CHICAGO, Aug. 9, 2019 /PRNewswire/ -- According to the new market research report "Cranes Rental Market by Type (Mobile, Fixed), Weight Lifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy), End-Use Industry (Building & Construction, Marine & Offshore, Mining & Excavation, Oil & Gas, Transportation), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Cranes Rental Market is expected to grow from USD 42.1 billion in 2019 and is projected to reach USD 53.1 billion by 2024, at a CAGR of 4.7% from 2019 to 2024. Major drivers of the market include the increasing demand from various end-use industries, public & private investments, and growing demand for cranes on rental basis rather than purchasing.
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Mobile cranes are projected to lead the market during the forecast period
Based on type, the cranes rental market is segregated into mobile cranes and fixed cranes. Among these, mobile cranes accounted for the largest share in the cranes rental market due to its wide acceptance in various end-use industries such as building & construction, transportation, and others. Moreover, advantages such as mobility, less time consuming of installation and setup are expected to fuel the growth of mobile cranes in cranes rental market.
Low weight lifting capacity segment to be the most consumed category of cranes rental market during the forecast period
Based on weight lifting capacity, the cranes rental market is segregated into low (0-100 Tons), low- medium (101-300 Tons), heavy (301-700 Tons) and extreme heavy (700+ Tons). Among these, low weight lifting capacity segment accounted to the largest share due to an increase in miscellaneous activities for construction, repairs, and maintenance around the globe, which is expected to drive the growth of cranes rental market. Moreover, low weight lifting capacity segment is to register the highest CAGR during the forecast period.
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Asia Pacific is projected to be the largest consumer of cranes on a rental basis during the forecast period.
By region, the cranes rental industry is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific accounted for the largest share and is expected to continue to remain in the near future due to increase in building & construction activities in the region, coupled with supporting investments from domestic and foreign investors. Also, Asia Pacific is to register the highest CAGR during the forecast period.
Key players in the Cranes Rental Market are Sarens NV (Belgium), Mammoet (Netherlands), ALL Erection & Crane Rental Corp. (US), Lampson International LLC (US), Action Construction Equipment Ltd. (India), Maxim Crane Works, L.P. (US), ALE (US), Sanghvi Movers Limited (India), and Deep South Crane and Rigging (US), among others, are considered for the study.
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