Equipment Rental Market Insights 2023: How Top Companies Are Impacted by Market Size and Share 2030
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 Driver AnalysisWith 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.
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.
A thorough understanding of the Services sector and its commercial potential is the aim of the market study. The Equipment Rental Market Report has 108 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.
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Leading Players in the Equipment Rental Industry:
Hertz Equipment Rental
Taiyo Kenki Rental
Sims Crane & Equipment
Home Depot Rentals
Maxim Crane Works
Deere & Company
NIKKEN CORPORATION (Mitsubishi Corporation)
H&E Equipment Services
NISHIO RENT ALL
Sunstate Equipment Company
To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.
Based on Type:
Based on Application:
Oil and Gas Industry
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Key Factors Considered:
COVID-19 - Amid the COVID-19 crisis, the Equipment Rental market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research. The epidemic is still causing tremendous disruption in industries throughout the world. We've been tracking the direct and indirect consequences of the COVID-19 outbreak on the Equipment Rental market. To Know How Covid-19 Pandemic will Impact this Industry - https://www.precisionreports.co/enquiry/request-covid19/22792142
Regional Conflict / Russia-Ukraine War - The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it's going to evolve in the years to come.
Challenges & Opportunities - Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.
Organization: Precision Reports
Phone: US: +1 424 253 0807 | UK: +44 203 239 8187
Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today's businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.
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