Norway Construction Equipment Rental Market Overview, 2028

Norway Construction Equipment Rental Market Overview, 2028

Norway is a modern, energy-rich country with a population of 5.4 million. It is considered one of the world's wealthiest countries. The construction rental equipment market is The amount of construction machinery and equipment rented in Nordic countries will rise slightly in 2019 and 2020.Even though it is anticipated that construction will somewhat decline, the rental market will expand. The dramatic drop in apartment building construction won't negatively affect the overall expansion of the rental market. In the present rental market, only 15% of the equipment used in the construction of the apartment complex is still in use. The market for construction equipment rental is increasingly driven by non-residential construction. The construction of commercial, office, and healthcare buildings has seen a sharp increase in rental rates. Construction machines and equipment are used more frequently in non-residential buildings than in residential construction.

In Norway, the construction rental equipment market is expected to significantly increase in the future. Although the construction industry consumes the majority of machinery and equipment rentals, other industries also make extensive use of it.The remainder is rented to other industries, service providers, government agencies, and private individuals for upkeep, installation, etc. The use of rental equipment has expanded in service industries. The other use, in particular in Sweden, is highly significant. In the renovation industry, construction equipment rental growth will continue. Construction equipment has displaced human labour, there are higher standards for quality, and there are more difficult working circumstances, all of which have increased growth. Equipment leasing is growing as a result of remodeling's emphasis on the professional renovation sector. Corporate acquisitions provide insight into the industry's appeal. An acquisition bid for Ramirent, a Finnish global rental company, has been made by Loxam. Investors have expressed interest in the rental services due to their high volume, rapid growth, and promising future.

The Nordic region's largest provider of rental machinery and equipment to the construction industry is Rental Group. The group is made up of specialist businesses with in-depth knowledge, tonnes of heavy equipment, tower cranes, work vehicles, and specialised tools for building tunnels. From small and medium-sized assignments to the largest and most complex projects, Rental Group takes care of every need across all kinds of building projects. We guarantee ongoing maintenance of equipment and machinery thanks to our 100+ internal mechanics and mobile and stationary workshops. In Norway, Rental Group's yearly revenue exceeds 1 billion NOK. The group has strong financial resources and ambitious growth plans for the Nordic region. The market wants adaptable solutions to maximise the machine capacity for those projects as a result of new types of contracts and the growing complexity of large construction projects. With Rental Group, clients may choose projects based on risk and profitability and can also avoid investing a sizable amount of money in their own equipment.

Despite earlier predictions of a significant decline in 2020, the Norwegian economy shrank by only 4.8% in the stronger-than-expected second half of the year, despite falling crude oil prices.As a result of increased oil prices and Norway being one of the least affected countries in Europe by the COVID-19 pandemic, the GDP is now predicted to expand 13.8% in 2021 and 3.7% in 2022. The pipeline development and decreased offshore investment intentions have contributed to oil corporations delaying or cancelling development projects, so the investment picture is still bleak. Because of long-term projects with completion dates in the second half of 2022, fixed investment is predicted to decline 1.9% in 2021 before increasing 1.1% in 2022.

COVID-19 impact:
In Norway, the construction rental equipment market is significantly affected by the pandemic because of lockdown issues and an increase in COVID cases. After the COVID pandemic, the market is bouncing back for construction rental equipment.

Considered in this report
• Geography: Norway
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Norway Construction Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By equipment Type:
• Earthmoving
• Material handling
• Concrete and road construction
By Application Type:
• Residential
• Non residential
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction Rental industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.