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

Global Market Insights, Inc. recently released a new report on the Crane Rental Market that estimates that the global Crane Rental market value will exceed $ 16.5 billion by 2026, increasing the market size over the forecast period. Crane rental service providers work with port authorities and transport companies and support the introduction of rental cranes in these sectors.

The increasing 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 are faced with several financial uncertainties and are foregoing investments in new leases, which is hindering the growth of the crane rental market.

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In the mobile crane sector, strong growth is expected in the crane rental market. Transportation and utility companies are increasingly turning to flexible truck loader cranes because of their improved mobility and ability to lift heavy loads. Due to the high demand, crane rental companies are adding new loading cranes to their fleet. In September 2018, AW Leil Cranes & Equipment expanded its mobile crane rental fleet to include a 115-tonne hydraulic truck-mounted crane in order to meet a wide range of customer requirements.

The crane rental market in Latin America is experiencing strong growth due to increasing urbanization and industrialization in the region. The population shift 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 revenues. For example, in July 2020, Maxim Crane Works announced the expansion of its business into three new locations, St. Louis, Denver and Kansas City in the United States

Browse key industry insights across 205 pages with 255 market data tables and 27 figures and charts from report. “Crane Rentals 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

Key Findings of the Crane Rental Market Report Include:

  • The growing market share of crane rental equipment is due to the high acquisition costs for new equipment. High maintenance and repair costs associated with cranes also encourage contractors to rent cranes rather than buy new ones.
  • Rising private sector and government investment in utilities, such as power distribution and the expansion of telecommunications networks, is driving demand for crane rental services around the world. Stationary tower cranes enjoy a high level of acceptance in these sectors.
  • Rough terrain cranes are in high demand in the mining industry. The ability of these cranes to work long hours in harsh environmental conditions contributes to the growth of their market size.
  • The market participants for crane rental are entering into long-term partnerships with equipment suppliers and major 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 (ToC) of reports:

Sub-chapter of the report table of contents (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. Industry ecosystem analysis

3.3.1. Component 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 & 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 in the industry

3.6.1. Growth accelerator High acquisition costs in connection with 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. Buyer power

3.8.3. Threat from new entrants

3.8.4. Threat of replacement

3.8.5. Internal rivalry

3.9. PESTEL analysis

Browse related report:
Crane accessories 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

About global market insights

Global Market Insights, Inc., headquartered in Delaware, USA, is a global market research and advisory service provider that provides syndicated and custom research reports and growth advisory services. Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data that is specifically designed and presented to aid strategic decisions. These in-depth reports have been generated using a proprietary research methodology and are available for key industries such as chemistry, advanced materials, technology, renewable energies and biotechnology.