North America Crane Rental Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Crane Rental Market Analysis
The North America Crane Rental Market was valued at USD 4.42 million in 2021 and is expected to surpass a net valuation of USD 5.53 million by 2027, registering a CAGR growth of 3.80% during the forecast period.
The COVID-19 pandemic had a slight impact on the construction industry across North America. However, the construction equipment industry witnessed a hit due to a shortage of raw materials, which further continued for the year 2021, due to the global chip shortage. This provided a growth opportunity for the crane rental market.
Over the longer term, growing construction and infrastructure activities across the region and the presence of medium construction company contractors are expected to drive demand in the market. The North American region is accommodating several construction projects which require the usage of construction machinery including cranes, thus demand for the same is expected to remain on the higher side during the long-term forecast period.
However, lack of skilled and qualified crane operators is one of the primary problems limiting Cranes Rental Market share. One of the industry's major issues is providing sufficient training to crane operators. so, leading crane rental companies are focusing on providing regular training programmes for operators to overcome this difficulty. such initiatives to restrict the loss attained through these restraining factors.
Besides these, favorable government initiatives are encouraging several rental fleet operators to expand their offerings in the country. For example, In January 2022, the US passed its infrastructure bill which is poised to provide USD 1.2 trillion to cities and states. This budget plans to stand as strong incentive focusing on building America's infrastructure in the public-private partnership. In wake of such developments, construction company contractors are also looking to access new and updated technology for their projects and save as compared to using owning any older cranes by opting rental equipment over buying new equipment to be cost effective.
North America Crane Rental Market Trends
This section covers the major market trends shaping the North America Crane Rental Market according to our research experts:
Construction Activities to Elevate Crane Rental Services in North America
Infrastructure spending by government and private players across the country is witnessing a notable rise in the past few years, thereby offering several growth opportunities for construction equipment manufacturers. Moreover, consumers are also preferring rental equipment over new considering the cost saving offered by crane rental service providers.
Several pipeline initiatives are helping the construction business to rise in North America. for instance:
- According to Statistics Canada, activity in the residential construction market was 7% above its pre-pandemic levels in December 2020; this compared to lower performance in other segments, including repair construction (+5.1%), etc. Major projects such as the Belle chasse Transport Centre in Montreal, Calgary's Complex Continuing Care Facility, and the new Brampton Transit Facility are just a few examples of USD 100 million+ projects.
- Big investments in construction are planned across Canada. For instance, in January 2022, the Governments of Canada and Alberta announced USD 52.7 million investment for the completion of several infrastructure projects through Canada Infrastructure Program. In addition, Community Infrastructure Improvement Fund (CIIF) has also embraced USD 150 million for the overall repair and improvement of community infrastructure facilities across the country.
- Recently in 2022, the United States Department of Labour announced new favorable rules and regulations for construction industry workers to propose new upcoming federal construction investments. Under this proposal, the government disclosed that the new regulations are good for workers, better for building high-quality infrastructure, and shall maintain a strong pace in construction activities to rebuild a new America. These strong initiatives undertaken by the government shall not only elevate the investment feasibility in the United States but also improve building and construction industry throughput.
Moreover, increasing demand by the construction site owner for cost-effective crane option, have pushed the rental firms to add new and technologically advanced crane to their fleet and create new schemes and plan to provide the best solution to the customer. Thus, considering these mentioned factors, demand for crane rental services is expected to witness a high growth rate owing to increased construction activities across North America.
United States is Projected to lead the North America Crane Rental Market
In terms of country, the United States is projected to hold the largest share during the forecast period, as the country has the largest number of skyscrapers in the world after China.
The construction sector revenue in the United States has increased over the few years. With the increasingly urban and rural population housing needs and rapid diversification of the region's business, the demand for construction activities in the region for residential, Industrial, and Commercial buildings has picked pace in the recent past.
In United States, Mining, Construction, and Offshore companies prefer long-term rental or leasing procedures of using the equipment over owning the equipment, due to the company's economics, which is a major restraint to the new equipment market and OEMs. Moreover, companies are integrating IoT and AI in their crushing machinery in order to make processes seamless, yet in the short-term perspective, this requires a high initial investment which adds up to the overall cost incurred in the production.
The country always has a demand for cranes that can perform the toughest urban infrastructure development projects at a certain time, Various rental companies are providing cranes for the construction of the country's upcoming skyscraper. For instance,
- In March 2022, United States Service Group of New York has acquired Walker Crane & Rigging of Plainville, Connecticut, on the southwest side of Hartford. This has helped the company to extend its crane rental services to felicitate upcoming opportunities in infrastructure developments.
Thus, considering these factors and developments, demand for crane rental services in United States is expected to witness improved sales bars during the forecast period.
North America Crane Rental Industry Overview
The North America crane rental market is moderately fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the North American crane rental market are United Rentals, Inc., Maxim Crane Works, L.P. Lampson International LLC., and Caterpillar Inc. Companies are adding many new cranes into their existing fleet to broaden their portfolio and widen their presence in different application segments. While some players are performing collaboration with crane manufacturers for adding latest crane in their fleet. For instance,
- In March 2020, All Erection & Crane Rental Corp. has added LTM 1750-9.1 a 900-ton, 9-axle, 18-wheel AT crane mobile crane, now comes with load capacity tables from refined static calculation methods. These tables will increase lifting capacity values in the entire operating range. The company will upgrade the software on their old 1750-9.1 with the new tables to maximize the capacity for that machine also.
- In April 2020, ALL Crane launched its Shared Equipment Program (SEP), an innovative approach for equipment rental that was crafted to save operating costs and valuable time of construction projects. According to this program, any project's general contractor will be the primary renter of all the equipment for the project and then they will rent it to the subcontractors. In addition to that company will provide support which will include mechanics for conducting regular maintenance to keep machines in ready condition for transferring to other subcontractors.
North America Crane Rental Market Leaders
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United Rentals, Inc.
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Maxim Crane Works, L.P.
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Caterpillar Inc.
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All Erection & Crane Rental Corp.
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Lampson International LLC
*Disclaimer: Major Players sorted in no particular order
North America Crane Rental Market News
- In February 2022, Capital City Group, Inc. has been acquired by The Bay Crane Companies, Inc., the leading specialist crane and rigging equipment service and rental provider in the northeastern United States. As a result of the deal, Bay Crane now has 15 full-service facilities and is among the top 10 crane service providers in North America.
- In July 2021, Maxim Crane, the leading crane rental company in North America has purchased 51 Grove mobile cranes, a mix of high-capacity rough-terrain cranes and five-axel and six-axle all-terrain cranes. The purchase a combination of larger rough-terrain cranes and all-terrain cranes from Grove is aimed at strengthening our fleet in several newly-opened locations across the country.
North America Crane Rental Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD Million)
5.1 By Crane Type
5.1.1 Wheel-mounted Mobile Crane
5.1.2 Commercial Truck-mounted Crane
5.1.3 Side Boom
5.1.4 Straddle Crane
5.1.5 Railroad Crane
5.1.6 Others
5.2 By Application Type
5.2.1 Construction
5.2.2 Mining & Excavation
5.2.3 Marine & Offshore
5.2.4 Industrial Applications
5.3 By Country
5.3.1 United States
5.3.2 Canada
5.3.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 United Rentals, Inc.
6.2.2 Maxim Crane Works, L.P.
6.2.3 Caterpillar Inc.
6.2.4 All Erection & Crane Rental Corp.
6.2.5 Lampson International LLC
6.2.6 Buckner HeavyLift Cranes
6.2.7 Ahern Rentals Inc
6.2.8 American Equipment Company, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Crane Rental Industry Segmentation
Crane is a wheeled, and self-propelled vehicle that is operated with either cable or controlled with a hydraulic-powered telescopic boom crane. With crane rental service the service providers are providing cranes to utility partners on a rental basis during a shorter term and longer-term time span.
The North American crane rental market is segmented by crane type, application type, and country. By crane type, the market has been segmented into Wheel-mounted Mobile Crane, Commercial Truck-mounted Crane, Side Boom, Straddle Crane, Railroad Crane, and Others.
By Application type, the market has been segmented into Construction, Mining & Excavation, Marine & Offshore, and Industrial Applications By County type, the market has been segmented into the United States, Canada, and the Rest of North America. For each segment, the market sizing and forecasting are based on value (USD million).
| By Crane Type | |
| Wheel-mounted Mobile Crane | |
| Commercial Truck-mounted Crane | |
| Side Boom | |
| Straddle Crane | |
| Railroad Crane | |
| Others |
| By Application Type | |
| Construction | |
| Mining & Excavation | |
| Marine & Offshore | |
| Industrial Applications |
| By Country | |
| United States | |
| Canada | |
| Rest of North America |
North America Crane Rental Market Research FAQs
What is the current North America Crane Rental Market size?
The North America Crane Rental Market is projected to register a CAGR of greater than 3.80% during the forecast period (2024-2029)
Who are the key players in North America Crane Rental Market?
United Rentals, Inc. , Maxim Crane Works, L.P., Caterpillar Inc. , All Erection & Crane Rental Corp. and Lampson International LLC are the major companies operating in the North America Crane Rental Market.
What years does this North America Crane Rental Market cover?
The report covers the North America Crane Rental Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Crane Rental Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Crane Rental Industry Report
Statistics for the 2024 North America Crane Rental market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Crane Rental analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
