Global Equipment Rental Market 2017-2021
About Equipment Rental
Equipment rental is a service industry that provides machinery, tools, and equipment to end-users such as the construction, mining, power, and oil and gas industries on a rental basis. A rental agreement signed before the transaction specifies the rental amount, security deposit, delivery date, late return fees, duration of the rental period, and location. Renting equipment has several benefits such as it avoids the initial purchase cost and requires less maintenance and repair cost.
Technavio’s analysts forecast the global equipment rental market to grow at a CAGR of 3.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global equipment rental market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Equipment Rental Market 2017-2021
Technavio recognizes the following companies as the key players in the global equipment rental market: Atlas Copco, Caterpillar, Hertz Equipment Rental, Sunbelt Rentals, and United Rentals.
Other Prominent Vendors in the market are: Aggreko, AKTIO Corporation, Ashtead Group, BlueLine Rental, Cramo, Deere & Company, Fabick CAT, Herc Rentals, Kanamoto, Loxam, Maxim Crane Works, Mustang CAT, NISHIO RENT ALL, NIKKEN CORPORATION (Mitsubishi Corporation), Sims Crane & Equipment, Stephensons Rental Services, Sunstate Equipment Company, and Titan Machinery.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rental equipment monitoring. With the rise in the mining and construction activities, it becomes crucial to manage the rental equipment efficiently. Keeping a regular track of the fleet improves the allocation resources of the rental company. The equipment offered are GPS-equipped which increases the efficiency of fleet management.”
According to the report, one driver in the market is advantages of renting equipment for short-term projects. Competitive edge is one of the key factors that determine the sustainability of a company in any given industry. To increase the market share, a company needs to upgrade its operations to churn out the maximum profits. For the equipment and heavy machinery intensive industry, the cost associated with owning such equipment has increased pressure on the balance sheet of the firm. As the management of the companies is involved in increasing the sales figures and other aspects of the business, the costs of leasing or renting equipment for short-term projects proves lesser than the cost of purchasing the required equipment.
Further, the report states that one challenge in the market is environmental impact due to end-user industries. Construction and mining, along with oil and gas exploration, drilling, and production result in environmental damage, including the changes in hydrodynamics of underground water tables, land degradation, and ground subsidence. Chemicals used in the mining activities are hazardous to the ecosystem and lead to the contamination of soil and groundwater. Such activities lead to soil erosion, the formation of sinkholes, and the loss of biodiversity because of deforestation. Also, in urbanized locations, mining causes dust pollution, vision impairment if exposed for a longer duration, and noise pollution.
Atlas Copco, Caterpillar, Hertz Equipment Rental, Sunbelt Rentals, United Rentals, Aggreko, AKTIO Corporation, Ashtead Group, BlueLine Rental, Cramo, Deere & Company, Fabick CAT, Herc Rentals, Kanamoto, Loxam, Maxim Crane Works, Mustang CAT, NISHIO RENT ALL, NIKKEN CORPORATION (Mitsubishi Corporation), Sims Crane & Equipment, Stephensons Rental Services, Sunstate Equipment Company, and Titan Machinery.
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