Cranes Rental Market Analysis

Cranes Rental Market Analysis

Based on product, the market is divided into mobile crane and fixed crane. The mobile cranes segment is poised to exceed USD 18 billion by 2032. Mobile cranes provide versatility and flexibility, emphasizing their need in construction, utilities, oil and gas, and other industries. With the rapid urbanization and technological development worldwide, the need for mobile cranes is increasing to facilitate heavy lifting operations at job sites.
 

Besides, the adoption of mobile cranes for temporary projects or remote locations fuels the demand for rental properties. Mobile cranes are increasingly popular among operators and project managers due to their ability to move across different terrains and provide faster setups, increasing the demand for rental solutions in the crane market.
 

Based on application, the crane rental market is categorized into construction & mining, utility, manufacturing, transportation and oil & gas. The construction & mining segment held a major market share of around 49% in 2023. These industries rely heavily on cranes and other heavy lifting equipment to facilitate a variety of tasks, such as hoisting, construction, and moving heavy machinery for relocation.
 

With global construction and mining activity showing no signs of slowing down, the crane rental business must continue to grow. Companies in these industries often opt for rental solutions to access the latest crane technology without the burden of ownership, driving their continued exploration of the market.
 

North America dominated the global cranes rental market with a share of over 37% in 2023. The demand for cranes is strong with the growing construction industry and major projects such as the construction of roads and bridges. The flourishing oil and gas industry in the region also contributes to the need for heavy equipment lifts in onshore and offshore operations. In addition, increasing urbanization and commercial development further fuel the demand for crane rentals. As companies look for cost-effective and convenient solutions for their lifting needs, the crane rental market in North America continues to grow.
 

Crane rentals are required in the U.S. For several causes. Driven by commercial and residential projects, the country’s complex construction industry constantly requires heavy lifting equipment. In addition, the U.S. energy sector, including oil and gas exploration and renewable energy projects, relies heavily on cranes for a variety of tasks. With so much emphasis on efficiency and cost savings, many companies choose to hire cranes to meet their lifting needs without a long-term commitment. As a result, the market in the U.S. is heated to meet the needs of various industries across the country.
 

European countries like Germany, Spain, and Italy support the cranes rental market through infrastructure development initiatives, favorable tax policies, and subsidies for equipment acquisition, boosting construction activity and driving demand for rented cranes from rental companies operating in these nations.