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The crane rental market is estimated to grow by USD 13.02 billion at a CAGR of 4.93% between 2022 and 2027. The growth in end-user industries due to urbanization, such as infrastructure development, real estate, and consumer goods, is boosting market growth by increasing the demand for various products and services. The growth of the construction industry, driven by urbanization and industrialization, is also driving market expansion by creating demand for construction materials, equipment, and services. Additionally, the rise in demand for oil and natural gas globally, driven by economic growth and increasing energy needs, is creating opportunities for growth in the oil and gas industry. Overall, these factors are contributing to the growth of various industries and driving economic development worldwide.
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This report extensively covers market segmentation by product type (mobile cranes, fixed cranes, and marine and port cranes), application (construction, industrial, and utilities), and geography (APAC, Middle East and Africa, North America, Europe, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth of the mobile cranes segment will be significant during the forecast period. The segment of the global crane rental market includes all-terrain cranes, crawler cranes, and city cranes, among others. The increasing investments in the development of megacities are a major driver of this segment. Population growth and rapid urbanization have led to an uptick in demand for new cities with adequate transport and infrastructure facilities. As a result, the number of urban infrastructure projects is increasing globally, which is driving the demand for mobile cranes.
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The mobile cranes segment was valued at 17.15 billion in 2017. The continuous increase in the demand for mobile cranes is intensifying the competition among mobile crane manufacturers. This has led to continuous improvements and the introduction of new technologies in the segment, such as the single-engine concept for lifting crane superstructures on new models with five or more axles; smart control systems; the development of mobile cranes with high-strength steels; and advanced pressing and welding techniques that turn 4 mm plates into strong sections.
Furthermore, there are innovations related to lightweight in the segment. Such improvements are expected to drive the global growth of the segment of the crane rental market during the forecast period.
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APAC is estimated to contribute 35% 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.
The crane rental market in APAC is expected to record a significant growth rate during the forecast period, with high demand from the construction and industrial sectors. The construction sector accounts for a significantly large share in the crane rental market in APAC. The advent of product innovations, along with other technological innovations, has significantly increased the demand for these from the utility sector in the region. Countries such as China, Korea, and India are increasingly using these to set up wind turbines. These factors will drive the crane rental market in APAC during the forecast period.
The market is experiencing substantial growth across various industries such as building & construction, transportation, and oil & gas. Key players like Sarens NV and Mammoet are driving the market with their expertise in providing mobile cranes with high weight-lifting capacity. This growth is fueled by significant investments from both government and private sectors in large-scale infrastructure development projects, including railway stations, high-rises, airports, and roadways. The market's expansion is further supported by the availability of trained crane operators and upskilling initiatives, leading to enhanced operational efficiency and the adoption of crane rental as a cost-effective solution for project requirements. Urbanization and technological advancements are also contributing to the boom in the construction industry, driving the demand for flexible equipment options in the crane rental market. Our researchers analyzed the data with 2022 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.
The growth in end-user industries due to urbanization is notably driving market growth. Rapid urbanization is driving the development of end-user industries like manufacturing, transportation and logistics, and utilities, which in turn will boost the demand for crane rental services in these sectors. This urbanization trend, particularly prominent in developing nations, is expected to result in a rise in the number of megacities by the end of the forecast period. This trend is driven by infrastructure development, urbanization, and technological advancements. By 2030, it is projected that the number of megacities will notably increase, especially in countries such as China, India, and South Africa.
The uptick in megacity numbers indicates a surge in population migration from rural to urban areas. This migration fuels growth in the construction and infrastructure sectors, driving the need for cost-effective solutions. Cities are expanded and constructed to accommodate the growing population, leading to the development of infrastructure such as hotels, railways, roads, hospitals, and housing. This surge in construction and infrastructure development drives the demand for construction and industrial machinery, consequently boosting the need for crane rentals.
The development of autonomous cranes is the primary trend in the market. Modern cranes use smart software for various functions such as changing position, speed, and acceleration. Artificial intelligence (AI) enables machines to operate autonomously with sensor-based inputs. Autonomous cranes can perform repetitive tasks without human intervention. Artificial intelligence can help control material lifting and moving processes by receiving and sending signals to crane sensors. Sensors analyze and transform measurement data to make decisions, such as stopping cranes to avoid collisions and improving safety on construction sites. With the focus on autonomous systems in the construction industry, the adoption of these is expected to increase, positively impacting the market during the forecast period.
Shortage of skilled workers in the construction industry is the major challenge impeding market growth. The global crane rental market requires trained professionals to operate the machines. Lack of skilled labor and increasing competition in the industry are challenging the market. To ensure profitability, suppliers focus on more work with less staff. This leads to a shift from technically competent work to other versatile jobs in the material handling process, increasing knowledge. As the demand for construction activities increases worldwide, there is a shortage of skilled labor in this field. According to the Finnish Center for Labor Statistics, the employment of working engineers and other construction machinery engineers worldwide has increased by 21,600 in the last five years. A decrease in the number of engineers leads to delays in the completion of construction projects, which leads to a decrease in the demand for cranes. Thus, the lack of skilled labor is expected to curb the growth of the global crane rental market during the forecast period.
The market 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Action Construction Equipment Ltd. - The company is one of the largest tower crane rental companies in India with a big fleet size of tower cranes working across the country as its key offerings. The company offers cranes for different processes and discrete industries like oil and gas, power, civil engineering, construction, and petrochemical industries to lift and transport heavy materials.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is influenced by various factors such as the construction industry boom and limited supply of specialized cranes, leading to longer waiting times and restricted project capabilities. Challenges like skilled worker scarcity and lack of trained crane operators impact the market, prompting training programs and sustainable construction practices. Despite these challenges, rental service providers benefit from the market's advantages, including rental market advantages and complexity of projects. The market also sees growth due to offshore drilling projects and oil & gas extraction systems, driving demand for mobile cranes rental services with high weight lifting capacity for worker safety in remote rural areas and transportation industry projects.
The market is impacted by several factors, including internet penetration initiatives that drive the need for mobile connectivity and telecommunication facilities in remote areas. Labor costs and the manufacturing industry influence the market, as do the presence of overhead electricity lines and the reliance on alternative solutions in construction projects. Additionally, the market considers the availability of telephone lines for communication. These factors highlight the importance of efficient crane rental services in meeting the diverse needs of construction and infrastructure projects, ensuring safety and productivity in operations.
Market Scope |
|
Report Coverage |
Details |
Page number |
144 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.93% |
Market growth 2023-2027 |
USD 13.02 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.14 |
Regional analysis |
APAC, Middle East and Africa, North America, Europe, and South America |
Performing market contribution |
APAC at 35% |
Key countries |
US, United Arab Emirates, Saudi Arabia, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, and WASEL GmbH |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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