The North America crane rental market size is expected to cross $5 billion by 2026. Rapid urbanization in various regions across North America is reported to stimulate the region’s crane rental industry. 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.
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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 in the course of the next 5 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 has to bear other costs as well. Today, more and more construction companies are moving towards renting a construction equipment because the investment involved in the same is much lesser as 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.
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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.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 List of data sources
Chapter 2 North America Crane Rental Market Trends
2.1 Industry coverage
2.2 Industry size, 2016 – 2026
2.3 Impact of COVID-19 pandemic
2.4 Value chain analysis
2.4.1 Company product snapshot
2.5 Innovation landscape
2.6 Regulatory norms & directives
2.7 Drivers & restraints
2.7.1 Market drivers
2.7.2 Market restraints
2.8 Industry analysis - Porter's
2.9 Competitive benchmarking, 2019
2.9.1 Strategy dashboard
2.10 PEST analysis
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