Asia Pacific Crane Rental Market growth was estimated to be around USD 4 billion in 2019 and is expected to grow at a CAGR of over 6% from 2020 to 2026.
 

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The APAC market is projected to witness high growth over the forecast timeline. The growth in market size can be attributed to the positive outlook of the construction industry in India, China, and other Asian countries. Expansion drivers in Asia Pacific include the development of smart cities, commercial spaces, railway stations & lines, airports, etc. Some major ongoing projects in the Indian construction industry include Navi Mumbai International Airport, Delhi Mumbai Industrial Corridor and Chenab River Railway Bridge. Growing requirements for efficient construction machines at lower costs are creating growth opportunities for the crane rental market.

The growing influence of industry associations and market players is expected to contribute to the market demand. For instance, in March 2017, the Japan Construction Rental Association (JCRA) was added by The Global Rental Alliance (GRA) to its membership ranks. Crane rental companies are directing their efforts on providing advanced training courses and enhanced maintenance services on its rented equipment, which will improve the market share.

The ongoing COVID-19 health crisis has impacted the crane rental industry in Asia Pacific. Governments in this region are extensively focusing on containment of the virus and treatment of patients. This has led to a halt of major government sponsored construction projects, contributing toward a decline in demand for cranes. Crane rental companies operating in Asian countries are experiencing a steep decline in revenue due to rising financial insecurities among construction contractors. The crane rental industry in the region is expected to witness a steady growth during the first half of 2021.  

Increasing government initiatives to provide power, electricity facilities, and other utilities to rural & secluded areas are providing new opportunities for the crane rental market in Asia Pacific. The constant upkeep & maintenance of electric, telecom, and water facilities require cranes, which are able to reach inaccessible and high locations. Governments of Asian countries have largely invested in the construction of utility distribution facilities along with transportation networks, thereby contributing to the growing demand for rental cranes.

The key players operating in the market include Al Jaber Heavy Lift, AT Hong Holdings Ltd, Deep South Crane and Rigging, Lampson International LLC, Mammoet, Mediaco Group, Sanghvi Movers Limited, Sarilar Group, Tiong Woon Corporation Holding Ltd., Uchimiya Transportation and Engineering Co., Ltd., and Weldex (International) Offshore Ltd. These companies are focusing on expansion of their crane rental fleet and diversifying their business operations. For instance, in February 2017, Mammoet Cranes launched a new Crane Service Division and expanded its rental fleet with advanced machines.