Crane Rental Industry Growth Fueled by Global Infrastructure Projects
October 21, 2023
The growing infrastructure projects around the world are driving the growth of the crane rental industry. Favorable government initiatives are also supporting the trend.
Inventory management is crucial for crane rental companies. Mismanaged inventory due to inaccurate tracking is costly. To prevent it, your company should consider adopting software with advanced analytics that can help you track and monitor utilization rates of your cranes.
Telematics and IoT Integration
The global crane rental market is driven by increased construction activities as a result of urbanization. Favorable government initiatives and investments in commercial infrastructure are also driving the industry forward.
Technological advancements in the telematics sector are enabling crane owners to track more information about their equipment. While GPS tracking has long been a helpful tool, the more recent emergence of affordable IoT cell connectivity and cloud architectures that are easy to integrate have created a new environment for machine monitoring.
An integrated telematics system can track a variety of data points, including how a crane is being rented and utilized. A software solution such as DynaRent can provide you with this type of information through detailed reporting, allowing you to track rental trends and make more accurate financial planning. In addition, the hour journal feature in DynaRent makes it easy to invoice for any hours that your equipment is not being used. This prevents overutilization and enables you to maximize your revenue potential.
Remote Operation Technology
Unlike wired pendant controls, wireless remote radio controls don’t have transmission lines that can get tangled up with machinery or building edges. This makes the crane safer to use. It also eliminates the need for extra spotters and relay workers, which reduces labor costs and learn more at https://samcocranes.com/dich-vu/cau-25-tan/.
However, implementing this system can prove to be challenging for many companies due to lack of technical knowledge and time constraints. They can overcome these hurdles by opting for software that shares equipment availability in real-time, helping with scheduling and allocation.
DynaRent’s hour journal feature allows you to post the actual hours worked and invoice the customer accordingly, preventing overutilization and revenue loss. Moreover, it can handle complex contracts with ease, eliminating any revenue recognition issues. It also helps you keep track of the status of cranes, ensuring that mandatory checks have been completed. This reduces downtime and ensures the safety of your team members.
Advanced Safety Systems
As the need for precision and better safety measures continues to evolve, cranes have been engineered to provide more warning systems to prevent collisions or accidents. Collision avoidance systems, like the one offered by Magnetek brand Intelli-Protect Systems, allow you to designate “no-fly zones” that automatically slow down or stop crane movements when they are in close proximity to an obstacle.
These warning systems can be integrated into a variety of motion control products, including variable frequency drives (VFDs) and radio remote controls. They can also be programmed to interact with sensors, limit switches, and more.
Another way to improve crane safety is through the use of a collision management system, which helps manage interactions between tower cranes on a jobsite. This feature allows operators to communicate and collaborate effectively with colleagues working around the same area of a construction site. This can help prevent overloading and damage to runway beams and supports caused by crane collisions.
Crane Rental Customization
The growing demand for construction projects that require specialised cranes has been a factor driving the growth of the crane rental industry. These projects include the development of smart cities, transportation, commercial infrastructure, energy, and more. This has led to a rise in the demand for equipment rentals among various construction and development contractors who prefer renting out cranes rather than buying them.
With this increased demand, crane rental companies need to find ways to maximize profit and lower maintenance costs. This can be done by accurately tracking inventory and assets. For example, using DynaRent can help capture project and job costing to ensure that what is delivered is reflected on the final invoice. It can also be used to schedule tasks, and then the skilled drivers, technicians, or crane operators can receive work orders on their mobile device to register hours and deliver a quality service.
With these innovations, crane rental companies can improve the efficiency of their operations and increase customer satisfaction. With the ability to track all aspects of the business from quotes to dismantling, they can focus on their core competencies and achieve growth in the crane rental industry.