Cranes Rental Market Development Trends and Growth Drivers Analysis by 2026

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Cranes Rental Market Development Trends and
Growth Drivers Analysis by 2026

• The global crane rental market is projected to
  foresee tremendous growth over the coming years
  due to the increasing demand for gantry cranes
  and monorails across the transportation and
  logistics industry. Furthermore, companies
  offering crane rental service are increasingly
  collaborating with transportation companies and
  port authorities to increase the rental cranes
  adoption across these industries. According to a
  Global Market Insights Inc., research report, the
  crane rental market is likely to surpass a
  valuation of 16.5 billion by 2026.
• Likewise, companies are adding new cranes to
  their portfolio to attract more customers and
  increase their revenues as well. Citing an
  instance, in May 2019, Ideal Crane Rental
  reportedly announced that it has expanded its
  fleet through the addition of three new Liebherr
  mobile cranes LTM 1100-5.2, LTM 1160-5.2, and
  LTM 1450-8.1. Each of these cranes will address a
  specific need for the firm, as per the company.

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• With regards to type, the mobile crane segment is
  estimated to observe massive expansion over the
  coming years, primarily due to the increasing
  adoption of truck loader cranes by transportation
  and utility distribution contractors.
  Furthermore, crane rental companies are
  increasingly introducing new truck loader cranes
  in their product portfolios to address the rising
  demand. Taking September 2018 for instance, AW
  Leil Cranes and Equipment improved its fleet of
  mobile crane rentals through a 115 ton hydraulic
  truck crane to fulfill the versatile consumer
  demands.

• In addition to the truck loaders, the type
  segment would also observe heavy expansion due to
  the increasing demand for rough terrain cranes.
  These machines are observing a significant
  deployment, particularly across the mining
  sector. The exceptional ability of rough terrain
  cranes to work for long hours in tough
  environmental conditions is majorly augmenting
  their demand.

• Meanwhile, several crane rental industry players
  are focusing on forging long-standing
  partnerships deals with prominent equipment
  providers as well as large customers to
  effectively boost their market share. Equipment
  providers, on their part are focusing on new
  product launched to stand out and refine their
  product portfolios. In fact, recently in July
  2020, renowned industry player, Elliott Equipment
  announced the launch of its novel crane cab,
  which it would be making available for all
  Elliott cranes that have capacities that are 30
  tons and above.

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• Regional Analysis

• The Latin America crane rental market is
  observing a massive growth due to the rising
  level of industrialization and urbanization
  across the region. In addition, increasing
  instances of people migrating from rural areas to
  urban regions is augmenting the need for
  commercial and residential infrastructure, which
  is expected to propel the regional market share
  through the analysis time period.

• Competitive Analysis

• The competitive landscape of the global crane
  rental market is inclusive of players such as ALL
  Erection Crane Rentals, Mammoet, United Rentals,
  Inc., Starlog Enterprises Limited, Prangl
  Gesellschaft, Maxim Crane Works, and Elliott
  Equipment Company among others.

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