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Cranes Rental Market Insights, Trends Sales, Supply, Demand 2020-2026

04-28-2021 01:50 PM CET | Industry, Real Estate & Construction

Press release from: Global Market Insight, Inc

Cranes Rental Market

Cranes Rental Market

The crane rental market is projected to witness tremendous expansion over the forthcoming timespan due to the increasing demand for both gantry and monorails cranes across the transportation and logistics sector. Today, crane rental service providers are increasingly collaborating with transportation firms and port authorities to promote the adoption of their products across these high-demand sectors, which is further shaping the overall industry size.

Meanwhile, key industry players are introducing in new, and technologically advanced cranes to their product portfolio to bring in more consumer attention and surge revenues. Citing an instance, in May 2019, Ideal Crane Rental reportedly launched three new Liebherr mobile cranes; LTM 1100-5.2, LTM 1160-5.2, and LTM 1450-8.1. Each of these cranes are designed to fulfil one particular need for the company. Such portfolio expansions are projected to be more frequent over the coming years and further stimulate the industry size.

As per a Global Market Insights Inc., research report, the crane rental market is likely to exceed a $16.5 billion valuation by the end of 2026.

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How would the mobile cranes emerge in the crane rental market over the coming years? 

The surging use of truck loader cranes in utility distribution and transportation sectors is likely to push the mobile crane segment across the forthcoming timeframe. Additionally, the increasing launch of new truck loader cranes, with new features and capabilities, by crane manufacturers to address the increasing product demand would further augment the overall segment share. Taking September 2018 for instance, Canadian crane rental firm, AW Leil Cranes & Equipment enhanced its portfolio of mobile cranes through the integration of a new 115-ton hydraulic truck crane that is designed to accomplish a diverse array of customer requirements.

Why are rough terrain cranes witnessing increasing demand from the mining sector?

The overall crane rental market is projected to observe tremendous expansion due to the increasing demand for rough-terrain cranes in the mining sector. This demand is attributed to the rough terrain cranes’  vital ability to work for a long time in tough environmental conditions without facing any maintenance or performance issues. This ability of these cranes to operate virtually non-stop gives them a strong footing in the mining sector.

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How would the Latin America crane rental market emerge over the forecast timeframe?

On the regional front, growing urbanization and industrialization throughout Latin America is expected to fuel LATAM crane rental industry share. The rapidly rising trend of urban migration, where large populations are moving from rural areas to urban regions in search for better opportunities is driving the demand for residential and commercial infrastructure development. This is projected to impel the regional industry landscape across the analysis period.

Several equipment providers are focusing on frequent product launches in order to stand out to potential customers and boost revenues through more sales. Citing an instance, in July 2020, Elliott Equipment, a prominent crane manufacturer, reportedly launched its new crane cab that specifically focuses more on crane operator comfort, productivity, and visibility. Elliott Equipment would integrate this new cab with all cranes in its fleet offerings that have capacities of 30 tons or more.

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The competitive landscape of the global crane rental market is inclusive of players such as ALL Erection Crane Rentals, United Rentals, Inc., Mammoet, Starlog Enterprises Limited, Elliott Equipment Company, Prangl Gesellschaft, and Maxim Crane Works among others.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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