Crane Rental Market Trends

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.