Rockville, Sept. 15, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the Crane Rental Market is estimated to grow from US$ 53.3 billion in 2023 to US$ 83.5 billion in 2033 at a rate of 4.6% creating an absolute $ opportunity of US$ 30.3 billion.
Cranes are increasingly used for complicated operations in industries such as material handling, ship loading, manufacturing, and construction. Rental services allow access to the most recent crane models, removing the need for large upfront investments. The industry is also fuelled by public and private infrastructure expenditures in areas such as telecommunications, manufacturing, and oil and gas.
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Furthermore, the demand for specialized cranes in renewable energy projects such as wind farms and solar systems contributes to the industry's growth. These elements, taken together, drive the global crane rental market, thus, catering to a wide range of industry requirements.
Key Takeaways from Market Study
- The US market for crane rental is highly lucrative growing at a CAGR of 4.8% during the forecast period
- In 2018, the crane rental market had a valuation of US$ 42.3 billion
- Historic growth of the German crane rental market was 3.7% between 2018 to 2022
- By end use, the construction is estimated to account for a market share of 33.2% in 2023
- Mobile crane type is likely to grow at a CAGR of 4.6% during the forecast period creating an absolute $ opportunity of US$ 17.7 billion
“Crane Rental: A Versatile and Comprehensive Solution Revolutionizing the Construction Industry” says a Fact.MR analyst.
Market Growth Stratagems
Prominent market players include Altida Crane Hire, Bigrentz, Inc., Bryn Thomas Cranes Ltd, Crane Rental Service, Inc, Sims Crane & Equipment, Sparrows Group, Sterling Crane, and United Rentals, Inc.
Leading crane rental companies recognize the need of maintaining a dependable fleet of high-quality cranes through frequent repairs and updates. Competitors distinguish themselves by providing smooth client service, which includes immediate response, prompt delivery, and full equipment explanations.
Crane rental companies are working on developing a strong web presence in order to gain a considerable market share. They invest in user-friendly websites and efficient booking mechanisms that allow customers to simply browse, check equipment availability, and make bookings. Offering online payment alternatives and thorough information on specifications, usage directions, and safety precautions improves the consumer experience even more.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 83.5 Billion |
| Growth Rate (2023-2033) | 4.6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 134 Figures |
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The United States stands as a formidable manufacturing hub, encompassing diverse sectors like consumer goods, aircraft, automobiles, and electronics. Within the manufacturing sector, cranes play a pivotal role, facilitating equipment installation, assembly line operations, and efficient material handling processes. The surge in crane rental demand mirrors the continuous growth and innovation within the US manufacturing landscape.
Consequently, the burgeoning oil and gas industry in the USA anticipates a substantial spike in the need for crane rental services, presenting an undeniable economic opportunity of approximately US$ 8.8 billion throughout the forecast period.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the crane rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the crane type (static cranes (overhead cranes (bridge crane, gantry crane, monorail crane, jib crane, workstation crane), tower cranes (hammerhead cranes, luffing tower cranes, self-erecting tower cranes)), mobile cranes (crawler cranes, rough terrain cranes, all-terrain cranes, truck cranes, carry deck cranes, floating cranes)), capacity (static cranes (up to 30 ton, 30 - 50 ton, 50 - 75 ton, 75 - 100 ton, 100 - 150 ton, 150 - 200 ton, above 200 ton), mobile cranes (up to 30 ton, 30 - 50 ton, 50 - 75 ton, 75 - 100 ton, 100 - 150 ton, 150 - 200 ton, above 200 ton)), boom length (up to 60 m, 60-65 m, 65 – 70 m, 70 – 75 m, 75 – 80 m, above 80 m), lift height (up to 80 m, 80 – 100 m, 100 – 120 m, above 120 m), application sector (aerospace & defence, agriculture & forestry, automotive, construction, energy & power, manufacturing, metal & mining, oil & gas, paper & pulp, railway & transportation, shipyards & shipbuilding, utility, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
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Dump Trailer Rental Market: Dump trailer rental market is expanding and is poised to grow at a rate of 3.4% during the forecast period and reach a valuation of US$ 1,532.9 million in 2033 from US$ 1,097.3 million in 2023.
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