Global Modular Crane Rental Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2023 - 2033
The market for renting cranes is experiencing notable expansion as the need for economical and adaptable lifting options increases across different sectors of industry growth in 2023 to 2030 foresees a rise from USD 2.5 billion to USD 3.9 billion, with a compounded annual growth rate of about 6.7%.
Renting cranes offers temporary lifting solutions customized to suit the unique needs of construction sites and industrial or logistical projects by providing access to high quality lifting equipment without the need for a large upfront investment in capital expenses – presenting a cost effective and adaptable option, for projects spanning short or long duration.
Market Key Insights
- The Modular Crane Rental market is projected to grow from $2.5 billion in 2023 to $4.8 billion in 2033. This represents a CAGR of 6.7%, reflecting rising demand across Construction, Logistics and Oil & Gas.
- Mammoet Sarens and Liebherr operate as leading companies that influence the competitive dynamics of this market.
- U.S. and Germany are the top markets within the Modular Crane Rental market and are expected to observe the growth CAGR of 4.4% to 6.4% between 2023 and 2030.
- Emerging markets including India, Vietnam and Brazil are expected to observe highest growth with CAGR ranging between 7.7% to 9.2%.
- The Modular Crane Rental market will receive a $300.0 million boost from the transition to electric and hybrid cranes during the period up to 2030.
- The Modular Crane Rental market is set to add $2.3 billion between 2023 and 2033, with manufacturer targeting Oil & Gas & Mining Application projected to gain a larger market share.
- With Cost-effectiveness of rentals, and Growth in construction and infrastructure projects, Modular Crane Rental market to expand 91% between 2023 and 2033.
Opportunities in the Modular Crane Rental
The growing emphasis on sustainability is driving the use of fuel electric cranes creating opportunities for rental companies to meet demand, with eco friendly modular crane choices.
Growth Opportunities in North America and Asia-Pacific
North America Outlook
In North Americas modular crane rental sector is thriving because of its developed infrastructure and active construction projects that are part of urban development initiatives gaining traction in the regions market sector leaders such as Mammoet and Sarens are capitalizing on the growing need for heavy duty cranes, in this region.
Asia-Pacific Outlook
The Asia Pacific region is experiencing growth due to increased industrial activity and urban development in countries such as China, India and Vietnam. Key companies like Liebherr and Zoomlion are taking advantage of the rising need for versatile lifting solutions, in this region.
Market Dynamics and Supply Chain
Driver: Cost-Effectiveness of Rentals, and Technological Advancements in Cranes
The rising quantity of construction and infrastructure ventures worldwide is also driving up the need, for modular crane rentals as these projects commonly call for temporary and adaptable solutions. Making rentals the preferred option.
Restraint: High Operational Costs, and Safety and Regulatory Challenges
Safety regulations and compliance rules in areas can make rental services more complex and expensive, for providers.
Opportunity: Expansion in Emerging Markets and Digitalization and Fleet Management
The combination of Internet of Things (IoT) with fleet management systems in crane rentals improves effectiveness and client happiness while opening up fresh opportunities, for rental businesses.
Challenge: Shortage of Skilled Operators
Supply Chain Landscape
Liebherr
Terex
Mammoet
Sarens
Construction
Oil & Gas
Logistics
Liebherr
Terex
Mammoet
Sarens
Construction
Oil & Gas
Logistics
Applications of Modular Crane Rental in Construction, Logistics & Oil & Gas
Using crane rentals is crucial for construction projects to manage heavy loads efficiently and ensure smooth operations. Companies such, as Liebherr and Terex offer custom cranes designed specifically for large scale construction and infrastructure ventures.
Many companies use cranes for setting up pipelines and assembling rigs as well as carrying out maintenance tasks in the field of industry work. Top companies like Mammoet and ALE (which is now, under Mammoets umbrella ) focus on providing lifting equipment for both offshore and onshore ventures
Modular cranes are commonly utilized in ports and warehouses for handling loads efficiently and enhancing operational productivity. Konecranes and Sarens are at the forefront of the market with their approaches, in streamlining logistical processes.
Recent Developments
Mammoet has unveiled a range of environmentally friendly modular cranes to comply with sustainability regulations.
Sarens introduced a digital platform for managing fleets aiming to improve operational efficiency, in crane rentals.
Liebherr has introduced a modular crane that is specifically built for tackling large infrastructure projects with high capacity requirements.