The North American crane rental market has recently seen the arrival of novel and technologically advanced cranes. For example, the requirements of the Panama City Port Authority (PCPA) for high-performance cranes for handling containers, general cargo and general cargo in their port in Panama City in Florida, USA, were met by Konecranes.
These eco-efficient cranes, known as Konecranes Gottwald Model 6 Mobile Harbor Cranes, offer an optimal load capacity of up to almost 100 t with a working radius of 51 m. These new cranes will help PCPA realize the planned expansion of the total tonnage capacity. Technological advances in the form of innovative cranes have increased, creating lucrative opportunities for expanding the North American crane rental market.
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Thanks to the affordability and convenience of crane rental, the North American market is likely to see remarkable growth over the next few years despite the impact of the COVID-19 pandemic on the construction industry. By 2021, when the pandemic withdrawals and new demand for construction activities including the development of 5G infrastructure begin, the North American crane rental market is sure to normalize and, consequently, increase revenues.
In North American countries, the demand for superior telecommunications networks has increased. Canada and the USA were busy building a strong telecommunications infrastructure, which has increased the demand for cranes rapidly.
The U.S. government announced its plan to invest nearly $ 6 billion in the development and expansion of 5G and other wireless technologies in January 2020. This will have a positive impact on the market outlook in North America as the installation of the upcoming network infrastructure will require the provision of sophisticated cranes.
With the support of government guidelines and regulations for the safe use of cranes, several players in the industry have developed efficient and safe cranes. The use of these safe and technologically advanced cranes has fueled the growth of the crane rental industry in the United States. According to the results of the US Bureau of Census, the first nine months of 2020 saw construction spending growth of almost 4.1%, which is relatively high compared to spending in 2017.
The surge in demand for construction activities across the country, particularly in the commercial and residential sectors, has been a major determinant of the growth of the US crane rental market.
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Since crane rental provides an operator, it is possible to avoid delays, meet deadlines and save money on staff training when carrying out projects. Additionally, the prospect of spending a large amount on maintenance can be daunting for construction companies. With crane rental services covering maintenance costs and thereby reducing budgets, several companies across the region have turned to crane rental services to help grow the North American crane rental market.
Table of contents (ToC) of the report:
Chapter 4 Crane Rental North America Market Share by Application (USD)
4.1 North America’s market share by application, 2019 and 2026
4.2 Construction & Mining
4.2.1 Market assessments and forecasts, 2016-2026
4.3.1 Market assessments and forecasts, 2016-2026
4.4.1 Market assessments and forecasts, 2016-2026
4.5.1 Market assessments and forecasts, 2016-2026
4.6 Oil & Gas
4.6.1 Market assessments and forecasts, 2016-2026
Chapter 5 North America Crane Rental Market Growth By Region (USD)
5.1 North America’s market share by region, 2019 and 2026
5.2.1 Market assessments and forecasts by type, 2016-2026
5.2.2 Market assessments and forecasts by application, 2016-2026
5.3.1 Market assessments and forecasts by type, 2016-2026
5.3.2 Market assessments and forecasts by application, 2016-2026
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