North America Crane Rental Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Crane Rental Market is projected to grow with a CAGR of more than 4% during the forecast period.

Key Highlights

• The large construction projects are planned across North America. The projects include the port extension, underwater tunnel connecting major North American countries, railway tunnels, among others, which include the use of many types of cranes. Some of the major construction work happening in the country are Vista Tower (Chicago), LaGuardia Airport Construction Project in New York, Sound Transit 3 (ST3) Construction Project in Washington, and many more.
• Growing infrastructure developments across the region are posing huge demand for a crane for every construction project. Thus, many rental companies across the regions are constantly investing in adding new cranes to satisfy wide customer demand, those who are looking for advanced and efficient cranes. Thus a construction company can access new and updated technology for their projects and save their time as compared to using owning any older cranes.
• The construction industry is one of the major contributors in the United States Economy, each year the country creates around USD 1.3 trillion worth of projects. The country has the presence of the world's largest construction companies such as Bechtel Group Inc., Fluor Corporation, and Jacobs Engineering Group Inc.

Key Market Trends

Upgradation of fleet is driving the Market

The increasing demand by the construction site owner for cost-effective crane option, have pushed the rental firms to add new and technologically advance crane in their fleet and create new schemes and plan to provide the best solution to the customer. For instance,

In 2019, The ALL Crane purchased eight Kobelco CK-class G Series hydraulic lattice-boom crawler cranes for adding into its fleet. The deal includes four CK800G-2 units (80 USt, 200 ft. max boom) and two each of the new CK1100G-2 (110 USt, 200 ft. max boom) and CK1600G-2 (160 USt, 250 ft. max boom).

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.

Whereas in 2019, Apollo Inc. partnered with Lampson International LLC for the lift and placement of the Duportail Bridge spans. Lampson Transi-Lift LTL-1100, which has 380 feet of boom and 1,600 kips of counterweight, was picked for the project. In the project, the largest girder was 175 feet long and weighed 228,000 pounds with rigging.

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 country always has the demand for cranes that can perform the toughest urban infrastructure development projects in a certain time, Various rental companies are providing cranes for the construction of the countries upcoming skyscraper. For instance, in 2019, Potain MD 485 tower crane, which rises to 1,000 feet, was provided by Central Contractors Service, Inc., a member of the ALL Crane family, for the construction of NEMA Chicago apartment tower a 76-story skyscraper in Chicago.

In 2019, Maxim Crane Works, L.P. has announced that they have agreed to acquire B&G Crane Service LLC, an indirect wholly-owned subsidiary of NCSG. B&G Crane is one of the largest crane rental service providers in the Gulf Coast Region of the United States. At the time of the announcement, the B&G Crane fleet has over 150 cranes of 4 to 825-ton capacities and a truck fleet of 100.

Along with that, the country has various type of crane requirements for that rental firms have to keep updated their fleet for diversified needs of customers

For instance, in April 2020, All Erection & Crane Rental Corp. has added four 165-USt Grove GRT9165s to its rough-terrain crane fleet. 2018 launched the GRT9165 is one of the highest-capacity, longest-reaching rough-terrain crane. These models are in high demand at power plants, urban construction, highway construction, road construction, and bridge construction.

Competitive Landscape

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 America 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 2019, Maxim Crane Works, L.P., and Solley Equipment & Rigging, LLC collectively announced that both the companies have entered into an agreement, in which Maxim Crane will acquire Solley Crane which provides all types crane for renting for construction and industrial projects in Central Tennessee and Northern Alabama.

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