The crane rental market is expected to experience immense sales growth in the coming years due to the increasing demand for gantry cranes and monorails in the transport and logistics sector. In addition, crane rental companies are increasingly working with haulage companies and port authorities to drive acceptance of their rental cranes in these high-demand sectors, which is expected to continue to shape industry growth in the years to come.

In the meantime, the players in the industry are also introducing new, technologically advanced cranes into their respective product portfolios in order to attract more customer attention and further increase the sales potential of their fleets. In May 2019, Ideal Crane Rental was able to expand its fleet size by three Liebherr LTM 1100-5.2, LTM 1160-5.2 and LTM 1450-8.1 mobile cranes. Each of the newly added cranes would meet a specific need for the company. Such portfolio expansions are expected to occur more frequently and further expand the industry’s growth prospects.

According to a research report by Global Market Insights Inc., the crane rental market is likely to top a valuation of $ 16.5 billion by the end of 2026.

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Below is an overview of the top three trends influencing the crane rental market:

Increasing acceptance of mobile cranes

In terms of type, the increased use of truck loader cranes in the distribution and transportation of utility companies is expected to propel the mobile crane segment in the years to come. In addition, the increasing product launches of truck loading cranes with new functions by crane rental companies to meet growing product demand are driving the segment size. In September 2018, AW Leil Cranes and Equipment, a Canadian crane rental company, upgraded its fleet of mobile cranes by integrating a 115 ton hydraulic truck crane to meet the diverse needs of consumers.

Growing traction of rough terrain cranes in mining

For the crane type segment, enormous growth is forecast due to the increasing demand for rough terrain cranes in mining applications. This demand for rough terrain cranes is attributed to their exceptional ability to work long hours in difficult environmental conditions. For this reason, the machines are seeing immense use, especially in the mining sector.

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Increasing product demand from Latin America

Geographically, increasing urbanization and industrialization in Latin American countries will drive the LATAM crane rental market. In addition, the growing trend of urban migration, with more people moving from rural areas to urban cities, encourages the need for commercial and private infrastructure development. All of these factors are expected to drive the regional market landscape through the analysis period.

Numerous market participants in the crane rental sector are focused on entering into long-term cooperation agreements with major equipment suppliers and prominent consumers in order to effectively strengthen their market share. Equipment providers also seek new product launches to highlight and refine their product offerings. Elliott Equipment, for example a leading player in the market, reportedly launched a new crane cab in July 2020 that focuses on operator comfort, visibility and productivity. The company would make this cabin available to all Elliott cranes with a capacity of 30 tons or more.

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The competitive landscape of the global crane rental market includes players such as ALL Erection Crane Rentals, United Rentals, Inc., Mammoet, Starlog Enterprises Limited, Elliott Equipment Company, Prangl Gesellschaft, and Maxim Crane Works, among others.

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