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North America Crane Rental Market Size to Grow Over $5 bn by 2026
Published Date: 2020-11-11
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According to the Graphical Research new growth forecast report titled “North America Crane Rental Market Size By Product (Mobile Crane [All-terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Fixed Crane [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]), By Application (Construction & Mining, Manufacturing, Utility, Transportation, Oil & Gas)”, Estimated To Be Over USD 5 Billion by 2026.
The crane rental market in North America is driven by increasing demand for rental cranes from the booming manufacturing sector. The rental operators are heavily investing on environment friendly and technologically advanced cranes in order to increase the fleet size and cater to the rising customer demands. Establishment of new regulations and standards are contributing to the increasing equipment prices, encouraging the shift towards renting advanced crane models.
The vast spread of the COVID-19 pandemic in the U.S. and Canada have led to a slow growth in the crane rental industry in North America. The pandemic has impacted the overall value chain of the crane rental market. Rental companies are facing supply shortages of new equipment due to disruptions in manufacturing operations. Manufacturers are facing a shortage of raw materials and components. The unavailability of labor and decreasing market demand due to lockdowns in several economies are adversely impacting the production processes.
Rapid developments and investments in the power distribution sector in North America will drive the crane rental market growth. Cranes are being extensively used for maintenance & construction activities in power grids. Construction and power distribution contractors in North America are using mobile cranes to establish a robust power grid infrastructure to support the increasing electricity needs of the growing population. Rising inclination of utility distribution contractors to use rental cranes to reduce the operating costs in government funded projects is augmenting the market share.
The rapid rate of industrialization in Canada is expected to fuel the demand for cranes rentals in the country. The adoption of cranes is anticipated to rise due to the applications of cranes in oil & gas industries for safe operations. The mining and construction sectors in the region are projected to stabilize during the forecast timespan, boosting the demand for cranes and other construction equipment. Efforts by companies to expand their crane rental fleet are supporting the regional market growth.
Key players operating in the North America crane rental market include Mammoet, All Erection Crane, Maxim Crane Works, Lampson International and Sarens NV. These players are emphasizing on partnerships and collaborations to enhance their market share. For instance, in August 2020, Lampson International signed a partnership with Utah Mining Company to provide its Transi-Lift LTL-1100 crane to assist with mining and drilling operations. This aided the company to expand its customer reach in construction & mining applications.