Cranes Rental Market Introduction 

The crane rental market involves the rental of various types of cranes to companies and individuals who need to move heavy loads or equipment. Cranes are essential equipment for many industries, including construction, manufacturing, transportation, and oil and gas, among others. Renting cranes is often more cost-effective for businesses than purchasing them outright, as it can be expensive to purchase and maintain a crane.The rental market includes a wide range of crane types, including mobile cranes, tower cranes, and crawler cranes, each with different load capacities and functions. The rental market also includes various attachments and accessories, such as crane mats, rigging equipment, and personnel lifts, among others.The crane rental market is highly competitive and has been growing steadily over the past few years due to the increasing demand for construction and infrastructure development worldwide. Factors such as the increasing population, urbanization, and industrialization are driving the demand for cranes rentals. Additionally, the growth of the energy sector, including the increasing demand for renewable energy, has also contributed to the growth of the crane rental market.

Cranes Rental Market Size

The global crane rental market size was valued at around USD 44.5 billion in 2020 and is expected to reach USD 53.1 billion by 2026, growing at a CAGR of approximately 3.2% between 2021 and 2026. The growth of the market is attributed to the increasing demand for cranes for construction and infrastructure development activities, especially in emerging economies. Additionally, the rise in renewable energy projects worldwide is also driving the growth of the crane rental market, as cranes are essential equipment for wind and solar power projects. The increasing demand for rental cranes is also driven by the cost-effectiveness of renting cranes as opposed to purchasing them outright.

Cranes Rental Market Share

The global crane rental market is highly fragmented, with several major players and many smaller players operating in the market. The market share of individual players varies by region, as some companies may have a stronger presence in certain geographies than others. However, some of the major players in the global crane rental market include:

Mammoet Holding B.V.

Sarens NV/SA

ALE Heavy Lift

ALL Erection & Crane Rental Corp.

Lampson International LLC

Maxim Crane Works, L.P.

Barnhart Crane & Rigging Co.

Bigge Crane and Rigging Co.

H&E Equipment Services, Inc.

Tat Hong Holdings Ltd.

These companies have a significant presence in the global crane rental market and offer a range of cranes and other equipment for rent. Additionally, some of these companies have expanded their operations through acquisitions and strategic partnerships to strengthen their market position. 

Cranes Rental Market Trends

There are several notable trends in the global crane rental market, including:

Increased Demand for Electric-Powered Cranes: The growing focus on sustainability and reducing carbon emissions has led to an increasing demand for electric-powered cranes. These cranes offer several benefits over traditional diesel-powered cranes, such as lower operating costs, reduced emissions, and improved efficiency.

Adoption of Telematics and IoT Technology: The use of telematics and IoT technology in cranes is increasing, enabling companies to track and monitor crane performance, improve safety, and reduce downtime. This technology can also help crane rental companies optimize their fleets, improve maintenance scheduling, and reduce operating costs.

Growth in Modular Construction: The trend towards modular construction, where buildings and structures are built off-site and assembled on-site, is driving the demand for cranes with high lifting capacities and precision control. This trend is expected to continue as modular construction becomes more popular.

Increasing Use of Drones in Crane Operations: The use of drones in crane operations is increasing, as they can provide aerial views of the job site and assist with crane positioning and monitoring. Drones can also improve safety by identifying potential hazards and providing real-time monitoring of the job site.

Rising Demand for Customized Solutions: Customers are increasingly seeking customized solutions that meet their specific needs and requirements. Crane rental companies are responding by offering a wider range of equipment and services, such as specialized attachments and personnel lifts, to meet these demands.

These trends are expected to shape the future of the crane rental market and provide opportunities for companies to differentiate themselves and stay ahead of the competition.

Cranes Rental Market Driving factors

The global crane rental market is driven by several factors, including:

Increasing Demand from Construction Industry: The growing construction industry is one of the primary drivers of the crane rental market. As more buildings and infrastructure projects are being built, the demand for cranes and other lifting equipment is increasing.

Cost-Effective Option: Renting a crane is often a more cost-effective option for construction companies than purchasing and maintaining their own equipment. Renting allows companies to access the latest technology and equipment without incurring the high capital costs of purchasing and owning the equipment.

Flexibility: Crane rental provides flexibility to construction companies to choose the right equipment for the specific job, rather than investing in equipment that may not be used on a regular basis. This allows companies to optimize their operations and reduce costs.

Rapidly Changing Technology: The crane rental market is constantly evolving with the introduction of new and advanced technologies. Rental companies that invest in the latest equipment and technology can offer better services and attract more customers.

Government Investment in Infrastructure: Government investment in infrastructure projects such as roads, bridges, and tunnels is also driving the demand for crane rentals. These projects require heavy lifting equipment for construction, maintenance, and repair work.

Growing Demand for Renewable Energy: The increasing demand for renewable energy is driving the need for cranes to install and maintain wind turbines, solar panels, and other renewable energy infrastructure.

These factors are expected to continue driving the growth of the crane rental market in the coming years.

Cranes Rental Market Regional Analysis

The global crane rental market can be analyzed by region as follows:

North America: North America is one of the leading regions in the crane rental market. The presence of a large number of construction projects and government initiatives to improve infrastructure are driving the market in this region.

Europe: Europe is another significant region in the crane rental market. The growing construction industry and increasing demand for renewable energy infrastructure are driving the market in this region.

Asia-Pacific: The Asia-Pacific region is expected to experience significant growth in the crane rental market due to rapid urbanization, increasing infrastructure projects, and economic development. The region is also witnessing a surge in demand for renewable energy infrastructure, which is driving the market growth.

Middle East & Africa: The Middle East & Africa region is witnessing significant growth in the crane rental market due to the increasing construction and infrastructure projects in the region. The growing demand for oil and gas infrastructure is also driving the market in this region.

Latin America: Latin America is expected to witness steady growth in the crane rental market due to the growing construction industry and increasing infrastructure projects in the region.Overall, the crane rental market is expected to witness significant growth in all regions due to increasing demand from various end-use industries and government initiatives to improve infrastructure.

Cranes Rental Market Forecasts 2030 

The global cranes rental market is expected to witness significant growth in the coming years, with a CAGR of around 5% during the forecast period of 2021-2030. The market is expected to reach a value of USD 52 billion by 2030.The growth of the crane rental market can be attributed to the increasing demand for cranes in various end-use industries such as construction, mining, and oil & gas. Moreover, the rising investments in infrastructure development projects across the globe are also driving the market growth. Furthermore, the adoption of advanced technologies, such as telematics and automation, is expected to provide lucrative opportunities for the market players.However, the market growth may be hindered by factors such as the high initial cost of cranes and the lack of skilled operators. Additionally, the outbreak of the COVID-19 pandemic has impacted the construction industry, which is one of the major end-users of cranes, leading to a decline in the demand for crane rental services in 2020.In terms of geography, the Asia-Pacific region is expected to witness significant growth in the crane rental market due to the growing construction industry and increasing infrastructure projects in the region. Moreover, the increasing demand for renewable energy infrastructure is also driving the market growth in the region.

Cranes Rental Market Key Industry Player

Some of the key players in the global cranes rental market include:

Maxim Crane Works, L.P.

Sarens NV

Mammoet Holding B.V.

Lampson International LLC

ALL Erection & Crane Rental Corp.

Sanghvi Movers Limited

Action Construction Equipment Ltd.

Bigge Crane and Rigging Co.

Al Jaber Group

Buckner Companies

These players are focusing on strategic partnerships, mergers and acquisitions, and product innovation to expand their market share and strengthen their position in the global cranes rental market. Additionally, they are also investing in advanced technologies and digital solutions to improve their operational efficiency and provide better services to their customers.