Global Modular Crane Rental Market Size To Exceed USD 23.2 Billion by 2033 | CAGR of 5.96%
Category: Automotive & TransportationGlobal Modular Crane Rental Market Size To Exceed USD 23.2 Billion by 2033
According to a research report published by Spherical Insights & Consulting, The Global Modular Crane Rental Market Size is Expected to Grow from USD 13 Billion in 2023 to USD 23.2 Billion by 2033, at a CAGR of 5.96% during the forecast period 2023-2033.
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Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Modular Crane Rental Market Size, Share, and COVID-19 Impact Analysis By Type (Mobile Cranes, Tower Cranes, Overhead Cranes, and Others), By Application (Construction, Industrial, Logistics, and Others), By Capacity (Low, Medium, and High), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/modular-crane-rental-market
The modular crane rental market refers to Modular crane rental is the process of supplying cranes that are manufactured with interchangeable components, which are easily configurable and deployable to fit various project needs. These cranes are versatile, easy to transport, and ideal for short-term use in construction, manufacturing, and logistics industries. The modular crane rental industry offers a lot of opportunities, especially in developing economies where fast urbanization and industrialization are fueling infrastructure growth and construction activities. The increasing practice of leasing instead of owning equipment in these markets offers huge growth prospects for rental service providers. Additionally, advances in crane technology, including the incorporation of smart controls and improved safety features, are presenting new avenues for rental businesses to capture customers looking for contemporary and efficient lifting solutions. The growing emphasis on sustainability and carbon footprint reduction in construction and industrial activities also presents opportunities for businesses providing green crane solutions, further aiding market growth. However, meeting safety regulations and emissions standards can entail further investments in equipment redesign or training of the operators. Not meeting these requirements can lead to legal sanctions and loss of reputation for the rental company, influencing business activities.
The mobile cranes accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on type, the modular crane rental market is segmented into mobile cranes, tower cranes, overhead cranes, and others. Among these, the mobile cranes segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by flexibility when it comes to lifting diverse loads and for both short- and long-term projects. Furthermore, these cranes are especially demanded in construction and infrastructural work, where they can easily move around sites freely, which is a clear plus point
The construction segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on application, the global modular crane rental market is divided into construction, industrial, logistics, and others. Among these, the construction segment accounted for the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This segment's growth is attributed to construction firms taking advantage of various types of cranes, capacities, and high-tech features, which enhance their operations without requiring substantial capital outlays.
The medium segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on capacity, the global modular crane rental market is categorized into low, medium, and high. Among these, the medium segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to they are used extensively throughout construction, industrial maintenance, and logistics because they provide a compromise between lifting capacity and mobility, and therefore they are the most rented category.
Asia-Pacific is expected to hold the majority share of the global modular crane rental market during the forecast period.
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Asia-Pacific is expected to hold the majority share of the global modular crane rental market during the forecast period. Asia-Pacific offers immense opportunities for rental service providers that can leverage the economic dynamism in the region. Moreover, China, India, Indonesia, Thailand, Vietnam, and Japan are undertaking renewable energy projects and infrastructure construction activities, such as bridges, tunnels, and offshore platforms, which require the operation of cranes.
North America is anticipated to grow at the fastest pace in the global modular crane rental market during the forecast period. The market is driven by urban renewal projects, infrastructure restoration, and higher investment in renewable energy projects. Additionally, growth in the oil and gas industry, along with rising demand for wind energy installations, has triggered increased demand for cranes for lifting and assembling applications.
Major vendors in the global modular crane rental market are Sarens Group, Mammoet, Liebherr Group, Konecranes Plc, Terex Corporation, Tadano Ltd., XCMG Group, Sany Group, Manitowoc Company, Inc., Al Faris Group, ALE Heavylift, Maxim Crane Works, L.P., Bigge Crane and Rigging Co., and Others.
Key Target Audience
- Market Players
- Investors
- End-Users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers
Key Market Development
- In June 2024 , Liebherr's factory in Ehingen , Germany , expanded its product portfolio and introduced the world's most powerful 6-axle crane: the new LTM 1400-6.1 boasts a 70- meter telescopic boom and is defined by intelligent and umcomplicated set-up producers.
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the modular crane rental market based on the below-mentioned segments:
Global Modular Crane Rental Market, By Type
- Tower Cranes
- Overhead Cranes
- Others
Global Modular Crane Rental Market, By Application
- Construction
- Industrial
- Logistics
- Others
Global Modular Crane Rental Market, By Capacity
- Low
- Medium
- High
Global Modular Crane Rental Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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