Global Equipment Rental Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
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.
Market Overview:
The latest research study on the global Equipment Rental market finds that the global Equipment Rental market reached a value of USD 150021.15 million in 2022. It’s expected that the market will achieve USD 273548.0 million by 2028, exhibiting a CAGR of 10.53% during the forecast period.
Market Driver Analysis
With the rapid development of industrialization worldwide, the demand for power supplies is also increasing. The increase in the unreliable power supply generated through small grids and the limited access to the main transmission networks are increasing, stimulating the demand for rental generators in utilities and manufacturing. In addition, the growing demand for scalable rental equipment can overcome the problems associated with voltage dips and swells and power outages. What's more, electricity leasing (also called on-demand leasing) has many advantages over other similar products. Rental generators are more useful than purchased generators because they are flexible in the required power rating, maintenance and installation costs are negligible, can be obtained at any time in a short time, and the initial cost is reduced in addition to other functions. In the maintenance of existing power systems, lack of grid infrastructure and temporary need for electricity, manufacturers usually prefer to rent generators. Therefore, the increasing awareness of the benefits of power equipment outsourcing has also had a positive impact on the market.
Power plants in developed countries are approaching the end of their life cycles. According to the statistics of the World Bank, before 1975, there were about 487 oil, natural gas or nuclear power plants in operation worldwide. These power plants have not been modernized, so it is necessary to replace these old distribution networks and power plants. This puts forward the requirement of reliable backup in the form of Power Equipment Rental or temporary power solution. New permanent power plants require years of planning and financing. In addition, raising funds for these factories will also pose challenges, especially for emerging countries. This makes electricity rental solutions an extremely advantageous option because they can be provided within a few weeks and the initial capital requirements are low. For example, in recent years, the economy of Middle Eastern countries has developed rapidly. The rapid economic growth has triggered significant energy demand, especially electricity demand. With the increase in new generation, the infrastructure of transmission and distribution networks also needs to be improved. The demand for electricity in the MENA region is constantly increasing. According to data from the World Energy Council, the Gulf Cooperation Council will need to add 100GW of electricity to meet demand in the next 10 years. Therefore, no matter for developed countries or emerging regions, as the demand for electricity grows, the demand for related equipment will continue to increase.
Region Overview:
North America had the highest growth rate of all regions.
Company Overview
United Rentals is one of the major players operating in the Equipment Rental market, holding a share of 6.59% in 2020.
United Rentals, Inc., through its subsidiary, is an equipment rental company operating a network of locations in the United States and Canada. The Company serves the construction industry, industrial and commercial concerns, homeowners, and other individuals.
Ashtead Group Plc is an international equipment rental company servicing customer nationwide in the US and the UK. The Company rents construction and industrial equipment. Ashtead generates approximately 85% of its revenue in the US through its subsidiary, Sunbelt Rentals with 388 locations across the US.
Segmentation Overview:
Among different product types, Short-term Rental segment is anticipated to contribute the largest market share in 2027.
Application Overview:
By application, the Construction Industry segment occupied the biggest share from 2017 to 2022.
Key Companies in the global Equipment Rental market covered in Chapter 3:
Kanamoto
Cramo
United Rentals
Star Rentals
Zeppelin Rental
Aggreko
Atlas Copco
Loxam
Deere & Company
NISHIO RENT ALL
Boels Verhuur
Caterpillar
AKTIO Corporation
Ramirent
Home Depot Rentals
H&E Equipment Services
Sunstate Equipment Company
Kiloutou
Ahern Rentals
Mateco
Speedy Hire
NIKKEN CORPORATION (Mitsubishi Corporation)
Hertz Equipment Rental
Bragg Cos.
Equipment Depot
Sims Crane & Equipment
Ashtead Group
Sarens
Maxim Crane Works
Algeco Scotsman
Taiyo Kenki Rental
In Chapter 4 and Chapter 14.2, on the basis of types, the Equipment Rental market from 2018 to 2029 is primarily split into:
Long-term Rental
Short-term Rental
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Equipment Rental market from 2018 to 2029 covers:
Power Industry
Construction Industry
Mining Industry
Oil and Gas Industry
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)
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