The crane rental market size is projected to reach USD 64.8 billion by 2029, at a CAGR of 5.1% from USD 50.6 Billion in 2024. The crane rental market is a pivotal segment within the broader construction and infrastructure industries, providing essential lifting and handling solutions for a wide array of projects.
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Key drivers of this market include infrastructure development and industrial demand. Large-scale infrastructure projects, such as bridges, highways, and public transport systems, significantly boost the need for cranes. Additionally, industries like oil and gas, mining, and others require heavy lifting solutions, further contributing to the market's growth.
Major players in this market compete through product innovation, strategic partnerships, acquisitions and geographic expansion to cater to the diverse needs of various end-use industries globally.
Based on type, the crane rental market has been segmented into mobile and fixed. Mobile cranes will be the fastest growing type, in terms of value, of the global market in 2024.
Mobile cranes are expected to be the fastest-growing segment in the crane rental market due to their versatility, flexibility, and efficiency. Unlike fixed cranes, mobile cranes can be easily transported and set up at various job sites, making them ideal for a wide range of construction and industrial projects. Their ability to move quickly and adapt to different terrains and project requirements significantly reduces downtime and increases productivity. Additionally, the advancements in mobile crane technology, such as enhanced lifting capacities and improved safety features, further boost their appeal. The growing number of infrastructure projects and the need for rapid urbanization in developing regions also contribute to the rising demand for mobile cranes, as they offer a practical and cost-effective solution for diverse lifting needs. This adaptability and efficiency make mobile cranes a preferred choice, driving their rapid growth in the crane rental market.
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Based on weightlifting capacity, the crane rental market has been segmented into low, low to medium, heavy and extreme heavy weightlifting capacity. Low weightlifting capacity accounted for the largest share, in terms of value, of the global market in 2024.
The low weightlifting segment holds the largest market share in the crane rental market due to its broad applicability and frequent use across various industries. These cranes are essential for a multitude of everyday tasks in construction, manufacturing, and maintenance projects, where heavy lifting is not required. The widespread urbanization and the increase in small to medium-sized construction projects, such as residential buildings, commercial structures, and minor infrastructure works, drive the demand for low weightlifting cranes. Their relatively lower rental cost compared to heavier cranes makes them a cost-effective choice for businesses, further fueling their popularity. Additionally, these cranes are easier to transport and operate, enhancing their utility in confined or urban spaces where maneuverability is crucial. The combination of versatility, cost-effectiveness, and operational efficiency makes low weightlifting cranes the most sought-after segment in the crane rental market.
Based on end-use industry, the crane rental market has been segmented into Building & Construction, Oil & Gas, Marine & Offshore, Mining & Excavation, Transportation and others. Building & Construction accounted for the largest share, in terms of value, of the global market in 2024.
The building and construction industry holds the largest market share in the crane rental market due to the sector's extensive and continuous demand for lifting solutions. As urbanization accelerates, there is a constant need for the development of residential, commercial, and infrastructural projects, such as high-rise buildings, shopping complexes, bridges, and roads. These projects require a variety of cranes to handle diverse lifting tasks efficiently. Additionally, the push towards modernization and the transformation of urban areas into smart cities further drive the demand for cranes in construction. The cyclical nature of construction activities, coupled with the need for specialized lifting equipment for different phases of construction, makes renting cranes a cost-effective and flexible solution for construction companies. This consistent and substantial requirement for crane services in building and construction projects underpins the dominance of this end-user industry in the crane rental market.
Asia Pacific is the largest region for the crane rental market due to several key factors.
The Asia-Pacific region holds the largest market share in the crane rental market due to several key factors. Rapid urbanization and industrialization in countries such as China, India, and Southeast Asian nations drive substantial demand for construction and infrastructure development. These countries are investing heavily in building new cities, expanding transportation networks, and enhancing public infrastructure to support their growing populations and economic activities. Furthermore, the booming construction industry, fueled by government initiatives and private investments in residential, commercial, and industrial projects, creates a continuous need for crane rental services. The region's dynamic economic growth and the increasing number of large-scale infrastructure projects, such as highways, bridges, and power plants, also contribute to the high demand for cranes. Additionally, the cost-effective and flexible nature of crane rentals makes them a preferred choice for companies looking to manage operational expenses efficiently. These factors collectively make Asia-Pacific the largest and fastest-growing market for crane rentals.
The key players in this market are Liebherr (Germany), United Rentals Inc. (US), Palfinger AG (Austria), Furukawa UNIC Corporation (Japan), Serens N.V. (Belgium), Mammoet (Netherlands), The Manitowoc Company, Inc. (US), Action Construction Equipment Ltd. (Japan), Maxim Crane Works (US), Manitex International Inc. (US) etc. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and acquisitions.
Recent
Developments in Cranes Rental Market Industry
· In November 2023, France's pioneering unit for utilizing treated wastewater to generate drinking water was inaugurated by Veolia (France) and Vendée Eau on November 16, 2023, as part of the Jourdain program. This innovative approach is set to contribute an extra 1.5 million cubic meters of drinking water during the heightened water scarcity periods from May to October in the Vendée region.
·
In July 2023, DuPont (US)
has unveiled the official commercial release of the DuPont™ FilmTec™ LiNE-XD
nanofiltration membrane elements designed specifically for lithium brine
purification.
· In May 2023, Xylem Inc. (US) has successfully finalized its acquisition of Evoqua Water Technologies Corp., a prominent provider of mission-critical water treatment solutions and services. This all-stock transaction, valued at around $7.5 billion, marks a significant strategic move for Xylem in expanding its capabilities in the water treatment sector.
·
In April 2022, Pentair (US) has introduced the Pentair Rocean Reservoir, an avant-garde
and eco-friendly water filtration system designed to offer consumers cleaner
tap water effortlessly. Featuring InstaClean Technology and certified to
eliminate or reduce 76 contaminants, the Pentair Rocean is positioned as an
environmentally conscious substitute for bottled water, accompanied by a sleek
and clean countertop appearance.
Frequently Asked Questions in Cranes Rental Market Industry
1. What is the expected growth rate of the water and wastewater treatment equipment market?
This study's forecast period for the crane rentalmarket is 2024-2029. The market is expected to grow at a CAGR of 5.0% in terms of value, during the forecast period.
2. Who are the major key players in the water and wastewater treatment equipment market?
Veolia (France), Xylem (US), Ecolab (US), DuPont (US), Pentair (UK), 3M (US), Aquatech International (US), Thermax Limited (India), Culligan Water (US), Calgon Carbon Corporation (US) etc. are the leading manufacturers and service provider of crane rentalmarket.
3. What are the emerging trends in the Water and wastewater treatment equipment market?
The water and wastewater treatment equipment market is witnessing several emerging trends that are shaping the industry's future. These trends include the adoption of advanced technologies such as membrane filtration, UV disinfection, and IoT sensors, which enhance treatment efficiency and performance. There's also a growing emphasis on water reuse and recycling solutions to address water scarcity and sustainability challenges, alongside the integration of smart water management systems with data analytics for real-time monitoring and optimization. Energy efficiency has become a key focus, driving the demand for green technologies and energy-efficient equipment to reduce operational costs and environmental impact. Additionally, the market is seeing a rise in decentralized and modular treatment systems, offering flexibility, scalability, and resilience in water management strategies. These trends collectively reflect the industry's evolution towards more innovative, efficient, and sustainable water treatment solutions.
4. What are the drivers and opportunities for the water and wastewater treatment equipment market?
The market growth is driven by lack of freshwater and water scarcity concerns driving the adoption of sustainable water management practices, increase in industrial consumption & discharge, growing global population coupled with risein urbanization & industrialization. The opportunities are smart water management and data analysis, focus on reuse and recycling along with growing demand for energy efficient advanced water treatment technologies.
5. What are the restraining factors in the water and wastewater treatment equipment market?
Stringent regulations in wastewater industry is the major restraint for this market.
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