Selbyville, Delaware, Aug. 23, 2021 (GLOBE NEWSWIRE) —
The construction equipment rental market revenue is anticipated to record a valuation of USD 150 billion by 2027, according to the most recent study by Global Market Insights Inc. Considerable rise in the number of infrastructure development projects and construction of public infrastructure has created a huge demand for rental construction equipment in the past few years. The rising product demand, in conjunction with the rising government investments, is expected to transform construction equipment rental market space. Citing an instance, the UK government declared enormous funding of USD 692 million towards the annual repair and maintenance of existing roads in the country.
The industry growth was affected by the COVID-19 pandemic due to delayed construction activities as a result of lockdown restrictions globally. Besides, the disruption of logistics & supply chain and shortage of raw labor and materials negatively influenced the product demand. However, with the gradual lifting of restrictions and restoration of company operations, the industry will grow steadily over the coming years.
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Apart from above-mentioned factors, incorporation of technologies such as artificial intelligence, Internet of Things, and telematics in construction machinery, to enhance the efficiency of equipment, reducing the cost and increasing the profitability, is also complementing the market growth.
With regards to the prospects of the construction equipment rental industry growth in the coming years, some key trends impacting market value are as follows:
Strategic initiatives by major market participants
Numerous eminent players active in construction equipment rental market are emphasizing on strategic efforts like partnerships and acquisitions to expand their fleet size and enhance their rental fleet through technological advancements. Quoting an instance, in 2021, one of the leading market players in Middle East region, AI Faris Group announced the launch of Liebherr mobile cranes with a lifting capacity in the range of 110 tons to 500 tons. The company also launched Liebherr LR 1500, the crawler crane. Apparently, the product launch will help the company gain a competitive edge in the industry.
Growing popularity of electric construction equipment
The emerging trend of electric construction equipment, driven by the growing awareness regarding vehicular emission, is the major factor favoring the industry growth. Companies are now focusing on the reduction of their carbon footprint by introducing novel electric construction equipment.
To illustrate, in 2021, Komatsu partnered with Proterra to jointly develop a range of medium sized electric excavators. According to credible reports, this initiative will combine Komatsu’s experience in heavy equipment manufacturing and Proterra’s expertise in building batteries. The latter’s battery system will feature fast charging technology and high energy density.
Burgeoning demand for material handling & cranes
The growing adoption of material handling equipment and cranes can be ascribed to the mounting demand for loading, unloading and lifting materials on the construction site. In addition, stringent labor norms pertaining to workers’ safety in industrial facilities are further impelling the product demand. Incorporation of technologies, such as anti-collision devices, safe load indicators and angle sensors to improve the safety of operators and enhancing the machine efficiency is further supporting the growth of material handling & cranes segment.
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Infrastructure development in Europe
Rising public expenditure on the development of infrastructure and smart cities by the European Union makes the region a remunerative avenue for the industry. To illustrate, as a part of the Horizon 2020 Program, the European Commission announced allocating USD 94 million to develop smart cities and communities. Such initiatives are expected to open ample market opportunities for construction equipment rental firms. In this regard, strong presence of various construction equipment rental companies like Boels Rental, Ashtead Group and Loxam Group will play a key role in enhancing the industry landscape in Europe.
The industry growth is largely proliferated by the elevating product demand driven by increased construction and infrastructure development activities across the globe. In addition, ongoing technological advancements in construction equipment are further favoring the market expansion.
About Global Market Insights
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.