Construction Equipment Rental Market is poised to observe 4.5% CAGR till 2026, Global Market Insights Inc.
Construction Equipment Rental Market will see noticeable growth through 2026 driven by increasing focus of government authorities on renovating and maintenance of existing public infrastructure.
Delaware, United States – July 23, 2021 /MarketersMedia/ —
Construction Equipment Rental Market demand is projected to grow at significant growth rate through 2026 due to increasing focus of government authorities on renovating and maintenance of existing public infrastructure.
According to the Global Market Insights report, the construction equipment rental market revenue is forecast to exceed USD 155 billion by 2026. This growth is expected to be driven by launch of equipment rental services offered by numerous construction equipment OEMs such as Caterpillar, Inc. and Volvo Group.
Incorporation of technologies including IoT, telematics, and digital twins into construction apparatus could support rental service providers to maintain records of equipment usage and reduce downtime. Some key players operating in the construction equipment rental market include Mtandt Rentals Limited, United Rentals, Aktio Corporation, Unirent LLC, Ahern Rentals, Inc., and Boels Rental.
Highlighted below are some of the major trends impelling industry outlook:
Emphasis on lowering vehicular emissions
Increasing focus on curbing emissions produced from vehicles and equipment used in the construction sector has resulted in the adoption of electric powered construction systems in recent years. Construction contractors and companies are targeting on reduction of carbon footprint and working in the best way in which the environment remains safe by grativating towards zero emission systems.
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Material handling equipment & cranes in demand
The rental material handling & cranes equipment business is expected to grow at an escalating rate owing to promising commercial development and collective need for movement of construction materials on site. The need to offer a safe working environment to construction workers has led to incorporation of wireless technologies in construction equipment. Advent of flexible electronics and robotics coud further propel the demand for rental crane equipment.
Europe emerging as a lucrative market
The EU’s strategy of construction of over 300 smart cities in the region by 2021 will provide new opportunities for market players. Factors such as strict labor safety laws in several European countries including Germany, France, and the UK, will further strengthen the regional industry share. Strong presence of construction OEMs like Liebherr Group and Volvo support the expansion of construction equipment rental industry outlook across Europe.
Impact of COVID-19 on construction equipment businesses
The COVID-19 pandemic has severely affected the construction equipment rental market. Government authorities are now focusing more on tacking the health-crises that has impacted millions of people worldwide. This shift in focus has affected the spendings on the construction sector, leading to postpone of various ongoing projects. Due to the COVID-19 situation, there has been a decline in the demand for residential real estate, this is directly hampering the busines of rental construction equipment providers.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: MarketersMedia
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