Crane rental market
Due to the increasing demand for gantry cranes and monorail cranes in the transport and logistics sector, the crane rental market is expected to experience enormous expansion in the coming period. Today, crane rental companies are increasingly working with haulage companies and port authorities to drive uptake of their products in these high-demand sectors, which further shapes the overall size of the industry.
Meanwhile, major players in the industry are introducing new and technologically advanced cranes to their product portfolios to attract consumer attention and increase revenue. Citing an example, Ideal Crane Rental is said to have brought three new Liebherr mobile cranes onto the market in May 2019. LTM 1100-5.2, LTM 1160-5.2 and LTM 1450-8.1. Each of these cranes was designed to meet a specific need for the company. Such portfolio expansions are likely to occur more frequently in the coming years and will further stimulate the size of the industry.
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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How would mobile cranes develop in the crane rental market in the coming years?
The increasing use of truck loader cranes in the distribution and transportation of utility companies should propel the mobile crane segment forward over the period ahead. In addition, the increasing introduction of new truck loading cranes with new functions and capabilities by crane manufacturers to cope with rising product demand would further increase the total share of the segment. For example, Canadian crane rental company AW Leil Cranes & Equipment expanded its portfolio of mobile cranes in September 2018 with the integration of a new 115-ton hydraulic truck crane that is designed to meet a wide range of customer requirements.
Why are rough-terrain cranes seeing increasing demand from the mining sector?
An enormous expansion is forecast for the entire crane rental market due to the increasing demand for rough terrain cranes in the mining sector. This requirement is attributed to the vital ability of the rough-terrain cranes to operate under difficult environmental conditions for a long time without maintenance or performance problems. This ability of these cranes to work virtually non-stop gives them a strong position in the mining sector.
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How would the Latin American crane rental market develop in the forecast period?
At the regional level, increasing urbanization and industrialization across Latin America is expected to fuel the share of the LATAM crane rental industry. The rapidly growing trend of urban migration, with large populations moving from rural areas to urban areas in search of better opportunities, is driving demand for residential and commercial infrastructure. This is intended to drive the regional industrial landscape over the analysis period.
Several equipment vendors are focusing on frequent product launches to differentiate potential customers and drive sales through more sales. Citing an example, Elliott Equipment, a well-known crane manufacturer, launched its new crane cab in July 2020, which is more focused on the comfort, productivity and visibility of the crane operator. Elliott Equipment would integrate this new cabin with all cranes into its fleet offering with a capacity of 30 tons or more.
Table of contents for this research report @ https://www.gminsights.com/toc/detail/cranes-rental-market
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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