Global Modular Crane Rental Market Outlook
Revenue, 2023
$2.5B
Forecast, 2033
$4.8B
CAGR, 2024 - 2033
6.7%
The Modular Crane Rental industry revenue is expected to be around $2.8 billion in 2024 and expected to showcase growth with 6.7% CAGR between 2024 and 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, Liebherr are among the leading players in this market, shaping its competitive landscape.
- 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%.
- Transition like Shift to Electric and Hybrid Cranes has greater influence in United States and Germany market's value chain; and is expected to add $141 million of additional value to Modular Crane Rental industry revenue by 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 also 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
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.
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
01
Driver: Cost-Effectiveness of Rentals, and Technological Advancements in Cranes
The increasing expenses associated with buying and upkeeping cranes lead to a surge in the need, for crane rental services enabling businesses to use cutting edge lifting equipment without financial investments. Advancements in crane technology like control and modular designs improve productivity and safety levels significantly.This progress boosts the attractiveness of cranes, in rental markets by allowing service providers to cater to a wide range of client requirements.
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.
02
Restraint: High Operational Costs, and Safety and Regulatory Challenges
The costs associated with operations such, as transportation and maintenance can be quite high. This can make it challenging for smaller businesses to afford renting cranes.
Safety regulations and compliance rules in areas can make rental services more complex and expensive, for providers.
03
Opportunity: Expansion in Emerging Markets and Digitalization and Fleet Management
The rapid growth of industries and cities in nations such as India and Brazil presents prospects, for companies offering modular crane rental services to meet the increasing needs of construction and infrastructure projects happening in these regions.
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.
04
Challenge: Shortage of Skilled Operators
Operating modular cranes effectively relies on individuals; without proper training resources available, in the market may restrict its growth.
Supply Chain Landscape
1
Component Supplier
LiebherrTerex
2
Service Provider
MammoetSarens
3
End User
ConstructionOil & GasLogistics
1
Component Supplier
LiebherrTerex
2
Service Provider
MammoetSarens
3
End User
ConstructionOil & GasLogistics
Use Cases of Modular Crane Rental in Construction & Logistics
Construction : 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.
Oil & Gas : 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
Logistics : 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
Industry progress is showcased through the introduction of friendly cranes by Mammoet and Sarens digital system for managing fleets – underscoring a commitment to innovation and sustainability in the sector. Additionally Liebherrs adaptable high capacity crane serves as a testament to the increasing need for tailor made solutions, in projects that cater across various fields of applications.
September 2024 : Mammoet has unveiled a range of environmentally friendly modular cranes to comply with sustainability regulations.
July 2024 : Sarens introduced a digital platform for managing fleets aiming to improve operational efficiency, in crane rentals.
March 2024 : Liebherr has introduced a modular crane that is specifically built for tackling large infrastructure projects with high capacity requirements.
Impact of Industry Transitions on the Modular Crane Rental Market
As a core segment of the Lifting Equipment industry,
the Modular Crane Rental market develops in line with broader industry shifts.
Over recent years, transitions such as Shift to Electric and Hybrid Cranes and Focus on Urban Infrastructure Development have redefined priorities
across the Lifting Equipment sector,
influencing how the Modular Crane Rental market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Shift to Electric and Hybrid Cranes
Rental companies are increasingly adopting hybrid modular cranes in response, to mounting environmental worries and to align with sustainability objectives. This industry transition is expected to add $141 million in the industry revenue between 2023 and 2030.
02
Focus on Urban Infrastructure Development
The growth of cities and urban development initiatives is boosting the need for rental services of modular cranes in areas, with high population density.