Growing Oil & Gas Industry Drives Demand for Crane Rental Services, States Fact.MR
The crane rental market is estimated to grow from US$ 53.3 billion in 2023 to US$ 83.5 billion in 2033 at a rate of 4.6% creating an absolute $ opportunity of US$ 30.3 billion.
Cranes are increasingly used for complicated operations in industries such as material handling, ship loading, manufacturing, and construction. Rental services allow access to the most recent crane models, removing the need for large upfront investments. The industry is also fuelled by public and private infrastructure expenditures in areas such as telecommunications, manufacturing, and oil and gas.
Furthermore, the demand for specialized cranes in renewable energy projects such as wind farms and solar systems contributes to the industry’s growth. These elements, taken together, drive the global crane rental market, thus, catering to a wide range of industry requirements.
Key Takeaways from Market Study
- The US market for crane rental is highly lucrative growing at a CAGR of 8%during the forecast period
- In 2018, the crane rental market had a valuation ofUS$ 42.3 billion
- Historic growth of the German crane rental market was 7%between 2018 to 2022
- By end use, the construction is estimated to account for a market share of 2%in 2023
- Mobile crane type is likely to grow at a CAGR of 6%during the forecast period creating an absolute $ opportunity of US$ 17.7 billion
“Crane Rental is a versatile and Comprehensive Solution Revolutionizing the Construction Industry. Increased public and private investment in new construction and development projects to improve infrastructure is expected to fuel the global crane rental industry. Demand for enhanced structures is also driving market expansion in a variety of industrial verticals such as telecommunications, manufacturing, oil and gas, and others. Furthermore, due to their increased productivity and efficacy when compared to traditional methods, these devices are becoming increasingly popular across a wide range of industries.” says a Fact.MR analyst.
Market Growth Stratagems
Prominent market players include Altida Crane Hire, Bigrentz, Inc., Bryn Thomas Cranes Ltd, Crane Rental Service, Inc, Sims Crane & Equipment, Sparrows Group, Sterling Crane, and United Rentals, Inc.
Leading crane rental companies recognize the need of maintaining a dependable fleet of high-quality cranes through frequent repairs and updates. Competitors distinguish themselves by providing smooth client service, which includes immediate response, prompt delivery, and full equipment explanations.
Crane rental companies are working on developing a strong web presence to gain a considerable market share. They invest in user-friendly websites and efficient booking mechanisms that allow customers to simply browse, check equipment availability, and make bookings. Offering online payment alternatives and thorough information on specifications, usage directions, and safety precautions improves the consumer experience even more.
