North America Crane Rental Market Revenue to Reach $5B by 2026
SEP 17, 2021 - 6:00 am
According to a recent study from market research firm Graphical Research, the North America crane rental market size is set to register a significant growth, growing from more than $4.5 billion in 2019 at a CAGR of more than 3% from 2020 to 2026. Rapid urbanization in various regions across North America is reported to stimulate the market growth. The demand for commercial and residential spaces has been on the rise in the region, resulting in increased demand for construction industry. This has automatically stimulated demand for rented cranes.
Growing employment opportunities in urban areas has led to rise in the per-capita income of the American population. This has resulted in growth in demand for owning more and more residential and commercial properties. According to a report released by the U.S. Bureau of Census, the country saw an incredible rise of 4.1% in its construction activities and related spending in 2020 as compared to 2017.
The rising need to establish strong telecommunications infrastructure and network has led to increased demand for crane rental market in North America. This has led to increased federal investments towards the development of this sector. In fact, the U.S. government had announced an investment of $6 billion in building 5G and wireless technologies over the next five years.
Heavy-duty cranes are required when construction activities are taking place on a large scale. The cost of such large equipment is quite expensive for a construction company, which must bear other costs as well. Today, more and more construction companies are moving towards renting a construction equipment because the investment involved is much less compared to buying a new one. These factors have led to increased demand for crane rental industry in North America.
The COVID-19 pandemic has severely impacted the construction industry due to complete shutdown across various regions in North America to contain the spread of the virus. All construction activities came to a standstill and took the most time to recover due to lack of finance, manpower and raw materials. However, with the reopening of different industries across the region, the crane rental market will see substantial growth in its demand in the coming years.
Cranes are undergoing technological transformation as different technologies are being used to make them more efficient and productive. They will be highly beneficial for complex construction activities and for installing sound network infrastructure. This will foster crane rental industry trends in North America.
The U.S. crane rental industry is reported to experience substantial rise in demand during 2020-2026. Some of the major reasons contributing to this are lower operating costs and higher flexibility. These benefits have led companies to rent cranes instead of owning them. Strict rules and regulations imposed by the U.S. government regarding cranes and other safety guidelines are propelling the market growth as well.
Companies today are getting into strategic partnerships with other companies to gain competitive advantage and to increase their presence in different regions. For example, Maxim Crane Works acquired the assets of NCSG Crane and Heavy Haul in the month of September 2020, which supported the company’s expansion plans.
Some of the leading companies in crane rental market in North America are Deep South Crane and Rigging, Maxim Crane Works, Mammoet Holdings, All Erection Crane Rental, Sarens NV and many others.
Third-party originators (TPOs) play a crucial role for the customers and vendors they service and the partners who rely on their expertise and volume of business. TPOs who focus on equipment finance are a sophisticated group of entrepreneurs who care... read more
Despite some setbacks in containing the spread of COVID-19, the U.S. economy has made strides toward a “new normal.” As a result of the rapid shutdown and reopening of the economy, significant inflationary pressures have had and will continue to... read more