Cranes Rental Market 2020| Industry Size, Trends, and Growth by 2026
Selbyville, Delaware, United States, September 10 2020 (Wiredrelease) Global Market Insights, Inc –:The crane rental market is anticipated to observe immense revenue growth through the forthcoming years owing to the rising demand for gantry cranes and monorails in the transportation and logistics sector. Additionally, crane rental service firms are increasingly collaborating with transportation organizations and port authorities in order to boost the adoption of their rental cranes in these high-demand sectors, which is expected to further shape industry growth over the coming years.
Meanwhile, industry players are also introducing new, technologically advanced cranes to their respective product portfolio to attract more customer attention and further increase the revenue generating potential of their fleets. Taking May 2019 for instance, Ideal Crane Rental reportedly expanded its fleet size with the addition of three Liebherr mobile cranes LTM 1100-5.2, LTM 1160-5.2, and LTM 1450-8.1. Each of the newly added cranes would address one particular need of the firm. Such portfolio expansions are anticipated to be more frequent and further expand industry growth prospects.
As per a research report by Global Market Insights Inc., the crane rental market is likely to exceed a $16.5 billion valuation by the end of 2026.
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Given below is an overview of the top three trends influencing the crane rental market:
Increasing adoption of mobile cranes
With regards to type, increasing deployment of truck loader cranes across utility distribution and transportation sectors is projected to propel the mobile crane segment over the coming years. In addition, growing product launches of truck loader cranes, with new features, by crane rental companies to address the growing product demand are propelling the segment size. Citing an instance, in September 2018, AW Leil Cranes and Equipment, a Canadian crane rental company, improved its fleet of mobile cranes by integrating a 115-ton hydraulic truck crane to fulfill versatile consumer demands.
Growing traction of rough-terrain cranes in mining
The crane type segment is further projected to witness tremendous growth owing to the rising demand for rough terrain cranes across mining applications. This demand for rough terrain cranes is ascribed to their exceptional ability to operate for long hours across tough environmental conditions. Owing to this, the machines observe immense deployment majorly in the mining sector.
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Increasing product demand from Latin America
Geographically, the increasing urbanization and industrialization across Latin American countries is projected to drive the LATAM crane rental market. Furthermore, growing trend of urban migration, where more people are shifting from rural areas to urban cities is further fostering the need for commercial and residential infrastructure development. All these factors are expected to push the regional market landscape through the analysis time period.
Numerous crane rental market players are focusing on forging long-standing collaboration agreements with major equipment providers and prominent consumers to effectively bolster their market share. Likewise, equipment providers are also aiming at new product launches to stand out and refine their product offerings. Taking July 2020 for instance, prominent market player, Elliott Equipment reportedly launched a new crane cab that focuses on crane operator comfort, visibility, and productivity. The company would provide this cab to all Elliott cranes whose capacities are 30 tons or more.
The competitive landscape of the global crane rental market is inclusive of players such as ALL Erection Crane Rentals, United Rentals, Inc., Mammoet, Starlog Enterprises Limited, Elliott Equipment Company, Prangl Gesellschaft, and Maxim Crane Works among others.
Table of contents for this research [email protected] https://www.gminsights.com/toc/detail/cranes-rental-market
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and forecast parameters
220.127.116.11. Assumptions, methodology and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Crane rental industry 360° synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Product trends
2.1.4. Application trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on crane rental industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
18.104.22.168. North America
22.214.171.124. Asia Pacific
126.96.36.199. Latin America
3.2.3. Industry value chain
188.8.131.52. Research & development
3.2.4. Competitive landscape
184.108.40.206. Distribution network
220.127.116.11. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.3. Rental providers
3.3.4. End use landscape
3.3.5. Distribution channel analysis
3.3.6. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Industry impact forces
3.6.1. Growth drivers
18.104.22.168. High purchasing cost associated with new equipment
22.214.171.124. Rapidly growing manufacturing sector in North America & Europe
126.96.36.199. Increasing investments in infrastructure development in APAC
188.8.131.52. High demand for crane rentals from oil & gas sector in MEA
184.108.40.206. Rising construction and mining activities in Latin America
3.6.2. Industry pitfalls & challenges
220.127.116.11. Lack of skilled and qualified operators
18.104.22.168. High maintenance and repair costs
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
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