Crane Rental Market Analysis APAC, Middle East and Africa, North America, Europe, South America - China, United Arab Emirates, US, Japan, Saudi Arabia - Size and Forecast 2024-2028

Crane Rental Market Size 2024-2028

The crane rental market size is forecast to increase by USD 11.9 bn at a CAGR of 4.37% between 2023 and 2028.

What will be the Size of the Crane Rental Market During the Forecast Period?

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How is this Crane Rental Industry segmented and which is the largest segment?

The crane rental industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product Type
  • Mobile cranes
  • Fixed cranes
  • Marine and port cranes
• Application
  • Construction
  • Industrial
  • Utilities
• Geography
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • North America
    • US
  • Europe
  • South America

By Product Type Insights

The mobile cranes segment is estimated to witness significant growth during the forecast period. The market encompasses mobile and fixed cranes, catering to various sectors such as building and construction, transportation, oil and gas, and infrastructure projects. Mobile cranes, including all-terrain, crawler, rough terrain, and truck loader cranes, are in high demand due to the increasing number of infrastructure projects, particularly in urban areas. Population growth and urbanization necessitate the development of new cities with advanced transport and infrastructure systems. This surge in infrastructure activities drives the demand for mobile cranes, fueling competition among rental companies and manufacturers. Innovations in mobile crane technology include single-engine concepts, high-strength steel usage, and advanced control systems.

Additionally, the energy sector and heavy lifting industries rely on cranes for material handling, ship loading, and manufacturing processes. Crane rental services are also essential for temporary projects and relocations in remote areas, making their importance indispensable in various industries.

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The Mobile cranes segment was valued at USD 17.90 bn in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia Pacific (APAC) is experiencing notable growth, driven primarily by the construction and industrial sectors. The construction sector holds a substantial market share in APAC, with cranes being essential for infrastructure projects, commercial development, and housing complexes. Technological advancements, including smart cranes, automation, IoT connectivity, and artificial intelligence, are increasingly adopted In the utility sector, boosting demand for cranes. Furthermore, countries such as China, India, Indonesia, Thailand, Vietnam, and Japan are investing in renewable energy projects and infrastructure development, including bridges, tunnels, and offshore installations, which necessitate the use of cranes. These factors are expected to fuel the growth of the market in APAC.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Crane Rental Industry?

• Growth in end-user industries due to urbanization is the key driver of the market.The market is experiencing significant growth due to the increasing demand from various end-user industries, including manufacturing, transportation and logistics, and utilities. The global population is becoming increasingly urbanized, with an estimated 55.72% living in urban settlements in 2019. By 2030, the number of megacities, defined as cities with over 10 million residents, is projected to increase substantially, particularly in developing countries like China, India, and South Africa. This urbanization trend is driving the need for crane rental services in infrastructure projects, such as roads and bridges, commercial development, and utility installations. Crane rental services cater to diverse crane types, including mobile cranes and fixed cranes, such as truck loader cranes, rough terrain cranes, all terrain cranes, crawler cranes, monorail cranes, stiffleg cranes, and tower cranes.

  Advanced crane solutions, such as smart cranes with automation and IoT connectivity, are also gaining popularity in heavy lifting industries, including construction, oil and gas, and renewable energy projects. Skilled crane operators and project managers are essential for the successful execution of temporary projects in remote locations. Construction and mining industries, utilities, and transportation sectors are key consumers of crane rental services.

What are the market trends shaping the Crane Rental market?

• Development of autonomous cranes is the upcoming market trend.Crane rentals play a crucial role in various sectors, including building and construction, transportation, oil and gas, and infrastructure projects. Mobile cranes, such as truck loader cranes, rough terrain cranes, and all terrain cranes, are widely used for material handling and moving heavy machinery in temporary projects and remote locations. Fixed cranes, including crawler cranes, monorail cranes, stiffleg cranes, and tower cranes, are essential for infrastructure activities like roads and bridges, commercial development, and utility projects. The integration of advanced technologies like artificial intelligence (AI) and IoT connectivity in cranes is revolutionizing the market. Autonomous cranes, enabled by AI, can perform repetitive tasks without human intervention, enhancing efficiency and safety.

  These cranes use sensors to analyze data and make decisions, preventing collisions and improving overall site safety. The construction and infrastructure sectors, as well as the energy sector and heavy lifting industries, are increasingly adopting autonomous cranes. This trend is expected to continue, driving growth In the market during the forecast period. Construction businesses and project managers benefit from advanced crane solutions, including online portals for fleet availability and rental services, and advanced features like automation and smart cranes.

What challenges does the Crane Rental Industry face during its growth?

• Shortage of skilled workers In the construction industry is a key challenge affecting the industry growth.The market faces a significant challenge due to the shortage of skilled crane operators. With an estimated 32% of the construction labor force approaching retirement by the end of 2020, according to the Bureau of Labor Statistics, there is a pressing need for experienced professionals to operate cranes in various industries, including building and construction, transportation, oil and gas, and infrastructure projects. These sectors require heavy lifting capacity for tasks such as material handling, ship loading, manufacturing, and telecommunication and renewable energy projects. To address this issue, rental services are investing in advanced crane solutions, such as smart cranes with automation and IoT connectivity, to increase efficiency and reduce the need for manual labor.

  companies are also focusing on fleet availability and advanced technology to ensure they can meet the demands of their clients, who include project managers, construction and mining companies, and utility firms, among others. The market caters to a range of industries and projects, from temporary construction sites to offshore installations, pipelines, and infrastructure projects like roads and bridges, commercial development, and housing complexes. With the increasing focus on automation and artificial intelligence, the market is expected to continue growing, providing opportunities for rental companies to offer a diverse range of crane types, including mobile cranes (such as truck loader cranes, rough terrain cranes, and all terrain cranes), and fixed cranes (such as crawler cranes, monorail cranes, stiffleg cranes, and tower cranes).

Exclusive Customer Landscape

The crane rental market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the crane rental market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, crane rental market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

Action Construction Equipment Ltd. - The Indian the market showcases a substantial offering of tower cranes through a vast fleet size. This substantial inventory caters to the construction industry's demands for crane rental solutions. Companies in India maintain a strong presence In the market, providing a diverse range of crane types and capacities to meet project-specific requirements. The availability of a comprehensive fleet ensures timely and efficient execution of construction projects, contributing to the industry's growth and productivity.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Action Construction Equipment Ltd.
• ALL Crane
• Bigge Crane and Rigging Co.
• Bothar Boring & Tunnelling Operations
• Buckner Heavylift Cranes LLC
• Falcon tower crane services Ltd
• Lampson International LLC
• Leavitt Cranes
• Mammoet
• Maxim Crane Works L.P
• Prangl Gesellschaft M.B.H
• Rapicon Inc
• Sarens NV
• Skycrane
• Starlog Enterprises Ltd.
• Tat Hong Holdings Ltd.
• Titan Cranes and Rigging
• United Crane and Rigging
• United Equipment Group
• WASEL GmbH

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market encompasses a diverse range of industries and applications, with mobile and fixed cranes playing essential roles in various sectors. These versatile machines are integral to building and construction projects, transportation, oil and gas exploration, and infrastructure activities. Mobile cranes, renowned for their flexibility and mobility, are widely utilized in material handling, ship loading, manufacturing, and temporary projects in remote locations. Their weight lifting capacity varies, making them suitable for a broad spectrum of applications. Infrastructure projects, such as bridges and tunnels, rely on cranes for heavy lifting and precise placement of materials. The construction sector heavily depends on crane rental services for the erection of commercial structures and housing complexes.

In the energy sector, cranes are indispensable for heavy lifting industries, including renewable energy projects, utilities, and offshore installations. Telecommunication projects and pipelines also require cranes for installation and maintenance tasks. Advanced crane solutions, such as smart cranes, automation, and IoT connectivity, are increasingly adopted to enhance efficiency and productivity. Skilled crane operators and project managers oversee the safe and effective use of these machines in various industries. Rental companies offer a wide range of crane types, including truck loader cranes, rough terrain cranes, all terrain cranes, crawler cranes, monorail cranes, stiffleg cranes, and tower cranes, among others.

The availability of a comprehensive fleet ensures that businesses have access to the right crane for their specific needs. Online portals facilitate the rental process, enabling users to search, compare, and book cranes based on their requirements. Construction equipment operators and project managers can easily access detailed information about crane specifications, availability, and pricing. The market is driven by the increasing demand for infrastructure development and the need for efficient and cost-effective solutions for heavy lifting and material handling. The market is expected to grow steadily, with continued innovation and advancements in crane technology shaping the future of the industry.

In conclusion, the market plays a vital role in various industries, from construction and infrastructure to energy and utilities. Mobile and fixed cranes, with their diverse capabilities, are essential for heavy lifting, material handling, and precision tasks. Rental companies offer a wide range of crane types and advanced solutions, ensuring businesses have access to the right equipment for their projects. The market is expected to continue growing, driven by the increasing demand for infrastructure development and technological advancements.

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What are the Key Data Covered in this Crane Rental Market Research and Growth Report?

• CAGR of the Crane Rental industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Middle East and Africa, North America, Europe, and South America
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the crane rental market growth of industry companies

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