The global crane rental market is projected to foresee tremendous growth over the coming years due to the increasing demand for gantry cranes and monorails across the transportation and logistics industry. Furthermore, companies offering crane rental service are increasingly collaborating with transportation companies and port authorities to increase the rental cranes adoption across these industries.
Likewise, companies are adding new cranes to their portfolio to attract more customers and increase their revenues as well. Citing an instance, in May 2019, Ideal Crane Rental reportedly announced that it has expanded its fleet through the addition of three new Liebherr mobile cranes; LTM 1100-5.2, LTM 1160-5.2, and LTM 1450-8.1. Each of these cranes will address a specific need for the firm, as per the company. Such fleet expansions are expected to become more frequent and outline industry growth prospects.
According to a Global Market Insights Inc., research report, the crane rental market is likely to surpass a valuation of $16.5 billion by 2026.
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With regards to type, the mobile crane segment is estimated to observe massive expansion over the coming years, primarily due to the increasing adoption of truck loader cranes by transportation and utility distribution contractors. Furthermore, crane rental companies are increasingly introducing new truck loader cranes in their product portfolios to address the rising demand. Taking September 2018 for instance, AW Leil Cranes and Equipment improved its fleet of mobile crane rentals through a 115 ton hydraulic truck crane to fulfill the versatile consumer demands.
In addition to the truck loaders, the type segment would also observe heavy expansion due to the increasing demand for rough terrain cranes. These machines are observing a significant deployment, particularly across the mining sector. The exceptional ability of rough terrain cranes to work for long hours in tough environmental conditions is majorly augmenting their demand.
On the regional front, the Latin America crane rental market is observing a massive growth due to the rising level of industrialization and urbanization across the region. In addition, increasing instances of people migrating from rural areas to urban regions is augmenting the need for commercial and residential infrastructure, which is expected to propel the regional market share through the analysis time period.
Meanwhile, several crane rental industry players are focusing on forging long-standing partnerships deals with prominent equipment providers as well as large customers to effectively boost their market share. Equipment providers, on their part are focusing on new product launched to stand out and refine their product portfolios. In fact, recently in July 2020, renowned industry player, Elliott Equipment announced the launch of its novel crane cab, which it would be making available for all Elliott cranes that have capacities that are 30 tons and above.
Additionally, market players are expanding their business across various locations in order to grow their regional footprints and increase their revenues. Citing an instance, in July 2020, Maxim Crane Works, a leading crane rental and service provider in the United States, reportedly announced that it launched three new office locations across St. Louis, Kansas City, and Denver.
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The competitive landscape of the global crane rental market is inclusive of players such as ALL Erection Crane Rentals, Mammoet, United Rentals, Inc., Starlog Enterprises Limited, Prangl Gesellschaft, Maxim Crane Works, and Elliott Equipment Company among others.
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