is segmented into Mobile cranes, All terrain cranes, Crawler crane, Rough terrain crane, Truck loader crane, Fixed cranes, Monorail crane, Tower crane, Stiffleg crane, Gantry crane. By Application, the market is segmented into Construction & mining, Utility, Transportation, Manufacturing, Oil & gas. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Cranes Rental Market

The global demand for crane rental services is propelled by continuous infrastructure development projects worldwide, with urbanization, the expansion of transportation networks, and the construction of commercial and residential buildings serving as key drivers. These factors necessitate cranes for lifting heavy materials, facilitating construction activities, and ensuring the timely and efficient completion of projects.

Restraints in the Global Cranes Rental Market

The crane rental industry is vulnerable to shifts in the economy, with economic downturns or uncertainties often resulting in delays or cancellations of construction and infrastructure projects, thus diminishing the demand for crane rental services. Additionally, industries grappling with economic challenges may cut back on spending, further hindering market growth overall.

Market Trends of the Global Cranes Rental Market

There's a notable transformation occurring in the cranes rental sector as advanced technologies become increasingly integrated. Telematics systems are now being fused into crane fleets, enabling rental companies to remotely oversee and control their machinery. This integration provides real-time insights into crane whereabouts, usage patterns, performance metrics, and maintenance requirements, thereby enhancing operational effectiveness, optimizing resource distribution, and minimizing downtime through prompt maintenance interventions. Moreover, the adoption of IoT sensors, GPS tracking, and predictive maintenance algorithms further bolsters safety measures, maximizes equipment utilization, and simplifies the rental workflow.

Product Code: SQMIG20G2030

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Cranes Rental Market by Product

Market Overview
Mobile cranes
All terrain cranes
Crawler crane
Rough terrain crane
Truck loader crane
Fixed cranes
Monorail crane
Tower crane
Stiffleg crane
Gantry crane

Global Cranes Rental Market by Application

Market Overview
Construction & mining
Utility
Transportation
Manufacturing
Oil & gas

Global Cranes Rental Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

LGH (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sarens (Belgium)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mammoet (Netherlands)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ALE (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Tiong Woon Corporation Holding Ltd. (Singapore)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
All Erection & Crane Rental Corp. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Bigge Crane and Rigging Co. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Barnhart Crane & Rigging (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Maxim Crane Works (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Vedanta Limited (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Emirates Logistics LLC (United Arab Emirates)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fagioli SpA (Italy)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Murray Crane Services (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Tadano Ltd. (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC) (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Santos CMI Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Delta Gulf Group (Qatar)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mitsubishi Logistics Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hewden Stuart Limited (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Al Faris Group (United Arab Emirates)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Lampson International (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fagioli Australia Pty Ltd. (Australia)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Clark Rigging & Rental Corp. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sims Crane & Equipment Co. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Action Construction Equipment Ltd. (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Cranes Rental Market Size, Share, Growth Analysis, By Product(Mobile cranes, All terrain cranes), By Application(Construction & mining, Utility) - Industry Forecast 2024-2031