Cranes Rental Market size to value $25 Bn by 2032

Cranes Rental Market size is poised to exceed USD 25 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The high initial costs associated with acquiring new construction equipment is a key driver behind market growth. Renting construction machines help contractors save tremendously on the initial purchase cost as it entails low repair and maintenance costs, while also reducing the burden of depreciation. Many companies with budget constraints on bulk machinery, are turning to renting serves as a cost-effective alternative as it does not incur repair, servicing, and technical assistance costs.
 

Strict government policies on CO2 emissions to impel the fixed crane product segment growth

The fixed crane segment held approximately 35% of the cranes rental market share in 2022, driven by the surging demand for advanced and fuel-saving fixed rental cranes owing to their high safety levels and cost-effective performance. Moreover, strict government regulations on CO2 emission levels are driving the adoption of advanced rental tower cranes. The segment growth can also be attributed to the rising inclination of construction companies towards advanced rental cranes for fuel saving and less CO2 emission.
 

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Rising infrastructure development projects to foster construction & mining application segment

Based on application, the cranes rental market size from construction & mining applications is set to value USD 12 billion by 2032, due to increasing investments towards construction projects across developing economies such as India and China. With respect to mining, cranes help increase productivity and make inaccessible regions of the mine more accessible. increasing adoption of a wide range of cranes that provide mining workforce with multiple options alongside varying functionalities to cater to the demands of various processes in mineral extraction is also fueling the market growth.
 

Browse key industry insights spread across 205 pages with 259 market data tables & 30 figures & charts from the report, “Cranes Rental Market Size By Product (Mobile Crane [All-terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Fixed Crane [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]), By Application (Construction & Mining, Manufacturing, Utility, Transportation, Oil & Gas), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cranes-rental-market
 

Strong investments towards mining projects to strengthen MEA market

On a regional spectrum, the MEA cranes rental market is slated to grow at over 4% CAGR from 2023 to 2032, impelled by growing investments towards mining projects within the region. Meanwhile, the presence of firms such as Brighten Energy, which rent products from renowned brands such as JLG, a leading lift equipment manufacturer, and Genie, a retail provider of green electricity, is also likely to contribute to regional growth. In addition, efforts from companies towards deploying cutting-edge technologies such as GPS and remote monitoring in cranes are further shaping the regional growth.
 

Product innovations to outline the competitive landscape

Key players in the global market include Barnhart Crane and Rigging, CROWLAND CRANES (HOLDINGS) LIMITED, Buckner Heavylift Cranes, LLC, and Guay Inc, among others. Companies are increasingly emphasizing on product innovations in an effort to stay relevant in the field and stand out from their competition.
 

Recently in April 2022, Liebherr Group, a German-Swiss multinational equipment manufacturer unveiled its new 2,500 t boom crawler crane, powered by two engines the crane boasts of a maximum tip height of 200 meters. The crane is specifically developed to help erect wind turbines and further expands the company’s product portfolio.