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May 23, 2020 (Market Insight Reports) -- Selbyville, Delaware, Global Construction Equipment Rental Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2026. Construction Equipment Rental Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Construction Equipment Rental market and provides information regarding the revenue for the period 2020 to 2026.
Construction equipment rental helps them cut repair, maintenance, and transportation costs. Escalating building & construction as well as infrastructure development projects worldwide will augment construction equipment rental market share. Growing focus on smart city development will further bolster the industry outlook. Global construction equipment rental market size is slated to experience dramatic growth over the next few years. This can be mainly associated with shifting preference of building & construction companies towards renting construction equipment rather than purchasing. Renting is emerging to become a more viable option for many companies, allowing them to run a more financially stable infrastructure business.
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Different countries in MEA are expected to deploy different smart city development solutions. For instance, African cities are expected to focus more on the development of transportation and utilities infrastructure. On the other hand, some of the more sophisticated countries like Saudi Arabia and Israel will likely focus heavily on improving the efficiency of public services. The aforementioned trends will certainly fuel construction equipment rental demand across MEA in the near future.
Based on the product, construction equipment rental industry is segmented into earthmoving & roadbuilding equipment, material handling & cranes, and concrete equipment. The earthmoving & roadbuilding equipment product segment is further classified into backhoes, loaders, excavators, compaction equipment, and others. The segment accounts for more than 50% revenue share in global construction equipment market.
Major players operating across Construction Equipment Rental Industry include Ahern Rentals, Inc., AJ Networks Co., Ltd., Aktio Corporation, Ashtead Group, Boels Rental, Caterpillar Inc., Cramo PLC, Fortrent, H&E Equipment Services, Herc Holdings, Inc. (Herc Rentals, Inc.), Hinkel Equipment Rental Associates, Kiloutou, Loxam Group, LTech and Others.
Backhoes, loaders, and excavators are extremely versatile when it comes to construction applications. These machines offer a range of different attachment options, making them capable for accomplishing a wide range of tasks. Additionally, earthmoving & roadbuilding equipment can be easily driven on roads which makes them a suitable choice for infrastructure projects with spread out worksites.
In terms of the regional landscape, Middle East & Africa (MEA) construction rental equipment industry will record a CAGR of more than 2% through 2026. This can be growing focus on surging government investments in smart city development projects. City planners worldwide are busy designing smart city projects and the MEA region is anticipated to host some of the most sophisticated smart cities in the world.
Smart city plans are garnering momentum in Middle East and Africa on account of rapidly rising rates of urbanization. MEA's urban population has increased from 20% in 1960 to more than 45% in 2015, according to the United Nations (UN). The year 2019 has witnessed tremendous acceleration in the region's smart city ambitions with a number of new initiatives and programs launched throughout the year.
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Related Reports:
Global Construction Equipment Rental Market Size, Status and Forecast 2019-2025
A construction job mandates a large number of heavy machines. There are a number of advantages to lease the construction. Primarily, many contractors want to be able to stay on the cutting edge of technology. New tools are emerging all the time, and leasing equipment means that contractors can utilize the latest products available without taking on extravagant costs. When the lease is up, contractors can simply opt for the newest line of products available.
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