The Future of Construction

Construction Equipment Rental Market by Application (Excavation and Mining, Material Handling, Earthmoving, Concrete)

PORTLAND, UNITED STATES, March 1, 2023 /EINPresswire.com/ -- Construction equipment rental is a growing trend in the construction industry. Instead of purchasing heavy equipment, contractors and construction companies are opting to rent equipment on an as-needed basis. This approach offers many benefits, including cost savings, reduced maintenance costs, and improved flexibility. In this blog, we will explore the advantages of construction equipment rental and how it can benefit construction companies.

construction equipment rental market size was $108 billion in 2021, and is projected to reach $168.7 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031

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Key Market Players : Maxim Crane Works, MTANDT RENTALS LIMITED, Boels Rentals, Sarens NV, H&E Equipment Services Inc., Kanamoto Co. Ltd., Herc Rentals Inc., NESCO HOLDINGS, INC. (NESCO SPECIALTY RENTALS), Ramirent ab, United Rentals, Inc.

Cost Savings

One of the biggest advantages of construction equipment rental is cost savings. Purchasing construction equipment can be expensive, and it requires a significant upfront investment. Renting equipment, on the other hand, allows companies to pay only for the equipment they need, when they need it. This can save companies a considerable amount of money in the long run, especially for equipment that is not used frequently.

Reduced Maintenance Costs

Another benefit of renting construction equipment is reduced maintenance costs. Owning heavy equipment requires ongoing maintenance and repair, which can be expensive and time-consuming. Renting equipment allows companies to avoid these costs, as maintenance and repair are typically included in the rental agreement. This can free up time and resources for companies to focus on their core business operations.

Improved Flexibility

Renting construction equipment also provides companies with greater flexibility. Projects often require different types of equipment, and renting allows companies to choose the equipment that is best suited for each project. This can improve productivity and efficiency on the job site, as well as reduce downtime due to equipment breakdowns.

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Access to the Latest Technology

Another advantage of renting construction equipment is access to the latest technology. Construction equipment manufacturers are constantly developing new and improved equipment, and renting allows companies to take advantage of these innovations without committing to a large purchase. This can help companies stay competitive and efficient in a rapidly changing industry.

No Storage Requirements

Owning construction equipment requires space for storage, which can be a challenge for many companies, especially those with limited space. Renting equipment eliminates the need for storage, as the equipment is returned to the rental company after use. This can free up valuable space for other purposes.

Lower Transportation Costs

Transportation costs can be a significant expense for construction companies, especially when equipment needs to be transported to and from job sites. Renting equipment can reduce these costs, as rental companies often provide transportation services as part of the rental agreement. This can save companies time and money, as well as reduce the risk of damage during transportation.

Improved Safety

Renting construction equipment can also improve safety on the job site. Rental companies are responsible for ensuring that equipment is properly maintained and inspected before each rental. This can reduce the risk of equipment failure, which can result in injuries or accidents on the job site. In addition, rental companies often provide safety training for the equipment, which can help ensure that it is used safely and effectively.

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Key Benefits For Stakeholders

This report provides a quantitative analysis of the construction equipment rental market forecast, segments, current trends, estimations, and dynamics of the construction equipment rental market analysis from 2021 to 2031 to identify the prevailing construction equipment rental market opportunities.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the construction equipment rental market segmentation assists to determine the prevailing market opportunities.

David Correa
Allied Analytics LLP
+ 1 503-894-6022
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