New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heavy Construction Machinery Rental Global Market Report 2023" - https://www.reportlinker.com/p06464101/?utm_source=GNW
, Loxam S.A.S, Sarens, Sumitomo Corporation, Hyundai Heavy Industries Group, Hitachi Construction Machinery Group, Caterpillar Inc., Komatsu Ltd., and Volvo Construction Rental Equipment.
The global heavy construction machinery rental market is expected to grow from $49.79 billion in 2022 to $53.64 billion in 2023 at a compound annual growth rate (CAGR) of 7.7 %. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heavy construction machinery rental market is expected to reach $70.54 billion in 2027 at a CAGR o f7.1%.
The heavy construction machinery rental market includes revenues earned by entities by providing bulldozers for rent, drilling machinery leasing, and crane hire services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Heavy construction machinery rental refers to the service of renting those equipment/types of machinery that are designed for executing large construction projects.This heavy machinery is used for a specific function that is necessary for a variety of construction tasks.
Renting heavy construction equipment saves construction contractors the cost of new equipment, labor costs, maintenance costs, and operational costs.
North America was the largest region in the heavy construction machinery rental market in 2022. The regions covered in the heavy construction machinery rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main equipment categories of heavy construction machinery rental are earthmoving equipment, material handling equipment, heavy construction vehicles, and others.Earthmoving equipment refers to heavy equipment or heavy vehicles that are specifically designed for construction operations and can move and grade soil and rock.
The various applications involved are excavation and demolition, heavy lifting, tunnelling, material handling, recycling, and waste management, which are used by infrastructure, construction, mining, oil and gas, manufacturing, and other end users.
The increase in construction and mining activity is expected to propel the growth of the heavy construction machinery rental market going forward.Construction activities refer to the construction of large industrial structures such as buildings, railways, houses, power plants, and others whereas mining refers to the process of extracting useful substances from the earth.
In construction and mining activities, renting heavy construction machinery helps reduce operational and financial risks by reducing the cost of new equipment, and maintenance costs.Hence, the increase in construction and mining activities will increase demand in the market.
For instance, in December 2022, according to the World Steel Association (WSA), a Belgium-based association, global crude steel production through mining accounted for 1,951 million metric tons in 2021, an increase of 3.8% in crude steel production as compared to 2020. Furthermore, in 2021, according to the Office for National Statistics (ONS), a UK-based producer of official statistics, the total output of construction activities rose by 12.7% in volume terms. Therefore, the increase in construction and mining activity is driving the growth of the heavy construction machinery rental market going forward.
The introduction of artificial intelligence (AI) has emerged as a key trend gaining popularity in the heavy construction machinery rental market.Artificial intelligence refers to the combination of datasets and computer science that enables problem-solving.
Artificial intelligence is used to track performance data by attaching sensors to construction equipment.Major companies operating in the heavy construction machinery rental market are adopting new technologies such as artificial intelligence (AI) and machine learning to sustain their position in the market.
For instance, in August 2022, Caption, an Israel-based start-up launched ‘MineCept’ an AI-based system for heavy equipment.This system is installed on heavy construction equipment and provides real-time information to site managers, operators, and safety managers.
This artificial intelligence-based system helps to reduce accidents and improve the safety and productivity of heavy construction equipment at industrial plants, mines, or construction sites.
In February 2023, Cooper Equipment Rentals Limited, a Canada-based construction equipment rental company acquired Hub Equipment for an undisclosed amount.This acquisition advances Cooper Equipment Rentals’ goal of being the sole Canadian-owned, nationwide rental company, which is consistent with the company’s growth strategy.
Hub Equipment is a Canada-based provider of specialized heavy equipment that focuses on the sales and rental services of heavy machinery construction equipment.
The countries covered in the heavy construction machinery rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The heavy construction machinery rental market research report is one of a series of new reports that provides heavy construction machinery rental market statistics, including heavy construction machinery rental industry global market size, regional shares, competitors with heavy construction machinery rental market share, detailed heavy construction machinery rental market segments, market trends, and opportunities, and any further data you may need to thrive in the heavy construction machinery rental industry. This heavy construction machinery rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06464101/?utm_source=GNW
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