Pune, February 4, 2021 (GLOBE NEWSWIRE) –
The crane rental market is expected to see significant growth over the forecast period as contractors’ preference over rental equipment changes due to the high level of investment required to buy new cranes. Crane rental companies also provide value-added services such as repair and technical maintenance, and equipment pick-up and drop-off, making equipment rental more convenient for contractors and promoting market growth.
Rapid urbanization in Europe, North America and the Asia-Pacific region has resulted in a booming manufacturing and construction sector in these regions. The increasing influence of market participants and industry associations should also contribute to product demand in the years to come. Today, rental companies are investing heavily in technologically advanced and environmentally friendly cranes to expand their respective fleet sizes and effectively meet the increasing demands of their customers. This would likely shape the global business environment in the years to come
Below are some key trends that would have a major impact on the expansion of the crane rental market through 2026:
Expansion of the telecommunications sector across North America
The North American crane rental market is likely to experience tremendous growth during the analysis period. A major factor in the growth of the market in the region is the continuous expansion of telecommunications systems. Countries like Canada and the US are increasingly investing in building strong telecommunications infrastructure that creates significant demand for cranes and crane rental services.
For example, in January 2020, the U.S. government announced its plan to invest nearly $ 6 billion in developing 5G and other wireless technologies over the next five years to provide the industry with a lucrative growth opportunity. In addition, it is expected that the increasing trend towards the use of technologically advanced cranes for installing the network infrastructure will drive regional market growth in the future.
Access to sample pages of the report, North America Crane Rental Market Size by Product (Mobile Crane) [All-terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Crane fixed [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]), Application (Construction & Mining, Manufacturing, Utilities, Transportation, Oil & Gas), Regional Outlook (US, Canada), Competitive Market Share & Forecasts 2026 ” in detail together with the table of contents (ToC) @
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Favorable growing conditions in the USA
The US crane rental market is expected to grow strongly in the coming period. This expected growth is due to lower operating costs and greater flexibility in renting cranes, which make it more practical than owning a crane. Strict government regulations on incorporating safety guidelines into cranes and improving the working environment would continue to contribute to market growth. Large companies like Haulotte are also focusing on expanding their presence in the US to further drive the growth of the US crane rental market
Rapid industrialization across Canada
The Canadian crane rental market is likely to experience enormous growth in the coming years due to rapid industrialization. The adoption of cranes is expected to increase due to the wide range of applications for cranes, especially in the oil and gas industry for smooth and safe operation. The construction and mining sectors in Canada are likely to stabilize over the estimated period, which would further stimulate demand for cranes and other construction equipment in the region. In addition, numerous efforts by companies to expand their crane rental fleets will further complement regional market growth.
Availability of inexpensive fixed crane rental plans in Europe
The European fixed crane rental industry is growing steadily due to the availability of a variety of technologically advanced cranes at affordable prices. The ability to offer rental payment options, such as flexible monthly down payments for annual and monthly leases, is increasing competition in the European tower crane rental market. In addition, advantages of tower cranes such as the ability to work at elevated heights and in confined spaces are increasing the demand for development projects for smart cities and urban areas in the region.
Access to sample pages of the report, “Market size for crane rental in Europe by product (mobile crane) [All-terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Crane fixed [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]), Application (Construction & Mining, Manufacturing, Utilities, Transportation, Oil & Gas), Regional Outlook (UK, Germany, France, Italy, Russia), Competitive Market Share & Forecasts 2026 ” in detail together with the table of contents (ToC) @
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Increasing acceptance of mobile rental cranes across Europe
With regard to the product, it is expected that mobile rental crane acceptance will increase across Europe in the coming years. This expected growth is due to the ongoing expansion of the infrastructure and the considerable expansion of the cement works in the region. The transportation and construction sectors are some of the key segments that are driving the increasing use of mobile cranes in numerous ongoing public and private infrastructure development projects.
Mobile cranes are used to unload and lift materials, allowing those materials, as well as workers, to reach challenging locations that are difficult to access. The growing demand for cranes in infrastructure development projects, as well as factors such as warehousing and rapid industrialization, will drive demand for rental mobile cranes in the region.
Infrastructure development initiatives across APAC
Regional government support initiatives in the Asia-Pacific region to provide power, electricity, and other utilities to rural and isolated locations are opening new business growth opportunities for the crane rental market in APAC. Continuous maintenance and servicing of water, telecommunications, and electrical systems requires cranes that can reach inaccessible and challenging locations, resulting in immense demand for crane rental services. The regional government has also invested heavily in the construction of transport networks and utilities, which has increased the demand for cranes.
Access to sample pages of the report, Asia Pacific Crane Rental Market Size by Product (Mobile Crane) [All-terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Crane fixed [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]), Application (Construction & Mining, Manufacturing, Supply, Transportation, Oil & Gas), Regional Outlook (China, India, Japan, South Korea), Competitive Market Share & Forecasts 2026 ” in detail together with the table of contents (ToC) @
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Increasing acceptance of crawler cranes in the Asia-Pacific region
For the product, the crawler cranes segment is expected to see high demand in the APAC market in the coming period. This expected growth is due to the ability of crawler cranes to operate efficiently in off-road conditions. Crawler cranes are typically used for removing debris, loading cargo, building bridges and demolishing.
In addition, in recent years the demand for crawler rental cranes has increased thanks to the efficient rental, installation and maintenance services provided by rental companies, who also provide mechanics as well as technical support for installing spare parts.
HSS Hire Service Group Plc, rental of assembly cranes, Sanghvi Movers Limited, Deep South Crane and Rigging, Weldex (International) Offshore Ltd., Uchimiya Transport- und Ingenieurunternehmen, Ltd., Al Jaber Heavy Lift, Prangl Gesellschaft MBH, Tiong Woon Corporation Holding Ltd., Mammoet Holdings, Liebherr-Mietpartner Gmbh, Sarilar Group, Sarens NV, Buckner Heavylift Cranes LLC, Lampson International LLC, Maxim Crane Works, AT Hong Holdings Ltd., Starlog Enterprises Limited and Mediaco Group are among others some of the key players on the market.
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