Top 7 trends driving growth in Global Crane Rental Market through 2026
The crane rental market is projected to record momentous gains over the forthcoming timeframe owing to changing preference of construction contractors towards rental equipment because of the high investments needed for purchasing new cranes.
Crane rental companies also offer value-added services like repair and technical maintenance, as well as pick up & drop of the equipment, making renting equipment more convenient for contractors and augmenting market growth.
Rapid urbanization across Europe, North America, and Asia Pacific has led to a booming manufacturing and construction sector in these regions. The increasing influence of market players and industry associations is also likely to contribute towards product demand in the coming years.
Today, rental operators are largely investing on technologically advanced and environmentally friendly cranes to grow their respective fleet sizes and effectively meet the increasing demands of their customers. This would likely shape the global business scape in the forthcoming years
Below are some key trends that would majorly influence crane rental market expansion over through 2026:
Expanding telecommunication sector across North America
North America crane rental market is likely to witness tremendous growth over the analysis timeline. A major factor driving the growth of the market in the region is the ongoing expansion of telecommunication facilities. Countries such as Canada and the U.S. are increasingly investing towards the development of a strong telecommunication infrastructure, which is creating a substantial demand for cranes and crane rental services.
For example, in January 2020, the U.S. government, reportedly announced its plan to invest nearly $6 billion to develop 5G as well as other wireless technologies over the coming five years, providing the industry a lucrative growth opportunity. Additionally, the increasing trend of deploying technologically advanced cranes for the installation of network infrastructure is also expected to drive the regional market growth in the future.
Favourable growth conditions in the U.S.
The U.S. crane rental market is expected to grow at a high rate over the forthcoming time period. This anticipated growth is ascribed to low operating costs and higher flexibility offered by renting cranes, making it more feasible than owning a crane.
Strict government regulations for incorporating safety guidelines in cranes and improving the working environment would further contribute towards market growth. Major companies like Haulotte are also focusing on expanding their presence in the U.S., further driving the growth of cranes rental market in the U.S.
Rapid industrialization across Canada
Canada crane rental market is likely to witness tremendous growth over the coming years owing to rapid industrialization. The adoption of cranes is expected to increase owing to the wide application scope of cranes, mainly in oil & gas industries for smooth and safe operations.
The construction and mining sectors in Canada are anticipated to stabilize over the estimated time period, which would further propel the demand for cranes as well as other construction equipment in the region. In addition, numerous efforts by companies for expanding their crane rental fleet will further complement the regional market growth.
Availability of favourable fixed crane rental plans in Europe
The Europe fixed crane rental industry is constantly expanding due to the availability of an extensive variety of technologically advanced cranes at affordable prices. The facility of rent paying options like flexible monthly down payments for yearly as well as monthly leases is augmenting the competition in the tower crane rental market.
In addition, advantages of tower cranes like offering the ability to work at elevated heights and in confined spaces is increasing its demand across smart city and urban areas development projects in the region.
Increasing adoption of mobile rental cranes across Europe
In terms of product, the adoption of rental mobile cranes across Europe is expected to rise over the coming years. This anticipated growth is ascribed to ongoing infrastructure development as well as substantial expansion of the region’s cement plants. The transportation and construction sectors are some of the key segments that are majorly contributing towards the surging use of mobile cranes across numerous on-going public and private infrastructure development projects.
Mobile cranes are utilized for unloading and lifting materials and for allowing these materials as well as workers to reach challenging locations that are difficult to access. Growing demand for cranes in the infrastructure development projects as well as factors like warehousing and rapid industrialization will boost the demand for rental mobile cranes in the region.
Infrastructure development initiatives across the APAC
Supportive initiatives by regional governments across the Asia Pacific to provide electricity facilities, power, as well as other utilities to rural and isolated locations are generating new business growth opportunities for the crane rental market across APAC.
The continuous maintenance and upkeep of water, telecom, and electric facilities need cranes that could reach inaccessible and challenging locations, creating immense demand for crane rental services. The regional government have also majorly invested in the construction of transportation networks and utility distribution facilities, thereby boosting the demand for cranes.
Rising adoption of crawler cranes across Asia-Pacific
In terms of product, the crawler crane segment is anticipated to witness high demand in APAC market over the forthcoming time period. This anticipated growth is ascribed to the ability of crawler cranes to operate proficiently on off-road conditions. Crawler cranes are typically deployed for removal of debris, cargo loading, constructing bridges, and for demolition.
Additionally, over the past few years, the demand for crawler rental cranes has increased attributing to the efficient rental, installation and maintenance services provided by rental companies, who also provide mechanics as well as technical assistance for the installation of replacement parts.
HSS Hire Service Group Plc, All Erection Crane Rental, Sanghvi Movers Limited, Deep South Crane and Rigging, Weldex (International) Offshore Ltd., Uchimiya Transportation and Engineering Co., Ltd., Al Jaber Heavy Lift, Prangl Gesellschaft M.B.H, Tiong Woon Corporation Holding Ltd., Mammoet Holdings, Liebherr-Mietpartner Gmbh, Sarilar Group, Sarens NV, Buckner Heavylift Cranes LLC, Lampson International LLC, Maxim Crane Works, AT Hong Holdings Ltd., Starlog Enterprises Limited., and Mediaco Group among many others are some of the key players operating in the crane rental market.
