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According to the new market research report “Cranes Rental Market by Type (Mobile, Fixed), Weight Lifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy), End-Use Industry (Building & Construction, Marine & Offshore, Mining & Excavation, Oil & Gas, Transportation), Region – Global Forecast to 2024″, The cranes rental market is expected to grow from USD 42.1 billion in 2019 and is projected to reach USD 53.1 billion by 2024, at a CAGR of 4.7% from 2019 to 2024. Major drivers of the market include the increasing demand from various end-use industries, public & private investments, and growing demand for cranes on rental basis rather than purchasing.
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The cranes rental market is estimated to be USD 42.1 billion in 2019 and is projected to reach USD 53.1 billion by 2024, at a CAGR of 4.7% from 2019 to 2024. Cranes are preferred to be rented rather than purchasing due to its cost advantage which comes with CPA (Contract Plant-Hire Agreement), stating all the liabilities including insurance, maintenance, and break-down will be held with the renting company. The key factor for growing demand is increasing investments, government initiatives, and favorable policies.
Based on type, the cranes rental market is segregated into mobile cranes and fixed cranes. Mobile cranes include all-terrain cranes, crawler crane, truck mounted crane, straddle crane, towing crane and others. Fixed cranes include tower crane, level luffing crane, telescopic crane, fixed harbor crane, and others. Among these, mobile cranes accounted for the largest share in the cranes rental market due to its wide acceptance in various end-use industries such as building & construction, transportation, and others.
Browse and in-depth TOC on “Cranes Rental Market – Global Forecast to 2024”
60 – Tables
41 – Figures
134 – Pages
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The cranes rental market is estimated to be USD 42.1 billion in 2019 and is projected to reach USD 53.1 billion by 2024, growing at a CAGR of 4.7% from 2019 to 2024. Increasing demand for rental cranes from various end-use industries, coupled with growing investments from domestic & foreign investors in the country’s economy is expected to drive the growth of cranes rental market during the forecast period.
Major companies operating in the cranes rental market include Sarens NV (Belgium), Mammoet (Netherlands), ALL Erection & Crane Rental Corp. (US), Lampson International LLC (US), Action Construction Equipment Ltd. (India), Maxim Crane Works, L.P. (US), ALE (US), Sanghvi Movers Limited (India), and Deep South Crane and Rigging (US) hold a potential share in cranes rental market.
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Mammoet (Netherlands) is one of the leading players in cranes rental market which has adopted organic & inorganic strategies to sustain in their market position.
Sarens NV (Belgium) is another major company in the cranes rental market. It has been adopting organic and inorganic strategies to sustain its position in cranes rental market.
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