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Crane Rentals Market By Type (Mobile, Stationary), Weight Lifting Capacity (Low, Low-Medium, Heavy, Extremely Heavy), End-User Industry (Construction & Construction, Marine & Offshore, Mining & Excavation, Oil & Gas, Transportation), Region
The crane rental market is valued at $ 42.1 billion in 2019 and is projected to reach $ 53.1 billion by 2024 and grow at an annual growth rate of 4.7% from 2019 to 2024, and investments are expected to grow from domestic and foreign investors in the country’s economy to drive the growth of the crane rental market over the forecast period.
By region, the crane rental market is divided into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Of these, the largest share was in the Asia-Pacific region and is expected to remain in the near future due to the increase in construction and construction activities in the region as well as investment support from domestic and foreign investors. The Asia-Pacific region will also have the highest CAGR in the forecast period.
Major companies in the crane rental market include Sarens NV (Belgium), Mammoet (Netherlands), ALL Erection & Crane Rental Corp. (USA), Lampson International LLC (USA), Action Construction Equipment Ltd. (India), Maxim Crane Works, LP (USA), ALE (USA), Sanghvi Movers Limited (India) and Deep South Crane and Rigging (USA) hold a potential share of the crane rental market.
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Mammoet (Netherlands) is one of the leading providers in the crane rental market that has pursued organic and inorganic strategies to maintain its market position.
- In May 2019, Mammoet took over MEYER Anlagenbau GmbH & Co. KG (MEYER). MEYER is a heavy load and assembly expert in southwest Germany. With this acquisition, Mammoet was able to expand its service promise with extensive installation expertise and expand its position in southwest Germany.
- In March 2019, Mammoet opened a new crane rental facility in the north of Leipzig. With this expansion, the crane and transport operations in Leipzig and the surrounding area, especially at Leipzig / Halle Airport, are to be served.
Sarens NV (Belgium) is another major company in the crane rental market. The company pursues organic and inorganic strategies to maintain its position in the crane rental market.
- In November 2018, Sarens NV launched the SGC-250 (Sarens Giant Crane – 250), the largest crane in the world in terms of size and capacity. It is the first 3rd generation of a ring crane with a maximum load moment of 250,000 tm, which enables an astonishing 5,000 t to be lifted. Even with a large radius of 100 m, the crane can still lift 2,000 t. With this product, the company has conquered the extremely heavy lifting platform market segment.
- In June 2015, Sarens NV and Sinotrans Heavy-lift Logistics Co., Ltd signed a joint venture agreement and founded a new company, Sinotrans Sarens Logistics Co., Ltd, based in Shanghai. This joint venture helped Sarens NV to offer Chinese customers the most efficient and optimal solutions for their requirements for heavy lifting and technical transport via Sinotrans.
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