DUBLIN--(BUSINESS WIRE)--The "Cranes Rental Market by Type (Mobile, Fixed), Weight Lifting Capacity, End-Use Industry (Building & Construction, Marine & Offshore, Mining & Excavation, Oil & Gas, Transportation), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
Growing investments from domestic and foreign investors in the country's economy are expected to drive the growth of the cranes rental market during the forecast period. Moreover, the preference of cranes on a rental basis rather than purchasing is expected to fuel the growth of the cranes rental market during the forecast period.
Mobile Cranes is the dominant type which is likely to drive the market for cranes rental market during the forecast period.
Based on type, the cranes rental market is segregated into mobile cranes and fixed cranes. Among these, mobile cranes accounted for the largest share in the cranes rental market. This is due to wide acceptability, mobility and ease of installation and setup, coupled with increasing demand from various end-use industries such as building & construction, transportation, and others are expected to drive the growth of cranes rental market.
Increasing miscellaneous activities is expected to drive the growth of low weight lifting capacity segment of cranes rental market.
Based on weight lifting capacity, the cranes rental market is segregated into low (0-100 Tons), low- medium (101-300 Tons), heavy (301-700 Tons) and extreme heavy (700+ Tons). Among these, low weight lifting capacity segment accounted for the largest share due to an increase in miscellaneous activities for construction, repairs, and maintenance around the globe which is expected to drive the growth of cranes rental market. Moreover, heavy weight lifting capacity to account for the second-largest share in the cranes rental market.
Increasing investment from domestic & foreign investors majorly in the building & construction industry is expected to fuel the growth of cranes rental market
Based on end-use industry, the cranes rental market is segregated into building & construction, marine & offshore, mining & excavation, oil & gas, transportation, and others. Building & construction, which consists of commercial & residential buildings and infrastructure (bridges, tunnels) is the major consumer of cranes in the cranes rental market and is projected to increase in the near future. This growth is attributed to increasing infrastructure activities in various parts of the world, such as China, India, Ghana, and other countries. Moreover, increasing investment in public and private sectors from domestic and foreign investors around the globe is expected to drive the growth of cranes rental market during the forecast period.
Asia Pacific occupied for the majority of the market share in 2019 and is projected to witness the fastest growth during the forecast period.
The Asia Pacific region is the largest and fastest-growing market for cranes rental. Due to increasing investments and rising population levels in the Asia Pacific region, the demand for cranes on a rental basis is expected to grow, and the trend is projected to increase in the near future. Middle East & Africa to account for the second-largest share in the cranes rental market.
The leading cranes renting companies, globally, profiled in this report are 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), among others.
- Ongoing Transformation of Urban Areas Into Smart Cities
- Covering of Insurance, Maintenance, and Breakdown Costs By Crane Renting Companies
- Preference for Old Cranes
- Low-Rent Cranes Offered By Small and Medium-Sized Enterprises
- Development of New Power Plants Using Renewable Sources of Energy
- Emergence of the Us as A Potential Market for Rented Cranes
- Lack of Skilled Workforce
- Action Construction Equipment Ltd
- Ahern Rentals, Inc
- Al Jaber Heavy Lift
- All Erection & Crane Rental Corp
- Buckner Heavylift Cranes, LLC
- Deep South Crane and Rigging
- Hitachi Construction Machinery Co, Ltd
- HSS Hire Service Group Plc
- Lampson International LLC
- Liebherr-Mietpartner Gmbh
- Maxim Crane Works, LP
- Mediaco Group
- Prangl Gesellschaft MBH
- Sanghvi Movers Limited
- Sarens Nv
- Sarilar Group
- Starlog Enterprises Limited
- TAT Hong Holdings Ltd
- Tiong Woon Corporation Holding Ltd
- Uchimiya Transportation and Engineering Co, Ltd
- United Rentals, Inc
- Weldex (International) Offshore Ltd
For more information about this report visit https://www.researchandmarkets.com/r/hq1iu1