Global cranes rental market is expected to surge from USD 42.1 billion to USD 53.1 billion from 2019 to 2025, progressing with a CAGR of 4.9 %.
Cranes Rental Market: An Overview
A crane machine is widely deployed in construction sector with its hoist rope, and chains to transport materials. The cranes are becoming a common sight in modern constructions as large commercial and residential zones, and their optimum production speeds are often essential. Cranes are quite common in the transport sector as well, wherein shipyards, freight stations often require their help. Cranes are also a staple feature of the manufacturing industry, wherein assembling heavy equipment often necessitates renting crane equipment.
Cranes are often an expensive and seasonal requirement for many companies. Additionally, handling cranes, and maintaining them requires specialized personnel, and results in cumbersome costs for procurers. The tremendous growth on the horizon in construction, oil & gas, and transportation will drive significant growth for the cranes rental market in near future.
According to latest study from Zion Market research, the cranes rental market reached a valuation of $42.1 bn in 2019. Thanks to rising demand in the construction sector, the market will grow at a notable CAGR of 4.9% to reach $53.1 bn in valuation in 2025.
Cranes Rental Market: Key Trends
The global cranes rental market will witness tremendous growth during the forecast period, especially in Asia Pacific region. Recently, the Indian finance minister, announced an infusion of $1.4 trillion in the economy to improve infrastructure in the country. The large infusion will take place over the forecast period of 2019-2025, which will result in significant construction of airports, ports, highways, among other projects. On the other hand, countries like China have already announced major initiatives like the Belt & Road initiatives to propel demand for rental cranes in the construction sector. Moreover, the rising demand for mining will also present lucrative opportunities for players in the cranes rental market. The rising restoration activities, and surge in investments in the mining segment will pave way for more opportunities for players in the cranes rental market. Additionally, rising emission norms will restrain growth of outdated equipment in the cranes rental market. However, these can mean higher opportunities for players with advanced cranes in regions like the EU.
Cranes Rental Market: Segmentation
The global cranes rental market report will cover various segments on the basis of weight lifting capabilities of cranes, their type, end-users, and regions. On the basis of weight lifting capabilities, the cranes rental market is segmented into low (0-100), heavy-medium (101-300), extreme heavy (700+ tons), and heavy (301-700). Additionally, the market is also divided into marine & offshore industry, building and construction, oil & gas, mining & excavation, transportation, and others like industrial and municipal work.
Based on weight lifting capabilities, the low weight capacity cranes will likely witness highest demand over the forecast period. The rising demand in construction, maintenance, and repair will account for highest growth in this segment. Additionally, the demand for heavy weight cranes will also remain high, thanks to growing restoration projects around seashores. The segment will likely account for the second largest share in the cranes rental market.
Cranes Rental Market: Regional Analysis
Rising infrastructure related activities in China, Ghana, India, and other countries will be a major boost to growth of the cranes rental market. The rising investments in public and private sectors in these countries, and growing investments from both foreign, and domestic investors will spur considerable investments during the forecast period. Thanks to growing investment in construction in Asia Pacific region, it will register the highest CAGR during the forecast period. The trend will likely continue in Africa & Middle East with growing momentum for rental cranes in the region.
The global cranes rental market is segmented as follows:
On the basis of type:
On the basis of weight lifting ability:
On the basis of end-use industry:
On the basis of region:
The cranes rental market was valued at $42.1 bn in 2019.
The cranes rental market will reach $53 bn in 2025.
The cranes rental market will grow at 4.9% CAGR during 2019-2025 period.
The Asia Pacific region will likely grow at the fastest CAGR, thanks to rising investment in the construction sector in the region.
Some key players in the cranes rental market are Some of the major players in the market are ALL Erection & Crane Rental Corp., Mammoet, Sarens NV, Lampson International LLC.
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