Industry Highlights:
The increasing number of infrastructure development projects initiated by governments across the globe is expected to help the market flourish.
The North America region is expected to have a significant market share, while the province across LAMEA is projected to grow at the fastest CAGR.
The launch of IoT-powered construction equipment is anticipated to create new investment opportunities in the sector.
Allied Market Research recently published a report on the heavy construction equipment rental market. The study provides an in-depth analysis of the major growth drivers and investment opportunities in the industry. Furthermore, it also classifies the sector into various segments based on equipment, end user, and application. Each of these segments is covered comprehensively to help companies in chalking out their expansion plans. Additionally, the competitive scenario of the market is also studied in detail to help new entrants understand how multinational giants strategize and take action to gain a competitive edge over their peers.
heavy construction equipment rental market
As per the report, the market accounted for $76.4 billion in 2020 and is expected to gather a revenue of $117.8 billion by 2030, rising at 4.3% CAGR during 2021-2030. In the past few years, the number of construction activities has surged significantly in various countries in Africa and Latin America. Furthermore, governments in Asia-Pacific, North America, and Europe have invested heavily in infrastructure development projects which has created favorable conditions for expansion of the industry. However, the lack of skilled workforce required for operating advanced heavy construction equipment is predicted to restrict the full-fledged growth of the market. Nonetheless, the integration of IoT in these machines is anticipated to create new avenues of growth in the sector.
Analyzing the Performance of the Landscape in Different Regions
The AMR report places special emphasis on studying the performance of the heavy construction equipment rental market in different regions including North America, Europe, Asia-Pacific, and LAMEA. All the significant socioeconomic, administrative, political, cultural, and demographic factors influencing the industry are studied in detail in this report. As per the study, North America held the highest revenue share in 2020 and is predicted to continue its dominance in the coming period. The launch of several construction projects by several public sector and private companies is estimated to augment the growth rate of the market. At the same time, the LAMEA region is predicted to have the fastest CAGR in the forecast period.
Upcoming Trends in the Heavy Construction Equipment Rental Market
The integration of advanced technologies such as IoT, artificial intelligence, and robotics into heavy construction equipment has helped the sector flourish. IoT-powered devices embedded with sensors are used in machinery to collect data regarding its performance so that it can be controlled remotely. Ultimately, this helps in simplifying the maintenance and repair, thus reducing the cost and downtime.
Furthermore, AI-based tools and machine learning algorithms are utilized to analyze the patterns of machine use. The data collected using big data analysis software applications are used to design autonomous machines. These machineries perform repetitive tasks easily, thereby freeing up labor for more productive tasks. The advent of UAVs has also played a significant role in transforming the heavy construction equipment rental industry. These drones are used for surveillance, transport, and monitoring purposes.
Key Players Studied in the Market Report
The AMR report profiles some leading companies in the industry to help businesses develop an understanding of how multinational giants implement their expansion strategies. The key players analyzed in the report include:
Ashtead Group plc.
Boels Rental
Herc Rentals Inc.
Haulotte Group
H&E Equipment Services
Kanamoto Co., Ltd.
Loxam (Ramirent)
Sumitomo Corporation
Sarens n.v./s.a.
United Rentals, Inc.
To summarize, the AMR report provides valuable insights into the different segments of the industry and highlights the major investment areas in the heavy construction equipment rental market. The data and statistics offered in the report aid businesses in increasing their footprint in the industry across the globe.