Selbyville, Delaware, July 28, 2020 (GLOBE NEWSWIRE) –

Global Market Insights, Inc. recently added a new report on the Crane Rental Market, which estimates the global Crane Rental market valuation will exceed $ 16.5 Billion by 2026. The increasing demand for monorail and gantry cranes in logistics and transportation applications is expected to increase in market size over the forecast period. Crane rental companies work with port authorities and transport companies and support the introduction of rental cranes in these sectors.

The spread of the COVID-19 pandemic in the first two quarters of 2020 has slowed the growth of the crane rental industry. Several large construction projects and mining activities have been temporarily suspended to contain the spread of the virus. Manufacturers and contractors face multiple financial uncertainties and are reluctant to invest in new equipment rental deals, hampering the growth of the crane rental market.

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High growth in the crane rental market is expected for the mobile cranes segment. Transportation and utility companies are increasingly turning to flexible truck loading cranes because of their improved mobility and ability to lift heavy loads. In response to the high demand, crane rental companies are adding new truck loading cranes to their fleets. For example, in September 2018 AW Leil Cranes & Equipment added a 115-ton hydraulic truck crane to its mobile crane rental fleet in order to meet diverse customer requirements.

The crane rental market in Latin America is growing rapidly due to increasing urbanization and industrialization in the region. The shift in population from rural to urban areas creates demand for residential and commercial infrastructure and increases the market.

Industry leaders are focused on growing their businesses to serve a broad customer base and grow their sales. In July 2020, Maxim Crane Works announced the expansion of its business to three new locations: St. Louis, Denver and Kansas City in the USA

Browse key industry intelligence across 205 pages with 255 market data tables and 27 illustrations and graphs from report. “Crane Rental Market Share and Forecast, 2020-2026” in detail together with the table of contents:

Major players in the crane rental market include Elliott Equipment Company, Maxim Crane Works, LP, Prangl Gesellschaft MBH, Starlog Enterprises Limited, United Rentals, Inc., Mammoet and ALL Erection Crane Rentals

Some Key Findings In The Crane Rental Market Report Are:

  • The growing market share of crane rental equipment is due to the high acquisition costs for new equipment. Steep maintenance and repair costs associated with cranes also encourage contractors to rent cranes rather than buy new ones.
  • Increasing investment by the private sector and government in utilities such as power distribution and expansion of the telecommunications network results in robust demand for crane rental services around the world. Fixed tower cranes are widely accepted in these areas.
  • Cranes on rough terrain are in great demand in mining applications. The ability of these cranes to operate long hours in harsh environmental conditions contributes to their growth in market size.
  • The market participants in crane rental companies enter into long-term partnerships with equipment suppliers and large customers in order to increase their market share. Mergers and acquisitions are also one of the key strategies used by industry players.

Search the full table of contents of reports (ToC):

Sub-chapter of the table of contents of the report (TOC):

Chapter 3. Industry Insights

3.1. Industry segmentation

3.2. Impact of COVID-19 on the Crane Hire Industry Landscape

3.2.1. Global outlook

3.2.2. Regional impact North America Europe Asia Pacific Latin America MY

3.2.3. Industry value chain Rental Research & Development Manufacturing marketing Deliver

3.2.4. Competitive landscape strategy Distribution network Business growth

3.3. Analysis of the industrial ecosystem

3.3.1. Suppliers

3.3.2. Manufacturer

3.3.3. Rental providers

3.3.4. End-use landscape

3.3.5. Sales channel analysis

3.3.6. Supplier matrix

3.4. Technology and innovation landscape

3.5. Regulatory landscape

3.5.1. North America

3.5.2. Europe

3.5.3. Asia Pacific

3.5.4. Latin America

3.5.5. MY

3.6. Influences of the industry

3.6.1. Growth accelerator High acquisition costs for new devices Fast growing manufacturing sector in North America and Europe Increasing investment in infrastructure development in APAC High demand for crane rentals in the oil and gas sector in MEA Increasing construction and mining activities in Latin America

3.6.2. Pitfalls and challenges in the industry Lack of skilled and skilled operators High maintenance and repair costs

3.7. Growth potential analysis

3.8. Porter’s analysis

3.8.1. Supplier performance

3.8.2. Purchasing power

3.8.3. Newcomer threat

3.8.4. Threat from substitutes

3.8.5. Internal rivalry

3.9. PESTEL analysis

Browse related report:
Crane spare parts market Size by type (spare parts [Gears, Shafts, Controls, Motors, Brakes], Services), By application (mobile crane [All-Terrain Crane {Replacement Parts, Services}, Crawler Crane {Replacement Parts, Services}, Rough Terrain Crane {Replacement Parts, Services}, Truck Loader Crane {Replacement Parts, Services}, Fixed Crane [Monorail Crane {Replacement Parts, Services}, Tower Crane {Replacement Parts, Services}, Stiffleg Crane {Replacement Parts, Services}, Gantry Crane {Replacement Parts, Services}]) Industry analysis report, regional outlook, growth potential, price trends, competitive market share and forecast, 2020-2026

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