The size of the European crane rental market is expected to grow steadily due to the steady expansion of the manufacturing industry in the region. It is one of the many regions that are using advanced technology to improve their manufacturing processes and streamline operations. According to sources, the crane rental industry is expected to grow by 5% CAGR and have a market share of more than $ 4 billion in 2019. That number is expected to grow over the forecast period 2020-2026.
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There are several companies looking to expand their manufacturing capabilities by increasing their presence in regions outside of Europe. This is done to meet the ever increasing demand for products from their customers. All of these factors have led to a growth in the crane rental market in the region.
More and more companies today prefer to rent a variety of construction equipment, including cranes, rather than investing large sums of money in them. This helps reduce costs for the company and can use the same funds for other useful activities. This has had a positive impact on crane rental in Europe.
According to market experts, mobile cranes are expected to have strong growth prospects in the crane rental market in Europe in the coming years. The reason given is that construction activity in Europe is growing rapidly. This equipment can be used for difficult construction work and can help workers reach difficult spaces to collect materials for construction. They make it easier to unload and lift materials on site.
Government initiatives in support of Magnum Opus infrastructure projects such as Fehmarn Belt Fixed Link and London Crossrail will fuel the growth of the crane rental industry in Europe. This is because these projects require different construction equipment such as large cranes to get the job done. These cranes are difficult to handle and the people who handle them must adhere to strict safety and operational guidelines. Crane rental companies have implemented these guidelines and offer equipment at a much cheaper price than when you bought it.
The COVID-19 pandemic has hampered the growth of various industries, particularly construction. Governments in various European countries are imposing bans, which brings all construction to a standstill. This has caused heavy losses in the sector. Due to financial problems and general uncertainty, people have become skeptical about offering cranes for rent. However, as the industry enters recovery mode, the demand for crane rentals will increase over the forecast period.
Rapid industrialization is another reason for the robust growth of the European crane rental industry. In recent decades, more and more companies have come to the region to set up their production facilities. The construction of these facilities requires the use of heavy equipment to ensure that these activities run smoothly. There is also increasing warehouse activity, which requires cranes to load and unload materials and finished goods.
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Some of the leading companies offering crane rental in Europe are Action Construction Equipment Ltd., Buckner Heavylift Cranes LLC, HSS Hire Service Group Plc, the rental of assembly cranes, Maxim Crane Works, Liebherr-Mietpartner GmbH and many others.
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Table of contents (ToC) of the report:
Chapter 3 Crane Rental Market Trends
3.1 Industry coverage
3.2 Industry size, 2016-2026
3.3 Effects of the COVID-19 pandemic
3.4 Value chain analysis
3.4.1 Company product snapshot
3.5 Innovation landscape
3.6 Regulatory Standards and Guidelines
3.7 Driver and restraint systems
3.7.1 Market drivers
3.7.2 Market Restrictions
3.8 Industry analysis – Porter’s
3.9 Competitive benchmarking, 2019
3.9.1 Strategy dashboard
3.10 Pest analysis
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