The global crane market is expected to grow over 2% in the coming years, according to a forecast for the period of 2018-2025. The annual turnover should rise to almost $10 billion US. Because cement plants are also growing and the demand for ship building is higher, the growth of the mobile crane market is also accelerating. And due to the competition in the market, the prices in the crane rental market are also rising. Overall, the revenue of all crane rental companies will benefit from the growth in the market.
The transportation sector and general construction business are back to performing at the level before the 2008 financial crisis. In addition, they are expected to grow at an even more explosive rate. This will have a progressive impact on the mobile crane rental market as well.
The world’s population is also growing at a rapid pace, especially due to increased investments in developing countries. Their infrastructure, construction sector, and government programs to improve them demand more from the crane industry every year. Cranes are also used for building powerplants, gas and oil, the shipping industry, etc. All of this helps these developing nations grow their economies in the future.
Image: Tower cranes on construction site
Leading crane market
At the moment, the Asia-Pacific region, with its large number of emerging economies, is leading the growth of the crane rental market with Europe steadily holding onto second place. The Middle East and the United States are somewhat saturated. They are not growing as fast as other parts of the world. This is also due to the declining oil and gas industry.
We also shouldn’t forget that the mining industry has always been a large contributor to the market when it comes to the crane rental industry. They might not show explosive growth numbers, but the rates are steadily growing due to the rising demand for raw materials. Plus, the size of this sector is enormous.
So, if you are running a crane rental company, you should consider the best software from a company that has years of experience in the crane market. High Software has extensive experience in the equipment rental and leasing industry. We serve several companies, like, for example, the second largest crane company in the world, Sarens. Get in touch to find out what we can do for you and help us improve your business.