Crane Rental Market Size & Share, by Crane Type (Mobile, Fixed, Tower, Telescopic, Overhead, Floating, Gantry, Loader); Application (Oil & gas, Construction & Mining, Utility, Transportation, Manufacturing); Weight Lifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy); Lift Height (Up to 80m, 80-100m, 100-120m, Above 120m) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6117
  • Published Date: Jun 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Crane Rental Market size was over USD 44 Billion in 2023 and is expected to cross USD 83 Billion by the end of 2036, growing at more than 5.4%% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of crane rental is assessed at USD 45.9 Billion.

This boost is anticipated by the slated demand for infrastructure development and construction projects, attracting more businesses and consumers to increase its revenue share. According to the World Bank, they provided more than 12 billion to developing countries to support infrastructure development, while highlighting that several developing countries have to spend about 4.5% of GDP for basic improvements in energy, digital, transport, and several other sectors.


Crane Rental Market overview
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Crane Rental Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising government and private investments - With the lucrative global population along with the boosting economies, there is also a significant increase in infrastructural investments by both government and private organizations. According to the World Bank, PPI investments in 2023 accounted to be USD 86 billion, which is a marginal increase from USD 85 billion, the average of the previous five years.
  • Demand for telecommunication facility - As the innovations in the IT & telecom sector are at surge, owing to the increasing internet penetration and the demand for mobile connectivity, the government is launching several projects to expand this landscape, which will account for boosting the crane rental market expansion.

    Moreover,according to the World Trade Organization, the telecommunication industry crosses over 1.6 trillion in revenue share, and about 65% of this is predicted to be from mobile services alone.
  • Increasing urbanization - The increasing utilization is estimated to be fueled by the building of residential and commercial infrastructure. According to the World Bank, more than 50% of the world's population lives in urban areas.

Challenges

  • Lack of trained and qualified crane operators - There is a lack of skilled crane operators in the renting industry due to which several rental firms are being turned down. Many crane rental providers have started training programs for upskilling their work but this would take an ample amount of time to take a lead.
  • Presence of alternative solutions- As there are less number of specialized Crane, consumers have to depend on alternative equipment or methods, while compromising their safety and efficiency.

Crane Rental Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5.4%

Base Year Market Size (2023)

USD 44 Billion

Forecast Year Market Size (2036)

USD 83 Billion

Regional Scope

  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • North America (U.S., and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Crane Rental Segmentation

Crane Type (Mobile, Fixed, Tower, Telescopic, Overhead, Floating, Gantry, Loader)

Mobile segment is poised to hold over 25% crane rental market share by the end of 2036. For instance, Terex Corp. announced the launch of their telematics platform “T-Link” for their Terex rough terrain Crane.

Additionally, there is also an increase in the portability, efficiency, and flexibility that they provide in construction operations. The increase in such technological advancements has fueled the lifting capacities while improving the safety features, which makes them a better option for consumers.

Application (Oil & gas, Construction & mining, Utility, Transportation, Manufacturing)

The oil & gas segment in the crane rental market is set to garner a notable size by 2036 and is likely to remain the second largest segment in the application of the crane rental landscape impelled by its increasing usage in online retail for their large lifting capacities, coupled with high investments by government in this sector. According to the International Energy Forum, the capital expenditure on oil and gas increased by about 39% from 2022 to 2014.

Weight Lifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy)

The low segment is projected to hold the highest influencing segment under the weight-lifting capacity of the crane rental market with a share of about 41%. The reason behind this impact is projected by the increase in several activities such as maintenance, repairs, construction, and many more.

Our in-depth analysis of the crane rental market includes the following segments:

          Crane Type

  • Mobile
  • Fixed
  • Tower
  • Telescopic
  • Overhead
  • Floating
  • Gantry
  • Loader

          Application

  • Oil & gas
  • Construction & mining
  • Utility
  • Transportation
  • Manufacturing

          Weight Lifting Capacity

  • Low
  • Low-Medium
  • Heavy
  • Extreme Heavy

          Lift Height

  • Up to 80m
  • 80-100m
  • 100-120m
  • Above 120m

          End-User

  • Construction & Infrastructure
  • Energy & Utilities
  • Manufacturing
  • Maritime & Ports
  • Mining and Resources
  • Transportation & Logistics
  • Agriculture

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Crane Rental Industry - Regional Synopsis

APAC Market Statistics

APAC region in crane rental market is projected to capture over 43% revenue share by 2036. The landscape's tremendous growth in the region is expected to credit a surge in urbanization and increasing demand for manufacturing & construction activities along with infrastructure development. According to the UN-Habitat, it is projected that the urban population in Asia Pacific will grow by 50% by 2050.

China's ever-growing economy and rapid industrialization are expected to fuel the crane rental market demand. According to a report, it is projected that by 2035 the urbanization rate of China will cross 78%, estimated to be 66% in 2023.

North American Market Analysis

North American region in crane rental market size is estimated to cross USD 28 Billion by 2036 and will account for the second position attributed to the increasing demand for the construction sector.

The growth in infrastructure projects, commercial structures, housing complexes, and many more is expected to grow the demand for the crane rental sector in the United States. According to the U.S. Department of Treasury, as the income increases, it is expected that there will be more infrastructure per capita investments as compared to lower-income states.

Research Nester
Cranes Rental Market size
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Companies Dominating the Crane Rental Landscape

    Most of these companies are continuously collaborating, expanding, making agreements, and joining ventures for the growth of this revenue share and are estimated to be the major key players in this landscape.

    • Maxim Crane Works
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Sarens Group
    • Tiong Woon Corporation Holding Ltd.
    • All Erection & Crane Rental Corp.
    • Bigge Crane and Rigging Co.
    • Barnhart Crane & Rigging
    • Vedanta Limited
    • Shanghai Zhenhua Heavy Industries Co., Ltd.
    • Clark Rigging & Rental Corp.
    • Sims Crane & Equipment Co.

In the News

  • Maxim Crane Works, L.P.- announced the opening of their new branch in Houston, Texas. This branch would provide several crane rental services to the oil and gas industry, especially in the region.
  • Sarens NV- announced the acquisition of a North American crane rental business, Mammoet. This acquisition would strengthen the position of Sarens in the North American market and will expand its landscape of Crane.

Author Credits:  Shweta Patidar


  • Report ID: 6117
  • Published Date: Jun 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the crane rental market was over USD 44 billion.

The market size for the crane rental market is projected to cross USD 83 billion by the end of 2036 expanding at a CAGR of 5.4% during the forecast period i.e., between 2024-2036.

The major players in the market are Sarens Group, Tiong Woon Corporation Holding Ltd., All Erection & Crane Rental Corp., Bigge Crane and Rigging Co., Barnhart Crane & Rigging, Vedanta Limited, Shanghai Zhenhua Heavy Industries Co., Ltd., Clark Rigging & Rental Corp., Sims Crane & Equipment Co., and others.

In terms of crane type, the mobile segment is anticipated to account for the largest market share of 28% during 2024-2036.

The APAC crane rental sector is poised to hold the highest share of 43% by 2036.
Crane Rental Market Report Scope
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