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The global cranes rental market was valued at USD 50 billion in 2023 and grew at a CAGR of 5% from 2024 to 2033. The market is expected to reach USD 81.44 billion by 2033. The rising building and construction activities will drive the growth of the global cranes rental market.
Crane rental is service type in which the operators offer cranes to customers for a short-term use in construction, industrial, and infrastructure projects. This sector targets organisations that need cranes within a given project but cannot afford to purchase, maintain, and protect the equipment for use after the project is complete. The crane rental service industry provides mobile cranes, tower cranes, all-terrain cranes, rough-terrain cranes, crawler cranes for bent lifting, construction materials shifting, and structures assembling. The foremost benefit associated with the crane rental is the economical one. Hiring avoids purchasing the cranes since they are very expensive while other expenses such as the training, repairing and storing of the cranes are more easily controlled when they are hired. Most services also encompass experience staffs. Flexibility is another major strength of crane rental services. There are many ways in which business can hire different types of cranes required for their project depending on duration of hiring, which may be a day, a week or even months.
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The rising building and construction activities – the current heightened pace of globalization and urbanization especially in the emerging markets has marked a rise in the required structures like roads, bridges, airports and residentials. The expansion of cities and towns necessitates many building and construction activities that need heavy lifting ability such as cranes to transport heavy structural materials like steel bars, concrete panels, and other machinery. Likewise, more demand for renovations and other major industrial projects persists in the developed countries which increase the demand for cranes. Furthermore, government expenditure on infrastructure and development of transportation networks like roads, railways and airports, utilities and energy infrastructure among others create demand for specialist cranes. Therefore, when the construction sector grows, markets look for crane rental services to meet the needs of different projects while avoiding the high costs associated with ownership. This trend is likely to persist as construction projects grow in size, variability and complexity, and as they incorporate more advanced technology.
High rental costs and market uncertainties – Cost restraints mainly the high rental costs are some of the key reasons why crane rentals may not have found widespread usage with small and mid-sized construction firms and other related industries or where there are short term projects with constrained budgets. Additionally, businesses may charge extra amounts of money for transport, setting up and even long-term upkeep of the equipment. Availability and logistics challenges are the other factors discouraging crane rental demand. Lack of operator experience is another challenge. Cranes cannot be operated anyone but licensed and experienced operators for the safe operation of the equipment. There are few qualified crane operators making it difficult to find qualified personnel especially for specific types of cranes that are required in business. therefore, the high rental costs and lack of skilled operators will hinder the market’s growth.
Technological advancements and sustainability concerns – Fluctuating technological requirements, specific project requirements, niche use, environmental factors and operational flexibility are major reasons that drive the demand for crane rental services. Today’s cranes are fitted with telemetry systems and GPS navigation and self- controlling features to enhance efficiency, reliability and safety. These bring economic gains to the business by lowering down time and guaranteeing more output, making it important to large and small, general and specific construction projects. For organizations that embark on projects that are at times brief, leasing cranes offers an opportunity to use the most current technology without having to spend a lot of money on buying and servicing these state-of-the-art machineries. Crane rental services are offering energy efficient and environmentally friendly modes which enable organizations to construct environmentally friendly structures and reduce emissions.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global cranes rental market, with a 37% market revenue share in 2023.
North America has dominating share in the crane rental market owing the growing infrastructure development, high construction activity, and well-established crane rental industry. With increased urban development’s especially in the parts of the United States and Canada it is evident that the demand for the specialized cranes in building and construction will continue to grow. The size of the market is further boosted by the presence of numerous large rental companies throughout North America with extensive fleets and service networks that allow them to stock an extensive range of cranes which can fulfil a wide range of demand from different customers. The advanced technology, good maintained fleets and skilled operators also add strength to this region and hence driving the global cranes market. Additional, investments by governments in construction initiatives, especially transport (roads, bridges, airstrips), and energy (renewable & conventional), remains constant, a factor that fosters demand for cranes.
North America Region Cranes Rental Market Share in 2023 - 37%
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The crane type segment is divided into mobile cranes, crawler cranes, tower cranes, all-terrain cranes, rough terrain cranes, and truck-mounted cranes. The mobile cranes segment dominated the market, with a market share of around 32% in 2023. Mobile cranes occupy the largest share of demand for crane rentals because they are extremely flexible, can be easily transported from one site to another, and are suitable for a large number of applications. These cranes are portable in nature and can be easily moved from one site to another as is required in construction, infrastructural and industrial applications where location of work and type of work is frequently changing. Mobile cranes can easily perform almost any kind of lifting and can take up large construction materials such as steel, concrete, and large machinery among others. They can be used on any surface making them versatile for use in both urban construction as well as construction sites in rough terrains. Mobile cranes are also demanded due to their flexibility in terms of lifting capacities, which enables them to be used both in small and in extensive work areas.
The end user industry segment is divided into construction and infrastructure, oil and gas, mining, manufacturing, energy and ports and logistics. The construction and infrastructure segment dominated the market, with a market share of around 35% in 2023. Huge scale of project and complicated lifting needs of construction and infrastructure industry is the primary reason for its dominating role in the crane rental market. With rapid increase in the world population and urbanization, there is always demand for housing, offices and commercial establishments, factories, bridges, roads, airport, and others utilities. Such big construction works may involve the use of cranes for purposes of handling construction materials, placing structures or putting up large structures. Cranes are indispensable in construction and infrastructure projects because it enables them to move loads that are otherwise very impractical or impossible to manoeuvre with other means. In construction projects such as building large structures like skyscrapers, large bridges construction, cranes make the job easier. This aspect also fuels the demand for specialized cranes in this sector. Also, government spending on construction projects and urban regeneration projects expands the market for cranes. Additionally, owning cranes makes it costly for construction companies to have large equipment which may be of no use for a long time or for a certain project, renting makes it possible to hire cranes according to the progress of the particular project and the time it will take to complete. This flexibility when coupled with the increasing infrastructure requirement contributes to the dominance of construction and infrastructure in the market.
The capacity segment is divided into less than 20 tons, 20-100 tons, 100-200 tons, and more than 200 tons. The 20-100 tons segment dominated the market, with a market share of around 34% in 2023. These are the cranes that fall in between the large capacity ones and the small cranes, and they are thus appropriate for all sorts of mid-sized projects. These cranes are designed mostly for the lifting of items including steel bars, concrete blocks, and large equipment which are core in construction of homes, offices, factories, and other buildings, bridges, roads, water systems, etc. Besides, most cranes that fall under the classification of 20-100 tonners are versatile, and can work in restricted areas or complicated slopes. Due to their small form and versatility in moving from one work site to another, these units are extensively used by contractors wanting to establish flexibility when it comes to the equipment that they hire. Besides, cranes in this capacity range can meet a number of lifting demands without compromising on affordability.
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 50 Billion |
| Market size value in 2033 | USD 81.44 Billion |
| CAGR (2024 to 2033) | 5% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Crane Type, End User Industry and Capacity |
As per The Brainy Insights, the size of the global cranes rental market was valued at USD 50 billion in 2023 to USD 81.44 billion by 2033.
Global cranes rental market is growing at a CAGR of 5% during the forecast period 2024-2033.
The market's growth will be influenced by the rising building and construction activities.
High rental costs and market uncertainties could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global cranes rental market based on below mentioned segments:
Global Cranes Rental Market by Crane Type:
Global Cranes Rental Market by End User Industry:
Global Cranes Rental Market by Capacity:
Global Cranes Rental Market by Region:
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