According to a recent study from market research firm Global Market Insights, the crane rental market is set to grow from its current market value of more than $13.5 billion to over $16.5 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
With increasing investments towards infrastructure upgrades and development initiatives, the global crane rental market is forecast to record momentous gains over the coming years. Additionally, the increasing number of residential and commercial construction projects across the globe would also compliment the industry growth.
Recently, the United States House of Representatives approved an unprecedented $1.5 trillion infrastructure development package. The package focuses on mending the country's rapidly deteriorating infrastructure. This is expected to create a significantly lucrative business opportunity for the crane rental service providers in the region, fostering market demand.
The infrastructure bill essentially dedicates approximately $500 billion to address surface transportation needs, over $130 billion to the school infrastructure, more than $70 billion for improving the country's electric grid, over $100 billion for expanding broadband internet capabilities, more than $100 billion for housing, and more than $30 billion for healthcare facilities.
Such efforts are not just limited to the U.S.; rapid economic growth has spawned new initiatives all throughout the globe, which is projected to create numerous revenue growth opportunities for the industry. India recently sanctioned a $212.80 billion package for developing its infrastructure sector, primarily highways, urban transport, and renewable energy.
The overall crane rental market is bifurcated into different segments on the basis of type, applications, and region.
With respect to type, the crane rental market is categorized into mobile cranes, and fixed cranes. The mobile cranes are further divided into crawler, all terrain, truck loader, and rough terrain. Meanwhile, the fixed cranes market is further divided into monorail, tower, stiffleg, and gantry. Among these, the fixed cranes segment is expected to witness remunerative growth owing to steadily rising material handling applications.
In terms of application, the crane rental market is classified into transport, construction & mining, manufacturing, oil & gas, and utility. Among these, the construction and mining sector is expected to experience considerable revenue growth. In fact, the crane rental industry is the U.S. is anticipated to record a CAGR of more than 3.5% owing to growing investments in the commercial as well as residential infrastructure.
From a regional frame of reference, the Middle East & Africa cranes rental market is slated to register a rapid growth rate due to the increasing product demand from the regional oil and gas industry. As per recent analysis by Norway-based Rystad Energy, spending on oil & gas exploration efforts is expected to witness a five-fold increase by 2025. These efforts would effectively create a number of different application opportunities for the regional crane rental industries.
Additionally, a considerable amount of growth is also expected to come from Africa's construction sector, which driven by the region's steady economic growth would be creating ample investment opportunities for the regional crane market.