Global Modular Crane Rental Market Size, Share, and COVID-19 Impact 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.

Global Modular Crane Rental Market Insights Forecasts To 2033

• The Global Modular Crane Rental Market Size was Estimated at USD 13 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 5.96% from 2023 to 2033
• The Worldwide Modular Crane Rental Market Size is Expected to Reach USD 23.2 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The global modular crane rental market was worth around USD 13 billion in 2023 and is predicted to grow to around USD 23.2 billion by 2033, with a compound annual growth rate (CAGR) of 5.96% between 2023 and 2033. The market is driven by the proliferating construction and logistics industries, which are opting for modular cranes on a large scale due to their versatility, affordability, and ease of use in different project needs.

Market Overview

The modular crane rental market refers to the process of leasing cranes constructed from modular parts, i.e., their components (such as beams, columns, bases, and hoists) can be assembled, disassembled, tailored, and moved according to the unique lifting requirements of a project. The market is driven by encompassing urbanization, mega infrastructure ventures, and a demand for movable solutions without committing to ownership. Technology is transforming the market with applications such as the incorporation of telematics, GPS tracking, and remote monitoring of equipment, allowing for improved operational efficiency and security. Furthermore, the emergence of digitalization and IoT technologies in the industrial and construction sectors is another huge opportunity for the modular crane rental industry. With industries embracing smart technologies to drive operational efficiency, there is increased demand for cranes with high-end monitoring and control systems. Moreover, rental service providers can make the most out of this trend by providing cranes that incorporate IoT-based capabilities, enabling clients to track equipment performance and enhance their operations in real time. This shift towards technology is prompting the demand for flexible and creative rental options that can be attuned to the evolving needs of contemporary industries, setting rental firms up for long-term success.

Report Coverage

This research report categorizes the modular crane rental market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the modular crane rental Market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the modular crane rental market.

Driving Factors

The modular crane rental market is driven by some major trends. The need for modular crane rental services is driven by continuous infrastructure development projects across the world. Urbanization, the growth of transportation networks, and the construction of commercial and residential structures fuel the demand for cranes to lift heavy loads, facilitate construction work, and ensure timely project completion. Furthermore, renting cranes is cost-effective compared to buying and maintaining these costly machines. Other sectors and construction companies save money on initial capital investments, storage costs, and maintenance costs through crane rental services. The option enables companies to maximize the usage of resources and stay within budgets during projects. Moreover, the urbanization trend and infrastructure growth in emerging economies are significantly impacting market dynamics, offering plenty of growth opportunities for rental service providers.

Restraining Factors

The modular crane rental market encounters certain difficulties that would restrain its development. The unstable economic conditions and the cyclic demand nature of the construction and industrial sectors. Economic recessions can result in decreased investments in infrastructure projects and industrial expansions, affecting demand for crane rentals. Moreover, the market also has high competition among rental services, which can result in price pressures and lower profit margins.

Market Segmentation

The modular crane rental market share is classified into type, application, and capacity.

• The mobile cranes 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 type, the modular crane rental market is segmented into mobile cranes, tower cranes, overhead cranes, and others. Among these, the mobile cranes segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segmental growth is due to their mobility, flexibility, and usability in numerous applications. Furthermore, with the development of crane technology, new mobile cranes are designed with improved safety features and automation, which makes them a popular choice for rental purposes.

• The construction segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable 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 a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by the global trend in infrastructure growth and urbanization ventures. Additionally, modular cranes play a crucial role in handling and moving heavy equipment and building materials efficiently, allowing for the successful completion of projects on time. 

• The medium segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable 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 accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segment's growth is attributed mainly to the increasing complexity of building projects and demand for effective handling of materials within industrial and logistic settings. Moreover, providers of rental services are investing heavily in a broad range of mid-capacity cranes with a high level of features to handle the varied needs of their clients, keeping them competitive in business.

Regional Segment Analysis of the Modular Crane Rental Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the modular crane rental market over the predicted timeframe.

Asia-Pacific is anticipated to hold the largest share of the modular crane rental market over the predicted period. This dominance is due to the fast-paced industrialization, urbanization, and infrastructure development across nations such as China, India, and Southeast Asia. Furthermore, the construction boom in the region, coupled with rising investments in smart city projects, is driving demand for modular crane rentals.

North America is expected to grow rapidly in the modular crane rental market during the forecast period. The market in the region is driven by the continuing investments in infrastructure redevelopment and industrial automation. Moreover, within North America, the United States and Canada are continually investing in big-ticket infrastructure initiatives and smart city expansion, fueling the need for crane rental.

Competitive Analysis:

The report offers an appropriate analysis of the key organization markets/companies involved within the modular crane rental market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, business strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In October 2022, Thunder Cranes is delighted to announce opened for business in the Middle East and Africa. The offshore crane business had an earlier presence with a base in Dubai from 2009 to 2019 - now re-established - and further has just opened a new base of operations in Luanda to cover Angola and western Africa.

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:  

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