Markets & Reports
Changing construction needs to spur growth in global crane rental market
December 11, 2023 By CHC Staff
VANCOUVER – An analysis of the global crane rental market, published by Emergen Research, has predicted a steady rise for the sector over the next decade.
The market, which was valued at $48.6 billion USD in 2022, is expected to experience a compound annual growth rate (CAGR) of 5.1 per cent over a 10-year period, pushing its size to $79.35 billion USD by 2032.
As of 2022, the largest revenue share in the global rental cranes market was held by the mobile cranes segment, which is also expected to be the primary growth driver during the forecast period. This is due to the increase of urban infrastructure projects and the efficient solutions they provide as project demand increases.
Tower cranes are also expected to hold steady as a contributor to this growth, driven by the need for skyscraper construction and their lifting versatility; being suited for a range of tasks including lifting and positioning steel beams, moving heavy equipment and concreting parts of structures.
A number of factors are responsible for these conclusions. This includes the ease of process and quality guarantees that rental firms provide as contractors and companies find themselves spread thin by project volume, along with strategic innovations such as the growth of the MYCRANE online crane rental platform, which launched services in India in October 2023.
The majority of revenue driving this growth is brought in by large and medium-sized companies, the report found. Some of the major players mentioned by the report include Maxim Crane Works, United Rentals, TNT Crane & Rigging, Mammoet and Sarens.
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