Selbyville, Delaware, Dec. 13, 2022 (GLOBE NEWSWIRE) --
The cranes rental market valuation is expected to cross USD 25 billion by 2032, as reported in a research study by Global Market Insights Inc.
The high initial costs associated with acquiring new construction equipment is a key driver behind the 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 accounted for 35% of the 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 predicted to cross USD 12 billion by 2032, owing 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.
<h2>Strong investments towards mining projects to strengthen MEA market
On a regional spectrum, the MEA cranes rental market is projected to witness 4% CAGR till 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.
<h2>Product innovations to outline the competitive scenario for cranes rental market
The competitive landscape of the cranes rental market is of inclusive 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.
To cite an instance, 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.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Crane rental industry 360º synopsis, 2018– 2032
2.2 Business trends
2.2.1 Total Adressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Product trends
2.5 Application trends
Chapter 3 Crane Rental Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.2.1 North America
3.2.2 Europe
3.2.3 Asia Pacific
3.2.4 Latin America
3.2.5 MEA
3.3 Impact of Russia-Ukraine conflict
3.4 Crane rental industry ecosystem analysis
3.4.1 Raw material suppliers
3.4.2 Component suppliers
3.4.3 Manufacturers
3.4.4 Software/technology providers
3.4.5 Rental providers
3.4.6 Distribution channel analysis
3.4.7 End-use landscape
3.4.8 Profit margin analysis
3.4.9 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 Autonomous cranes
3.5.2 Anti-collision systems
3.5.3 Telematics technology
3.6 Regulatory landscape
3.6.1 North America.
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 High purchasing cost associated with new equipment
3.7.1.2 Rapidly growing manufacturing sector in North America & Europe
3.7.1.3 Increasing investments in infrastructure development in APAC
3.7.1.4 High demand for crane rental from oil & gas sector in MEA
3.7.1.5 Rising construction and mining activities in Latin America
3.7.2 Industry pitfalls & challenges
3.7.2.1 Lack of skilled and qualified operators
3.7.2.2 High maintenance and repair costs
3.8 Key initiatives & news
3.9 Price trend analysis
3.10 Patent analysis
3.11 Investment portfolio
3.12 Growth potential analysis
3.13 Porter’s analysis
3.13.1 Supplier power
3.13.2 Buyer power
3.13.3 Threat of new entratnts
3.13.4 Threat of substitutes
3.13.5 Internal rivalry
3.14 PESTEL analysis
3.14.1 Political
3.14.2 Economical
3.14.3 Social
3.14.4 Technological
3.14.5 Legal
3.14.6 Environmental
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About Global Market Insights Inc.
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.
