Crane Rental Market Trends 2020-2026, North America, Europe & APAC Industry Statistics with COVID-19 Impact Analysis: Graphical Research
Europe Crane Rental market size to cross $6 billion valuation by 2026 | North American market to reach $5 Bn by 2026| Asia Pacific industry to register 6% CAGR through the projected duration
Pune, India – August 3, 2021 /MarketersMedia/ —
Graphical Research provides a detailed overview of crane rental market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
Below are some key trends that would majorly influence crane rental market expansion over through 2026:
Availability of favorable fixed crane rental plans in Europe
The Europe fixed crane rental industry is constantly expanding due to the availability of an extensive variety of technologically advanced cranes at affordable prices. The facility of rent paying options like flexible monthly down payments for yearly as well as monthly leases is augmenting the competition in the tower crane rental market across Europe. In addition, advantages of tower cranes like offering the ability to work at elevated heights and in confined spaces is increasing its demand across smart city and urban areas development projects in the region.
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Increasing adoption of mobile rental cranes across Europe
In terms of product, the adoption of rental mobile cranes across Europe is expected to rise over the coming years. This anticipated growth is ascribed to ongoing infrastructure development as well as substantial expansion of the region’s cement plants. The transportation and construction sectors are some of the key segments that are majorly contributing towards the surging use of mobile cranes across numerous on-going public and private infrastructure development projects.
Mobile cranes are utilized for unloading and lifting materials and for allowing these materials as well as workers to reach challenging locations that are difficult to access. Growing demand for cranes in the infrastructure development projects as well as factors like warehousing and rapid industrialization will boost the demand for rental mobile cranes in the region.
Expanding telecommunication sector across North America
North America crane rental market is likely to witness tremendous growth over the analysis timeline. A major factor driving the growth of the market in the region is the ongoing expansion of telecommunication facilities. Countries such as Canada and the U.S. are increasingly investing towards the development of a strong telecommunication infrastructure, which is creating a substantial demand for cranes and crane rental services.
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Favorable growth conditions in the U.S.
The U.S. crane rental market is expected to grow at a high rate over the forthcoming time period. This anticipated growth is ascribed to low operating costs and higher flexibility offered by renting cranes, making it more feasible than owning a crane. Strict government regulations for incorporating safety guidelines in cranes and improving the working environment would further contribute towards market growth. Major companies like Haulotte are also focusing on expanding their presence in the U.S., further driving the growth of cranes rental market in the U.S.
Rapid industrialization across Canada
Canada crane rental market is likely to witness tremendous growth over the coming years owing to rapid industrialization. The adoption of cranes is expected to increase owing to the wide application scope of cranes, mainly in oil & gas industries for smooth and safe operations. The construction and mining sectors in Canada are anticipated to stabilize over the estimated time period, which would further propel the demand for cranes as well as other construction equipment in the region. In addition, numerous efforts by companies for expanding their crane rental fleet will further complement the regional market growth.
Infrastructure development initiatives across the APAC
Supportive initiatives by regional governments across the Asia Pacific to provide electricity facilities, power, as well as other utilities to rural and isolated locations are generating new business growth opportunities for the crane rental market across APAC. The continuous maintenance and upkeep of water, telecom, and electric facilities need cranes that could reach inaccessible and challenging locations, creating immense demand for crane rental services. The regional government have also majorly invested in the construction of transportation networks and utility distribution facilities, thereby boosting the demand for cranes.
Rising adoption of crawler cranes across Asia-Pacific
In terms of product, the crawler crane segment is anticipated to witness high demand in the APAC market over the forthcoming time period. This anticipated growth is ascribed to the ability of crawler cranes to operate proficiently on off-road conditions. Crawler cranes are typically deployed for removal of debris, cargo loading, constructing bridges, and for demolition.
HSS Hire Service Group Plc, All Erection Crane Rental, Sanghvi Movers Limited, Deep South Crane and Rigging, Weldex (International) Offshore Ltd., Uchimiya Transportation and Engineering Co., Ltd., Al Jaber Heavy Lift, Prangl Gesellschaft M.B.H, Tiong Woon Corporation Holding Ltd., Mammoet Holdings, Liebherr-Mietpartner Gmbh, Sarilar Group, Sarens NV, Buckner Heavylift Cranes LLC, Lampson International LLC, Maxim Crane Works, AT Hong Holdings Ltd., Starlog Enterprises Limited., and Mediaco Group among many others are some of the key players operating in the crane rental market.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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