Month: September 2024

“Browse 120 market data Tables and 60 Figures spread through 312 Pages and in-depth TOC on “Wire & Cable Market”

The report “Wire & Cable Market by Product Type (Electronic Wire, Power Cable, Control & Instrumentation Cable, Communication Cable, Flexible & Specialty Cable), Material Type, Voltage, Installation, End-Use Industry, and Region – Global Forecast to 2029”wire & cable market is estimated at USD 201.0 billion in 2024 and is projected to reach USD 266.2 billion by 2029, at a CAGR of 5.8% from 2024 to 2029. 

Browse 120 market data Tables and 60 Figures spread through 312 Pages and in-depth TOC on “Wire & Cable Market by Product Type (Electronic Wire, Power Cable, Control & Instrumentation Cable, Communication Cable, Flexible & Specialty Cable), Material Type, Voltage, Installation, End-Use Industry, and Region – Global Forecast to 2029”

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There are various factors due to which the demand for wire & cable will grow in the coming years. Firstly, the growing renewable energy sector is a major driver of the wire & cable market. Countries across the globe are increasing their renewable energy production by installing grid technology and initiating offshore as well as onshore wind projects. These projects are generating huge revenues for wire and cable manufacturers especially since there is an increased demand for submarine cables due to offshore projects. Additionally, countries worldwide are investing heavily and providing subsidies to boost EV sales, which is further necessitating the need for more EV charging points. This is significantly driving the need for specialized EV cables. Construction, Telecommunication, Energy & Power, Automotive, and Oil & Gas industries are generating significant demand for wire and cables.

By 2029, Wire & Cable market is expected to grow moderately in terms of value.

Demand for wire & cables is expected to grow moderately over time due to their necessity in each and every electronic equipment. Additionally, the energy & power end-use industry is largely driving the demand for wires and cables. There is a growing focus of governments on renewable energy projects especially projects related to wind and solar energy generation. The manufacturers are harnessing this opportunity in this market by collaborating and building partnerships with the players in the renewable energy sector to increase their footprints in this end-use industry and capture a significant market share. The wire and cable market is based on the demand generated by various end-use industries and thus companies try to strengthen their position in specific end-use applications. Hence, the growing end-use industries especially in developing countries are driving the wire and cable market.

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Underground cables dominate the global market in 2023, in terms of value.

Underground cables have dominated the global market of wire & cable in 2023. They have the highest share, if compared with the rest installations. Underground cables are less prone to damage caused by lightning and thus are more reliable. Additionally, they offer aesthetic advantages by reducing the visual clutters of the overhead cables, and thus are suitable for urban settings. The dominance of underground cables will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society’s needs.

Asia Pacific region is expected to account for the largest market share in 2023.

The wire & cable market has been studied in North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa.

The Asia Pacific’s wire & cable market accounts for the largest share in 2023 and is expected to grow in the forecasted period. The ongoing development of electrical systems in this region, along with investment in modernization, has elevated the importance of high-quality wiring solutions. This trend is driven by large-scale projects such as smart cities, transportation systems, and renewable energy platforms. Additionally, the region’s growing manufacturing industry and the introduction of new technologies in telecommunications and data centers are increasing the demand for wire and cable systems. The Asia-Pacific region’s increasing industrialization and urbanization, coupled with the persistent need for better connectivity and energy efficiency, are expected to drive continued growth in the wire and cable market.

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Wire & Cable Market Trending Key Players

Prominent companies include Prysmian (Italy), Belden Inc. (US), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd (Japan), Leoni Ag (Germany), Nexans (France), Emerson Electric Co. (US), Hellenic Cables (Greece), KEI Industries (India), Sumitomo Electric Industries, Ltd. (Japan), NKT A/S (Denmark), Finolex Cables Ltd (India), Helukabel (Germany), and LS Cable and System (South Korea).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

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“Browse 249 market data Tables and 53 Figures spread through 247 Pages and in-depth TOC on “Crane Rental Market”

The report “Crane Rental Market by Type (Mobile, Fixed), End-Use Industry (Building & Construction, Oil & Gas, Marine & Offshore, Mining & Excavation, Transportation), Weightlifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy) & Region – Global Forecast to 2029”, is projected to reach USD 64.8 billion by 2029, at a CAGR of 5.1% from USD 50.6 billion in 2024. The crane rental market growth is driven not only by the transformation of urban areas into smart cities but also by the cost-efficiency offered by crane rental services.

Browse 249 market data Tables and 53 Figures spread through 247 Pages and in-depth TOC on “Crane Rental Market by Type (Mobile, Fixed), End-Use Industry (Building & Construction, Oil & Gas, Marine & Offshore, Mining & Excavation, Transportation), Weightlifting Capacity (Low, Low-Medium, Heavy, Extreme Heavy) & Region – Global Forecast to 2029”

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The crane rental market is strongly influenced by several key factors, driving its growth and expansion globally. One significant driver is the ongoing surge in construction and infrastructure development, particularly pronounced in emerging economies witnessing rapid urbanization and industrialization. This heightened construction activity creates a substantial demand for crane services, as these projects often require specialized lifting equipment to facilitate their execution efficiently. Moreover, companies are increasingly prioritizing cost-efficiency, opting for crane rentals instead of outright purchases to mitigate the high capital expenditure associated with acquiring new equipment. The flexibility offered by rental agreements enables businesses to access the required lifting capabilities without incurring long-term financial commitments, making rentals an attractive proposition, especially for short-term projects or those with fluctuating demands.

Technological advancements also play a pivotal role in driving the popularity of crane rentals. Innovations such as telematics and remote monitoring systems enhance operational efficiencies by providing real-time data on crane performance and condition. This allows for proactive maintenance and reduces downtime, ultimately improving overall productivity and project timelines. Additionally, the integration of environmentally friendly features in newer crane models aligns with growing environmental regulations and sustainability goals. Rental companies are increasingly offering eco-friendly crane options that comply with stricter emission standards, appealing to environmentally conscious clients and ensuring compliance with regulatory requirements.

Furthermore, the inherent adaptability of crane rentals makes them a preferred choice for companies navigating fluctuating project needs and market conditions. Rental agreements offer flexibility in terms of equipment selection, duration, and payment structures, enabling businesses to scale their crane usage according to project requirements. This agility is particularly advantageous for industries with dynamic project scopes or uncertain timelines, allowing them to optimize resource allocation and minimize costs.

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“Mobile cranes by type is projected to be the fastest growing, in terms of value, during the forecast period.”

The mobile crane segment is experiencing rapid growth within the crane rental market due to several key factors. Firstly, mobile cranes offer unparalleled versatility and flexibility, making them well-suited for a wide range of construction projects. Unlike fixed cranes, mobile cranes can be easily transported to different job sites, enabling contractors to efficiently deploy them wherever they are needed. This mobility is particularly valuable in urban areas or remote locations where space is limited or access is challenging. Additionally, advancements in technology have led to the development of more efficient and capable mobile crane models, further driving their popularity. These modern mobile cranes boast enhanced lifting capacities, improved maneuverability, and advanced safety features, making them indispensable tools for construction companies seeking to optimize their operations. Furthermore, the trend towards sustainable construction practices has also contributed to the growth of the mobile crane segment. Many modern mobile cranes are designed to be more environmentally friendly, with lower emissions and reduced fuel consumption compared to traditional models. As a result of these factors, the mobile crane segment is poised to continue its rapid expansion, catering to the evolving needs of the construction industry worldwide.

“low weightlifting capacity segment is projected to be fastest growing weightlifting capacity, in terms of value, during the forecast period.”

The rapid expansion of the low weightlift capacity segment in the crane rental market is fueled by various compelling factors. Urbanization’s global surge demands cranes with smaller footprints and lower weight capacities to navigate tight urban spaces effectively. These compact cranes, like mini-cranes or compact mobile cranes, are indispensable for contractors operating in bustling city centers due to their maneuverability and versatility. Technological advancements have led to the development of more efficient and lightweight crane models, maintaining robust lifting capacities relative to their size. These innovations, driven by advanced engineering and materials, appeal to construction firms aiming to streamline operations and project timelines. Additionally, the escalating demand for sustainable construction practices has spurred the rise of low weightlift capacity cranes, which boast lower fuel consumption and emissions, aligning with sustainability goals and regulations. Beyond urban construction, these cranes find applications in maintenance, landscaping, and industrial projects, thanks to their precision and efficiency in handling lighter loads. In summary, the convergence of urbanization, technological advancements, sustainability goals, and versatility propels the low weightlift capacity segment as the fastest-growing sector in the crane rental market, expected to maintain its prominence as construction practices evolve and demand for compact, efficient, and eco-friendly equipment increases.

“Building & Construction by end-user industry segment is projected to be largest, in terms of value, during the forecast period.”

The building and construction segment holds the top position as the largest consumer of crane rental services, surpassing sectors like mining, excavation, transportation, and offshore drilling. This dominance is chiefly attributed to the extensive and continuous nature of construction activities worldwide. The surge in urbanization and economic growth drives significant residential, commercial, and infrastructural projects, especially in emerging economies, creating a constant demand for diverse crane services. Unlike industries such as mining and offshore drilling, which are susceptible to cyclical market fluctuations and global economic shifts, construction maintains a more stable demand curve fueled by ongoing urban expansion and governmental infrastructure initiatives.

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Moreover, construction projects often entail varied and multi-faceted crane applications, including lifting raw materials and placing prefabricated components, necessitating a wide array of crane types such as mobile, tower, and truck-mounted cranes. This versatility expands the rental opportunities within the construction sector, contrasting with industries like mining or offshore drilling that require specialized equipment and are often situated in remote or environmentally sensitive areas, posing logistical challenges and escalating operational costs.

Furthermore, regulatory and environmental considerations in urban and developed regions lean towards the rental model over crane purchases. Renting allows construction firms to adapt swiftly to evolving project needs without the enduring financial commitment of equipment ownership, particularly advantageous in adhering to stringent safety and emissions regulations common in urban construction scenarios.

The consistent, year-round demand for crane rental services, coupled with regulatory benefits and the varied crane applications in construction projects, firmly establishes the building and construction industry as the primary customer base in the crane rental market. Its resilience ensures that crane rental services remain indispensable for addressing the logistical complexities of modern construction demands, reinforcing its supremacy over other industries reliant on crane usage.

“North america is expected to be the second largest market for cranes rental market during the forecast period, in terms of value.”

North America holds the position of the second-largest market for crane rentals, following closely behind Asia Pacific, due to a combination of significant factors that distinguish the region from others. Firstly, the construction industry in North America is substantial and diverse, encompassing residential, commercial, industrial, and infrastructure projects across the United States, Canada, and Mexico. The region’s developed economies and urban centers continually drive construction demand, with ongoing projects ranging from high-rise buildings and skyscrapers to roadways, bridges, and energy infrastructure. This diversity in construction activities ensures a consistent demand for crane rental services throughout the year, sustaining the market’s growth.

Moreover, North America benefits from technological advancements and innovation in the construction sector, which contribute to the adoption of crane rentals. The region’s construction companies often prefer renting cranes equipped with the latest technologies, such as telematics, GPS tracking, and remote monitoring systems, to enhance operational efficiency, safety, and project management capabilities. This emphasis on technology-driven solutions aligns with North America’s reputation for embracing innovation, further propelling the demand for crane rentals in the region.

Additionally, regulatory frameworks and environmental considerations play a significant role in driving crane rental demand in North America. Stringent safety standards and environmental regulations govern construction activities, encouraging companies to opt for rental cranes that comply with these requirements. Rental agreements also offer flexibility, allowing construction firms to adapt quickly to changing project needs while adhering to regulatory standards, without the long-term financial commitments associated with equipment ownership.

Crane Rental Market Key Players

The key players in this market Liebherr (Germany), United Rentals Inc. (US), Palfinger AG (Austria), Furukawa UNIC Corporation (Japan), Serens N.V.  (Belgium), Mammoet (Netherlands), The Manitowoc Company, Inc.  (US),  Action Construction Equipment Ltd.   (Japan), Maxim Crane Works (US), Manitex International Inc. (US) etc.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email: Send Email
Phone: 18886006441
Address:1615 South Congress Ave. Suite 103, Delray Beach, FL 33445
City: Florida
State: Florida
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/cranes-rental-market-267845854.html

Press Release Distributed by ABNewswire.com

To view the original version on ABNewswire visit: Crane Rental Market Top 10 Key Players Analysis, Sales and Revenue Status, Segmentation Analysis & Review