Cranes Rental Market (Weight Lifting Capacity - Heavy, Extreme Heavy, Low, and Low-medium; Type - Fixed, and Mobile; End User - Mining and Excavation, Oil and Gas, Building and Construction, and Marine and Offshore): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on the cranes rental market provides an in-depth analysis of segments and sub-segments in the global as well as regional cranes rental market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional cranes rental market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global cranes rental market. According to the report, the global cranes rental market is projected to grow at a CAGR of 4.5% over the forecast period of 2020-2026.

Market Insight

Cranes are becoming common necessary equipment in the construction and development industry as large commercial and residential areas are developing in emerging countries. Cranes are quite common in the transport sector whereas, they are often expensive and the requirement of such equipment is seasonal in many industries. In addition, optimum production speed and effective output will demand customized requirements of equipment which is only possible by renting equipment. Therefore, companies prefer cranes rental owing to fulfill customized requirements along with eliminating maintenance, insurance, and breakdown cost. However, the current concern over the spread of coronavirus has caused a decline in 2020 revenue of the crane rental provides as several industries such as Mining and Excavation, Oil and Gas, Building and Construction, and Marine and Offshore have temporarily shut down and slowed down the construction and mining activities. The pandemic has also placed a number of challenges for the cranes rental market owing to the enforcement of lockdown and social distancing in several countries. However, Cranes rental will gain demand owing to the upsurge in demand from end users such as mining, building, and construction sector to complete pending operation and timely delivery of projects as the countries recover from the pandemic.

Rapid urbanization and increasing construction and infrastructure development in emerging countries owing to increasing focus on smart city development are the factors driving the demand for crane rentals for market growth. Increasing investment in transportation, commercial infrastructure, and energy also helps to increase the demand of renting equipment to fulfill the seasonal requirements. with easy accessibility of customized construction equipment will propel the demand for renting equipment as per requirement which in turn boosts the demand for cranes rental market. Further renting equipment also eliminates costs associated with insurance, maintenance, and breakdown costs which will offer large scope in the market. However, the cost paid for renting a crane is less than the cost required for maintenance cost may restrain the market growth. Furthermore, favorable government funding for infrastructure development will offer lucrative opportunities for the growth of the cranes rental market in the near future.

The global Cranes rental market has been regionally segmented into the geographies of North America, Europe, The Asia Pacific, and RoW. From a regional point of view, the Asia Pacific region is likely to dominate the market, attributed to increasing infrastructure development and rising need for cost-effective and customized equipment. Furthermore, the global market for Cranes rental has largely benefitted from the numerous activities in emerging countries such as China and India. Furthermore, the Asia Pacific region is expected to witness high growth during the forecast period owing to the technological advancements and effective service solutions offered by key players. The presence of most of the key players is projected to be the major factor in heightening the growth of the Cranes rental market in the North America region.

Segment Covered

The report on the global cranes rental market covers segments such as weight lifting capacity, type, and end-user. On the basis of weight lifting capacity, the sub-markets include heavy, extremely heavy, low, and low-medium. On the basis of type, the sub-markets include fixed, and mobile. On the basis of end-user, the sub-markets include mining and excavation, oil and gas, building and construction, and marine and offshore.

Companies Profiled:

The report provides profiles of the companies in the market such as Maxim Crane Works L.P., Action Construction Equipment Ltd., Weldex (International) Offshore Ltd., Mediaco Group, Lampson International LLC, Buckner Heavylift Cranes, LLC, Ahern Rentals, Inc., Starlog Enterprises Limited, and Others.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the cranes rental market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.