According to the research report titled ‘Cranes Rental Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026’ available with Market Study Report, global cranes rental market is anticipated to grow considerably over 2020-2027.
 

Increasing investments and favorable government initiatives towards development and upgradation of existing infrastructure is a major factor driving the cranes rental market growth. Rising number of commercial as well as residential commercial projects across the world are also fostering the growth of the market.
 

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Citing an instance, the United State House of Representatives sanctioned USD 1.5 trillion for the development of infrastructure. Similarly, the Indian government recently endorsed USD 212.8 billion for the development of infrastructure sectors, primarily renewable energy, urban transport, and highways. Such initiatives will create lucrative growth avenues for market participants, which in turn is augmenting the revenues of this industry vertical.
 

Based on type, the report claims that fixed cranes segment is anticipated to grow significantly by 2027, owing to increasing material handling applications. With regards to the product terrain, global cranes rental market is segmented into fixed crane and mobile crane.
 

Elaborating on the application spectrum, the mining and construction segment is projected to garner substantial revenue by the year 2027, primarily driven by escalating investments towards development of residential and commercial infrastructure.
 

As per the regional analysis, Middle East & Africa cranes rental market is expected to record a significant CAGR over 2020-2027.  Rising adoption of cranes in the oil & gas vertical along with steady economic growth of the construction sector in Africa are favoring the market scenario in the region.
 

On a country-level, the cranes rental market in U.S. is projected to register a CAGR of 3.5%, primarily due to rising investments in the construction sector.
 

The major players operating in global cranes rental market are Weldex (International) Offshore Holdings Ltd, Uchimiya Transportation and Engineering Co., Ltd., Tiong Woon Corporation Holding Limited, Starlog Enterprises Limited, Sarilar Group, Sarens NV, Sanghvi Movers Limited, Prangl Gesellschaft M.B.H., MEDIACO Group, Maxim Crane Works, LP, Mammoet, Liebherr-Mietpartner GmbH, Lampson International, LLC, HSS Hire Service Group Limited, Hitachi Construction Machinery Co., Ltd., Deep South Crane and Rigging, LLC, Buckner HeavyLift Cranes LLC, Tat Hong Holdings Limited, ALL Erection & Crane Rental Corp., Al Jaber Heavy Lift and Transport LLC, and Action Construction Equipment Ltd. among others.