The report “Crane Rental Market by Type (Mobile, Fixed), End-Use Industry (Building & Construction, Oil & Gas, Marine & Offshore, Mining & Excavation, Transportation), Weightlifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy) & Region – Global Forecast to 2029″, is projected to reach USD 64.8 billion by 2029, at a CAGR of 5.1% from USD 50.6 billion in 2024. The crane rental market is strongly influenced by several key factors, driving its growth and expansion globally. One significant driver is the ongoing surge in construction and infrastructure development, particularly pronounced in emerging economies witnessing rapid urbanization and industrialization.
Key Market Players
Liebherr (Germany), United Rentals Inc. (US), Palfinger AG (Austria), Furukawa UNIC Corporation (Japan), Serens N.V. (Belgium), Mammoet (Netherlands), The Manitowoc Company, Inc. (US), Action Construction Equipment Ltd. (Japan), Maxim Crane Works (US), Manitex International Inc. (US) etc.
“Building & Construction by end-user industry segment is projected to be largest, in terms of value, during the forecast period.”
The building and construction segment holds the top position as the largest consumer of crane rental services, surpassing sectors like mining, excavation, transportation, and offshore drilling. This dominance is chiefly attributed to the extensive and continuous nature of construction activities worldwide. The surge in urbanization and economic growth drives significant residential, commercial, and infrastructural projects, especially in emerging economies, creating a constant demand for diverse crane services. Unlike industries such as mining and offshore drilling, which are susceptible to cyclical market fluctuations and global economic shifts, construction maintains a more stable demand curve fueled by ongoing urban expansion and governmental infrastructure initiatives.
Crane Rental Market Dynamics
- Driver: Ongoing transformation of urban areas into smart cities
- Restraint: Addressing Maintenance Challenges: A Strategic Imperative for Crane Rental Companies
- Opportunity: Capitalizing on Renewable Energy Projects: A Lucrative Opportunity for Crane Rental Companies
- Challenge: Lack of skilled workforce