Selbyville, Delaware, July 28, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on crane rental market which estimates the global market valuation for crane rental will cross US$ 16.5 billion by 2026. The rising demand for monorail & gantry cranes in logistics and transport applications is expected to boost the market size over the forecast timeline. Crane rental service providers are collaborating with port authorities and transportation companies, supporting the adoption of rental cranes in these sectors.
The growing spread of the COVID-19 pandemic in the first two quarters of 2020 has caused a slowdown in the growth of the crane rental industry. Several big construction projects and mining activities have temporarily been suspended to contain the spread of the virus. Manufacturers and construction contractors are facing several financial insecurities and refraining from investing in new equipment rental contracts, hampering the growth of the crane rental market.
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The mobile crane segment is expected to witness a high growth in the crane rental market. Transportation & utility distribution contractors are increasingly adopting flexible truck loader cranes owing to their enhanced mobility and ability to lift heavy loads. Crane rental service providers are adding new truck loader cranes to their fleet in response to the high demand. For instance, in September 2018, AW Leil Cranes & Equipment enhanced its mobile crane rental fleet with a 115-ton hydraulic truck crane to cater to versatile customer requirements.
The crane rental market in Latin America is witnessing a high growth owing to increasing urbanization and industrialization in the region. Population shift from rural to urban areas is creating a demand for residential & commercial infrastructure, augmenting the market.
Leading industry players are focusing on expanding their business operations to cater to a wide customer base and augment their revenues. For instance, in July 2020, Maxim Crane Works announced the expansion of its business in three new locations, St. Louis, Denver, and Kansas City in the U.S.
Browse key industry insights spread across 205 pages with 255 market data tables & 27 figures & charts from the report, “Cranes Rental Market Share & Forecast, 2020-2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cranes-rental-market
Key players operating in the crane rental market include Elliott Equipment Company, Maxim Crane Works, L.P., Prangl Gesellschaft M.B.H, Starlog Enterprises Limited, United Rentals, Inc., Mammoet, and ALL Erection Crane Rentals
Some major findings in the crane rental market report include:
- Growing market share of crane rental equipment can be attributed to the high cost of purchasing new equipment. Steep maintenance & repair costs associated with cranes are also encouraging contractors to rent cranes instead of purchasing new ones.
- Increasing private sector and government investments in utilities, such as electricity distribution and telecom network expansion, are creating a robust demand for crane rental services across the globe. Fixed tower cranes are witnessing high adoption in these sectors.
- Rough terrain cranes are witnessing a high demand in mining applications. The ability of these cranes to operate in harsh environmental conditions for long hours is contributing to their market size growth.
- Crane rental market players are engaged in forming long-standing partnerships with equipment providers and large customers to increase their market share. Mergers & acquisitions are also one of the key strategies adopted by industry players.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/cranes-rental-market
Partial chapters of report table of contents (TOC):
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on crane rental industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Industry value chain
3.2.3.1. Rental
3.2.3.2. Research & development
3.2.3.3. Manufacturing
3.2.3.4. Marketing
3.2.3.5. Supply
3.2.4. Competitive landscape
3.2.4.1. Strategy
3.2.4.2. Distribution network
3.2.4.3. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Manufacturers
3.3.3. Rental providers
3.3.4. End use landscape
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. High purchasing cost associated with new equipment
3.6.1.2. Rapidly growing manufacturing sector in North America & Europe
3.6.1.3. Increasing investments in infrastructure development in APAC
3.6.1.4. High demand for crane rentals from oil & gas sector in MEA
3.6.1.5. Rising construction and mining activities in Latin America
3.6.2. Industry pitfalls & challenges
3.6.2.1. Lack of skilled and qualified operators
3.6.2.2. High maintenance and repair costs
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
Browse related report:
Crane Aftermarket Size By Type (Replacement Parts [Gears, Shafts, Controls, Motors, Brakes], Services), By Application (Mobile Crane [All-Terrain Crane {Replacement Parts, Services}, Crawler Crane {Replacement Parts, Services}, Rough Terrain Crane {Replacement Parts, Services}, Truck Loader Crane {Replacement Parts, Services}, Fixed Crane [Monorail Crane {Replacement Parts, Services}, Tower Crane {Replacement Parts, Services}, Stiffleg Crane {Replacement Parts, Services}, Gantry Crane {Replacement Parts, Services}]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
https://www.gminsights.com/industry-analysis/crane-aftermarket
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.