The cranes rental market is estimated to be USD 42.1 billion in 2019 and is projected to reach USD 53.1 billion by 2024, growing at a CAGR of 4.7% from 2019 to 2024. Increasing demand for rental cranes from various end-use industries, coupled with growing investments from domestic & foreign investors in the country’s economy is expected to drive the growth of cranes rental market during the forecast period.
By region, the cranes rental market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific accounted for the largest share and is expected to continue to remain in the near future due to increase in building & construction activities in the region, coupled with supporting investments from domestic and foreign investors. Also, Asia Pacific is to register the highest CAGR during the forecast period.
Major companies operating in the cranes rental market include Sarens NV (Belgium), Mammoet (Netherlands), ALL Erection & Crane Rental Corp. (US), Lampson International LLC (US), Action Construction Equipment Ltd. (India), Maxim Crane Works, L.P. (US), ALE (US), Sanghvi Movers Limited (India), and Deep South Crane and Rigging (US) hold a potential share in cranes rental market.
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Mammoet (Netherlands) is one of the leading players in cranes rental market which has adopted organic & inorganic strategies to sustain in their market position.
- In May 2019, Mammoet acquired MEYER Anlagenbau GmbH & Co. KG (MEYER). MEYER is heavy lifting and installation expert in south-west Germany. By this acquisition, Mammoet was able to expand its value proposition with heavy installation expertise and extended its foothold in south-western Germany.
- In March 2019, Mammoet opened a new facility for crane rentals in the north of Leipzig, Germany. This expansion is intended to serve crane and transport operations in Leipzig and the surrounding area, and in particular at Leipzig/Halle Airport.
Sarens NV (Belgium) is another major company in the cranes rental market. It has been adopting organic and inorganic strategies to sustain its position in cranes rental market.
- In November 2018, Sarens NV launched the largest crane SGC-250 (Sarens Giant Crane – 250) in the world in terms of size and capacity. It is the first 3rd generation of ring-based crane with maximum load moment of 250.000Tm which allows lifting an astonishing 5.000T. Even at a large radius of 100m, the crane is still capable of lifting 2.000T. With this product launched, the company captured the extremely heavy lifting segment of the market.
- In June 2015, Sarens NV and Sinotrans Heavy-lift Logistics Co., Ltd entered into a joint-venture agreement and created a new company Sinotrans Sarens Logistics Co., Ltd which is registered in Shanghai. This joint-venture helped Sarens NV in providing Chinese customers with the most efficient and optimal solutions for their heavy lifting and engineered transportation needs through Sinotrans.
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