Cranes Rental Market Size & Share Report, Growth, Trends, 2032

Cranes Rental Market Insights

Zion Market Research has published a report on the global Cranes Rental Market, estimating its value at USD 50.64 Billion in 2023, with projections indicating that it will reach USD 78.29 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 4.96% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Cranes Rental industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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A crane machine is widely deployed in construction sector with its hoist rope, and chains to transport materials. The cranes are becoming a common sight in modern constructions as large commercial and residential zones, and their optimum production speeds are often essential. Cranes are quite common in the transport sector as well, wherein shipyards, freight stations often require their help. Cranes are also a staple feature of the manufacturing industry, wherein assembling heavy equipment often necessitates renting crane equipment.

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Cranes are often an expensive and seasonal requirement for many companies. Additionally, handling cranes, and maintaining them requires specialized personnel, and results in cumbersome costs for procurers. The tremendous growth on the horizon in construction, oil & gas, and transportation will drive significant growth for the cranes rental market in near future.

According to latest study from Zion Market research, the cranes rental market reached a valuation of $50.64 Billion in 2023. Thanks to rising demand in the construction sector, the market will grow at a notable CAGR of 4.96% to reach $78.29 Billion in valuation in 2032.

Cranes Rental Market: Key Trends

The global cranes rental market will witness tremendous growth during the forecast period, especially in Asia Pacific region. Recently, the Indian finance minister, announced an infusion of $1.4 trillion in the economy to improve infrastructure in the country. The large infusion will take place over the forecast period of 2024-2032, which will result in significant construction of airports, ports, highways, among other projects. On the other hand, countries like China have already announced major initiatives like the Belt & Road initiatives to propel demand for rental cranes in the construction sector. Moreover, the rising demand for mining will also present lucrative opportunities for players in the cranes rental market.

The rising restoration activities, and surge in investments in the mining segment will pave way for more opportunities for players in the cranes rental market. Additionally, rising emission norms will restrain growth of outdated equipment in the cranes rental market. However, these can mean higher opportunities for players with advanced cranes in regions like the EU.

Cranes Rental Market: Segmentation

The global cranes rental market report will cover various segments on the basis of weight lifting capabilities of cranes, their type, end-users, and regions. On the basis of weight lifting capabilities, the cranes rental market is segmented into low (0-100), heavy-medium (101-300), extreme heavy (700+ tons), and heavy (301-700). Additionally, the market is also divided into marine & offshore industry, building and construction, oil & gas, mining & excavation, transportation, and others like industrial and municipal work.

On the basis of type analysis includes fixed cranes and mobile cranes.

On the basis of weight lifting ability analysis includes low, low-medium, heavy and extreme heavy.

On the basis of end-use industry analysis includes building & construction, marine & offshore, oil & gas, mining & excavation, transportation and others (industrial and municipal).

The Regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The rising demand in construction, maintenance, and repair will account for highest growth in this segment. Additionally, the demand for heavy weight cranes will also remain high, thanks to growing restoration projects around seashores. The segment will likely account for the second largest share in the cranes rental market.

Cranes Rental Market: Report Scope

Cranes Rental Market: Regional Analysis

Rising infrastructure related activities in China, Ghana, India, and other countries will be a major boost to growth of the cranes rental market. The rising investments in public and private sectors in these countries, and growing investments from both foreign, and domestic investors will spur considerable investments during the forecast period. Thanks to growing investment in construction in Asia Pacific region, it will register the highest CAGR during the forecast period. The trend will likely continue in Africa & Middle East with growing momentum for rental cranes in the region.

Cranes Rental Market: Key Players

• ALL Erection & Crane Rental Corp.
• Mammoet
• Sarens NV
• Lampson International LLC
• Maxim Crane Works L.P.
• Deep South Crane and Rigging
• Sanghvi Movers Limited
• Action Construction Equipment Ltd.

The global cranes rental market is segmented as follows:

On the basis of type:

• Fixed Cranes
• Mobile Cranes

On the basis of weight lifting ability:

• Low
• Low-Medium
• Heavy
• Extreme Heavy

On the basis of end-use industry:

• Building & Construction
• Marine & Offshore
• Oil & Gas
• Mining & Excavation
• Transportation
• Others (Industrial and Municipal)

On the basis of region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa