NEWARK, Del, July 04, 2023 (GLOBE NEWSWIRE) -- The cranes rental market is anticipated to be worth US$ 48.8 billion in 2023, advancing at a rate of 7.0% throughout the fore period to reach US$ 95.8 billion by 2033.
The demand for crane rental services has been steadily increasing owing to the surge in construction projects, urbanization, and infrastructure development across the world.
The integration of advanced technologies such as telematics, IoT, and automation has revolutionized the market's future trends.
These technologies enhance safety, improve operational efficiency, and enable real-time monitoring of crane performance and maintenance, leading to increased productivity and cost savings.
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The construction industry's growing focus on sustainability has influenced the cranes rental industry as well. Rental companies are offering eco-friendly and energy-efficient cranes, aligning with green building initiatives and environmental regulations.
Mobile cranes have gained significant traction due to their versatility, mobility, and ease of setup. They are well-suited for various applications, including construction, infrastructure maintenance, and disaster recovery projects.
Construction companies are increasingly outsourcing non-core activities, including equipment management, to specialized rental providers. This outsourcing trend contributes to market growth as companies prioritize their core competencies and reduce operational complexities.
Renting cranes eliminates the need for large capital investments, reducing financial burdens for construction companies. Additionally, rental services offer flexibility in equipment selection, allowing businesses to access specialized cranes based on project requirements.
Despite the positive growth prospects, the market for crane rental faces some challenges, one of which is that the market is highly competitive, with numerous players offering a wide range of rental services. This competition can lead to price pressures and thinner profit margins.
Rental companies must ensure proper maintenance and safety of their crane fleet to meet regulatory standards. Failure to do so can result in accidents, legal liabilities, and reputational damage, negatively influencing the overall cranes rental market growth.
Key Takeaways:
- The cranes rental market size in the United States is predicted to be valued at US$ 18.4 billion by 2033 on a global level.
- The market for cranes rental in the United Kingdom is projected to be expanding at a CAGR of 6.7% from 2023 to 2033.
- During the forecast period, the market for cranes rental in China is expected to secure a 6.9% CAGR.
- The value share of the cranes rental industry in Japan is estimated to reach US$ 17.4 billion by 2033.
- Based on type, the mobile cranes sub-segment is likely to achieve a 6.8% CAGR from 2023 to 2033.
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How Strong Is the Competition in the Cranes Rental Market?
The competition in the cranes rental market is intense, characterized by several leading players vying for market share.
Key aspects contributing to this intensity include market fragmentation, pricing pressures, diverse service offerings, customer relationships, technological advancements, market expansion strategies, and brand reputation.
With numerous regional and local players alongside leading international rental companies, the market is fragmented, resulting in fierce competition.
Price competition is significant, leading to price wars and thinner profit margins. Rental companies differentiate themselves through the range and quality of services offered, including equipment availability, maintenance support, on-site services, and customer support.
Establishing strong customer relationships is crucial, emphasizing exceptional customer service, timely deliveries, flexible rental terms, and value-added services. Technological advancements play a role in gaining a competitive edge, such as the adoption of telematics, IoT, and rental management software.
Market expansion strategies, including geographic expansion, partnerships, and collaborations, are employed to increase market share. Building a positive brand reputation is essential for winning contracts and retaining customers.
Segmentation Analysis:
By Type:
- Mobile Cranes
- Fixed Cranes
By Weight Lifting Capacity:
- Low
- Low-Medium
- Heavy
- Extreme Heavy
By End Use:
- Building & Construction
- Marine & Offshore
- Mining & Excavation
- Oil & Gas
- Transportation
- Others
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Table of Content (ToC):
1. Executive Summary | Cranes Rental Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Weight Lifting Capacity
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Weight Lifting Capacity, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Weight Lifting Capacity, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Weight Lifting Capacity, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Weight Lifting Capacity, 2023 to 2033
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