The crane rental market is expected to top a valuation of $ 16.5 billion by 2026, according to a research report.
The Latin American crane rental market is experiencing massive growth due to increasing industrialization and urbanization in the region. In addition, the increasing number of people migrating from rural areas to urban areas increases the need for commercial and residential infrastructure, which is expected to increase the regional market share over the analysis period.
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The market participants in crane rental companies are expanding their business in various locations in order to expand their regional presence and increase their income. Maxim Crane Works, a leading crane rental and service provider in the United States, announced in July 2020 that it had opened three new office locations in St. Louis, Kansas City and Denver.
The global crane rental market is expected to experience enormous growth in the coming years due to the increasing demand for gantry cranes and monorails in the transport and logistics industry. In addition, companies that provide crane rental services are increasingly working with transportation companies and port authorities to increase rental crane adoption in these industries.
In terms of type, it is estimated that the mobile crane segment will see massive expansion in the coming years, largely due to the increasing adoption of truck loader cranes by transportation and utility companies. In addition, crane rental companies are increasingly introducing new truck loading cranes into their product portfolio in order to meet the increasing demand. For example, in September 2018 AW Leil Cranes and Equipment upgraded its fleet of mobile crane rentals to include a 115 ton hydraulic truck crane to meet the diverse needs of consumers.
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In addition to the truck loaders, the type segment would also see strong expansion due to the increasing demand for rough-terrain cranes. These machines are seeing significant usage, especially in the mining sector. The exceptional ability of rough terrain cranes to work long hours in harsh environmental conditions significantly increases their demand.
Several market participants in the crane rental sector are concentrating on entering into long-term partnerships with well-known equipment suppliers and major customers in order to effectively increase their market share in crane rental. The equipment suppliers, for their part, focus on new products that have been introduced to highlight and refine their product portfolios. In fact, in July 2020, Elliott Equipment recently announced the launch of its novel crane cab, which will be available for all Elliott cranes with a capacity of 30 tons and more.
The competitive landscape of the global crane rental market includes players such as ALL Erection Crane Rentals, Mammoet, United Rentals, Inc., Starlog Enterprises Limited, Prangl Gesellschaft, Maxim Crane Works, and Elliott Equipment Company, among others.
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Companies are also expanding their portfolio with new cranes in order to attract more customers and increase their sales. Citing an example, Ideal Crane Rental announced in May 2019 that it had added three new Liebherr mobile cranes to its fleet. LTM 1100-5.2, LTM 1160-5.2 and LTM 1450-8.1. Each of these cranes fulfills a specific need for the company, depending on the company. Such fleet expansions are expected to occur more frequently and outline the growth prospects for the crane rental market.
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