(MENAFN- PR Newswire)
DUBLIN, Aug. 12, 2022 /PRNewswire/ -- The 'Heavy Construction Equipment Rental Market By Equipment, By End User, By Application: Global Opportunity Analysis and Industry Forecast, 2020-2030' report has been added to ResearchAndMarkets.com's offering.
The heavy construction equipment rental market was valued at $76,371.9 million in 2020, and is projected to reach $117,788.8 million by 2030, registering a CAGR of 4.3% from 2021 to 2030. The heavy equipment rental is a service that allows end users to rent construction equipment for a certain period by signing a contract with terms and conditions of use.
Heavy equipment and machinery are used for heavy equipment work such as material handling, excavation, lifting, and other heavy work. Construction machinery is mainly used to facilitate heavy work at mine construction sites. There are various types of heavy equipment in the market. Nevertheless, choosing the right construction equipment is very important. When choosing heavy equipment, companies consider factors such as material, quality, project complexity, and safety. Expansion of the heavy construction equipment rental industry is fueled by increase in building and mining operations in emerging economies of Latin America and Africa. The government of the U.S. has invested heavily in development of highways, railway tracks, airports, and other infrastructure, necessitating the use of excavators, loaders, and other heavy equipment. For instance, U.S. President Trump announced a $2 trillion infrastructure plan in March 2021, which covers roads, telecommunications, electric grid, and residential & commercial buildings.
These elements create immense opportunities for the rental market. In addition, extra expenses paid for equipment maintenance, excessive operational costs, and expensive pay of trained operators may be avoided by renting equipment for appropriate period, which adds considerably to the global market growth. Furthermore, significant initial expenditure required for purchasing equipment, as well as financial restraints, may be avoided by renting equipment, which drives the market growth.Lack of trained labor in the global market is a significant restraining factor of growth. Another issue that hinders the market expansion is the saturation of construction and mining industries in industrialized nations.Manufacturers are designing innovative equipment that is both cost-effective and long-lasting. For instance, Doosan Infracore, introduced a 100-ton excavator model in March 2021. It makes use of an electronic integrated hydraulic system and smart power regulation. It operates on a fuel optimization technology that was developed in-house to optimize fuel efficiency and gives perfect work performance with no loss of power or speed. Furthermore, IoT integration aids in alleviation of skilled labor shortages as well as improved operator and end-user safety. During the forecast period, these aspects are expected to provide lucrative opportunities for the market growth
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the heavy construction equipment rental market analysis from 2020 to 2030.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the heavy construction equipment rental market forecast segmentation assists to determine the prevailing heavy construction equipment rental market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global heavy construction equipment rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments By Equipment
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Vehicles
- Others
By End User
- Infrastructure
- Construction
- Mining
- Oil Gas
- Manufacturing
- Others
By Application
- Excavation Demolition
- Heavy Lifting
- Tunneling
- Material Handling
- Recycling Waste Management
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Europe
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Ashtead Group plc. (Sunbelt Rentals Ltd)
- Boels Rental
- H&E Equipment Services
- Haulotte Group
- Herc Rentals Inc.
- Kanamoto Co., Ltd.
- Loxam (Ramirent)
- Sarens n.v./s.a.
- Sumitomo Corporation (Sunstate Equipment Company)
- United Rentals, Inc.
Key Topics Covered: CHAPTER 1: INTRODUCTION CHAPTER 2: EXECUTIVE SUMMARY CHAPTER 3: MARKET OVERVIEW CHAPTER 4: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY EQUIPMENT CHAPTER 5: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY END USER CHAPTER 6: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY APPLICATION CHAPTER 7: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY REGION CHAPTER 8: COMPANY LANDSCAPE CHAPTER 9: COMPANY PROFILES
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