Selbyville, DE -- (SBWire) -- 04/24/2020 --Massively driven by the ongoing construction activities across the globe, worldwide construction equipment rental market is expected to observe prolific gains during 2020-2026. According to the estimates put forth by Institution of Civil Engineers, the global construction industry is expected to grow upto 8.5 per cent recording a valuation of USD 15.5 trillion globally, by the end of 2030. The growth is also fostered by the increasing demand for completion of construction projects that has prompted various industry behemoths to rent equipment considering its benefits such as reduction in maintenance, installation, and technical changes. What has further impelled the growth of construction equipment rental market size is the intervention of government reforms and investments. Government organizations worldwide, have been laying immense focus on the refurbishment of current infrastructures and commencing new construction projects to ensure the overall economic development.
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According to the latest research report by GMI, construction equipment rental market size is anticipated to surpass US$ 170 Billion by 2026.
Moreover, growing investments in public infrastructure development projects like metro stations, airports, roads, highways, and others by the governmental bodies would potentially drive the construction equipment rental business dynamics.
The spending in renovation of government owned structures across the leading economies including China, Brazil, and India would add to the rise in adoption of concrete equipment, thereby fueling the construction equipment rental industry trends. The Indian government, for instance, initiated a road development program for the North Eastern region. Apparently, Phase A of the framed project, which is expected to be completed by 2021, includes upgradation of nearly 4099 km of roads with an economic budget of $3.3 billion. This move would produce an upsurge in the demand for concrete equipment such as concrete pumps, transit mixers, and crushers over the stipulated timeframe.
Top Industry Players –
Ahern Rentals, Inc.,
AJ Networks Co., Ltd.,
Aktio Corporation,
Ashtead Group,
Boels Rental,
Caterpillar Inc.,
Cramo PLC,
Fortrent,
H&E Equipment Services,
Herc Holdings, Inc. (Herc Rentals, Inc.),
Hinkel Equipment Rental Associates,
Kiloutou,
Loxam Group,
LTech,
Mtandt Rentals Limited,
Nesco Rentals (Nesco, LLC),
Pekkaniska Oy,
Ramirent,
Riwal,
Shanghai Hongxin Equipment Engineering Co., Ltd.,
Sunstate Equipment Company,
Unirent LLC,
United Rentals, Inc.
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Elaborating further on the regional outlook, the rising government investments for smart city development projects across the European states, would exceptionally impel the regional construction equipment rental market growth. Speaking on these lines, the European government has been significantly laying out plans on developing over 200 smart cities by the end of 2020, paving way for tremendous opportunities for the industry growth.
European construction equipment rental market is also driven by the rising need for LEED-certified building construction, thereby providing a thrust to the increased deployment of electric and automated construction machinery across the region in the upcoming years. Additionally, various equipment manufacturing industries, across Europe, are looking forward to launching electric models of construction equipment with an intention of supporting the adoption of zero-emission equipment.
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The global construction equipment rental market is highly fragmented and hosts the presence of leading market players including Nesco Rentals, United Rentals, Inc, Caterpillar Inc., Aktio Corporation, Mtandt Rentals Limited, and several others. These players are focusing on expanding their fleet size in order to suffice the ever increasing consumer demands for construction equipment. To achieve this, the companies are engaging themselves in strategic acquisitions and collaborations. A vital testament for the same is provided by United Rentals acquisition of BlueLine from Platinum Equity. Announced in mid-2018, the purchase deal was financed at USD 2.1 billion in cash and supported the company's mission of expanding its rental capacity across the North America region.
Not only limited to ME&As, these companies are also offering online certified training and courses to operators on the grounds of ensuring maximum safety while working with potentially dangerous construction machines.
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