Press release
Heavy Construction Machinery Rental Market Growth 2024-2033
Heavy Construction Machinery Rental Market Growth
According to The Business Research Company's, The heavy construction machinery rental market size has grown strongly in recent years. It will grow from $53.4 billion in 2023 to $57.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to construction and infrastructure projects, cost-efficiency and flexibility, short-term project needs, maintenance and upkeep costs, market volatility and economic conditions..
The heavy construction machinery rental market size is expected to see strong growth in the next few years. It will grow to $75.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to infrastructure investments, sustainability and green initiatives, technological integration in machinery, market flexibility and adaptability, global construction trends.. Major trends in the forecast period include maintenance and service packages, collaboration with construction technology providers, rental fleet management optimization, safety and compliance standards, customer training and support services..
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Market Drivers and Trends:
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. 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.
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Major Key Players of the Market:
Ashtead Group plc; United Rentals Inc.; H&E Equipment Services Inc.; Kanamoto Co. Ltd.; Boels Rental Ltd.; Haulotte Corporate; Herc Rentals Inc.; Loxam S.A.S; Sarens USA Inc.; Sumitomo Corporation; Hyundai Heavy Industries Group; Hitachi Construction Machinery Group; Caterpillar Inc.; Komatsu Ltd.; Volvo CE; Sunstate Equipment Co.; Maxim Crane Works L.P.; BlueLine Rental LLC; Ahern Rentals Inc.; Neff Rental LLC; BigRentz Inc.; Sunbelt Rentals Inc.; The Home Depot Inc.; United Site Services Inc.; Anderson Machinery Co.; Romco M Offset Pvt. Ltd.; Texas First Rentals; Aktio Co. Ltd.; Nishio Rent All Co. Ltd.; Metso Outotec Corporation; Atlas Copco AB
Heavy Construction Machinery Rental Market 2024 Key Insights:
• The heavy construction machinery rental market will grow to $75.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Surge In Construction And Mining Activities Fuels Heavy Construction Machinery Rental Market Growth
• Ai Integration Transforms Heavy Construction Machinery Rental Market
• North America was the largest region in the heavy construction machinery rental market in 2023
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