DUBLIN--(BUSINESS WIRE )--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
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
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900