Crane Rental Market

Crane Rental Market Growth Outlook (2023 to 2033)

Crane rental services demand is expanding and is poised to grow at a rate of 4.6% during the forecast period and reach a valuation of US$ 83.5 billion in 2033 from US$ 53.3 billion in 2023.

For material handling, ship loading, manufacturing, and the building industry, cranes are frequently utilized. The complexity of the project is increasing demand for cranes. Businesses and contractors are opting for rental services as purchasing equipment requires significant upfront costs.

Report Attributes	Details
Crane Rental Market Size (2022A)	US$ 50.9 Billion
Estimated Market Value (2023E)	US$ 53.3 Billion
Forecast Market Value (2033F)	US$ 83.5 Billion
Global Market Growth Rate (2023-2033)	4.6% CAGR
US Market Growth Rate (2023-2033)	4.8% CAGR
China Projected Market Value (2033F)	US$ 20.0 Billion
Key Companies Profiled	ALTIDA Crane Hire BigRentz, Inc. Bryn Thomas Cranes Ltd Crane Rental Service, Inc Sims Crane & Equipment Sparrows Group Sterling Crane United Rentals, Inc.

Historic and Future Pathway Analysis for the Crane Rental Market

The increased public and private investment in new building and development projects to provide improved infrastructural facilities is anticipated to drive the worldwide crane rental market. The demand for improved structures across a range of industry verticals, including telecommunications, manufacturing, oil and gas, and others, is also supporting the market growth.

Furthermore, these devices are becoming increasingly popular across a variety of industries due to their higher production and effectiveness compared to conventional solutions.

• Short Term (2023-2026): Increasing infrastructure projects, such as road, bridge, and commercial building construction, are driving the crane rental market, resulting in increasing demand for crane services and rental equipment.
• Medium Term (2026-2029): The crane rental industry is growing due to increasing renewable energy projects such as wind farms and solar systems, which require the use of specialized cranes for construction and maintenance, resulting in surging demand for crane rentals.
• Long Term (2029-2033): Smart cranes with automation such as IoT connectivity, and real-time data analytics, are predicted to support growth in the crane rental market by boosting efficiency, safety, and operating capabilities. Crane rental service providers can upgrade their product portfolio by adding advanced machinery to curb the demand pool and gain high-profit margins.

On the back of the aforementioned facts, the crane rental market is expected to grow at a CAGR of 4.6% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of crane rental based on the crane type and region is provided in a nutshell in the above image. Under the crane type segment, the mobile cranes sub-segment is expected to dominate with a 59.1% market share in 2023.

Market Dynamics Outlook

“Oil & Gas Industry Is Driving the Market Growth of Crane Rentals”

The market for crane rentals is significantly influenced by the oil and gas sector. Cranes are used extensively in this industry for a variety of tasks, including drilling, maintenance, and the transporting of large pieces of machinery. Cranes are increasingly needed to support expanding exploration and production activities.

Cranes are also necessary in the oil and gas sector for the construction and upkeep of offshore installations and pipelines. Due to the ongoing demand for oil and gas, businesses frequently choose crane rentals over purchasing and maintaining their crane fleets to handle temporary lifting needs. This dynamic promotes the expansion of the oil and gas sector's crane rental business.

“Factors Restraining Crane Rental Market Growth”

The crane rental industry requires significant capital investments to acquire and maintain a fleet of cranes. High costs of purchasing, operating, and maintaining cranes are a barrier for small or new companies entering the market, limiting competition and overall market growth.

The availability of skilled crane operators and technicians is crucial for the efficient operation of cranes. However, there is a shortage of skilled labor in the construction industry, including crane operators. This scarcity limits the capacity of crane rental companies to meet the demand for their services, thereby restraining market growth.

Country-wise Insights

How Does the US Driving the Growth of the Crane Rental Market?

The crane rental market is expanding rapidly with the contribution of the United States. There are a lot of infrastructural projects, housing complexes, and commercial structures being built around the US. There is a considerable demand for crane rentals as these initiatives call for the usage of cranes to move huge objects.

The oil and gas industry in the US is booming, with considerable exploration, production, and maintenance activities. Cranes are used extensively throughout the sector for tasks like drilling, rigging, and setting up equipment. The oil and gas industry continues to have a high need for crane rentals as the US explores and develops its energy resources.

The US is also a manufacturing powerhouse, home to a wide range of sectors including consumer products, aircraft, automobiles, and electronics. Cranes are needed in the manufacturing industry for equipment installation, assembly line work, and material handling. The rising demand for crane rentals is a result of US manufacturing's ongoing expansion and innovation.

Hence, the growing oil & gas industry in the USA projects a high demand for crane rental services creating an absolute $ opportunity of US$ 8.8 billion during the forecast period.

What are the Factors Driving Crane Rental Demand Across China?

The construction sector is currently seeing tremendous growth, due to urbanization and infrastructure development initiatives. Cranes are constantly needed in China due to the country's continued emphasis on developing highways, bridges, high-speed railways, industrial, and residential buildings.

China's manufacturing industry is expanding significantly as a result of both home and foreign demand. Cranes are necessary for material handling, equipment installation, and logistical support as manufacturers grow their operations.

The demand for crane rentals is also influenced by China's energy sector, which includes both conventional and renewable energy projects. Cranes are required for the development and upkeep of wind farms, solar power facilities, and traditional power infrastructure.

China's growing port and logistics sector needs cranes for infrastructure construction, shipbuilding, and cargo handling. Due to the country's position as a center of international trade, there is still a considerable need for crane rentals to support these operations.

Category-wise Insights

Why Mobile Cranes Type is Gaining Traction?

Mobile cranes are gaining appeal in the construction and heavy-lifting industries owing to their mobility, versatility, and technical developments. Their portability allows for greater flexibility and efficiency in construction operations. Technology advancements have increased lifting capacities and enhanced safety features, making them a dependable alternative.

Contractors save money and time by eliminating the need for time-consuming installation and disassembly operations with mobile cranes. Their adaptability to small areas adds to their allure. Overall, the combination of mobile cranes' mobility, versatility, expanded capabilities, and cost-effectiveness has contributed to their increasing popularity, making them a preferred solution for a wide range of lifting operations in the sector.

Mobile crane types are estimated to account for a market share of 59.1% in 2023 and grow at a CAGR of 4.6% during the forecast period.

How Construction Industry Is Contributing to Crane Rental Market Growth?

The demand for heavy lifting equipment in the construction industry has fueled the rise of the crane rental business. Crane rentals are preferred by construction businesses due to the high price and maintenance needs involved with crane ownership. Renting cranes is a cost-effective and flexible solution that allows access to a diverse selection of crane types adapted to specific project requirements.

The different requirements of the construction sector, such as high-rise building construction and infrastructure development, produce a continual demand for numerous crane types. Crane rentals provide the flexibility required to fulfill project-specific requirements and shifting workloads.

As the worldwide construction industry expands, the crane rental market is expected to increase further, driven by the need for efficient, dependable, and adaptive lifting solutions without the financial load and responsibility of crane ownership.

Eminent Player’s Key Stratagems

Prominent players operating in the global crane rental market are Altida Crane Hire, Bigrentz, Inc., Bryn Thomas Cranes Ltd, Crane Rental Service, Inc, Sims Crane & Equipment, Sparrows Group, Sterling Crane and United Rentals, Inc.

Crane rental service providers are expanding their crane fleet to provide a variety of options, offering competitive pricing and flexible rental terms, investing in advanced technologies and maintenance, providing excellent customer service, and forming strong partnerships with construction companies and contractors to secure long-term contracts.

Fact.MR has provided detailed information about the key rental service providers of cranes, their total fleet, service portfolio, and revenue growth, in the recently published report.

Segmentation of Crane Rental Industry Research

• By Crane Type :

  • Static Cranes
    • Overhead Cranes
      • Bridge Crane
      • Gantry Crane
      • Monorail Crane
      • Jib Crane
      • Workstation Crane
    • Tower Cranes
      • Hammerhead Cranes
      • Luffing Tower Cranes
      • Self-Erecting Tower Cranes
    • Mobile Cranes
      • Crawler Cranes
      • Rough Terrain Cranes
      • All-Terrain Cranes
      • Truck Cranes
      • Carry Deck Cranes
      • Floating Cranes

• By Capacity :

  • Static Cranes
    • Up to 30 Ton
    • 30 - 50 Ton
    • 50 - 75 Ton
    • 75 - 100 Ton
    • 100 - 150 Ton
    • 150 - 200 Ton
    • Above 200 Ton
  • Mobile Cranes
    • Up to 30 Ton
    • 30 - 50 Ton
    • 50 - 75 Ton
    • 75 - 100 Ton
    • 100 - 150 Ton
    • 150 - 200 Ton
    • Above 200 Ton

• By Boom Length :

  • Up to 60 m
  • 60-65 m
  • 65 – 70 m
  • 70 – 75 m
  • 75 – 80 m
  • Above 80 m

• By Lift Height :

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

• By Application Sector :

  • Aerospace & Defense
  • Agriculture & Forestry
  • Automotive
  • Construction
  • Energy & Power
  • Manufacturing
  • Metal & Mining
  • Oil & Gas
  • Paper & Pulp
  • Railway & Transportation
  • Shipyards & Shipbuilding
  • Utility
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa