Technology Drives Demand in Rental Market
In a recent report published by Hexa Research, a number of variables are anticipated to drive significant demand in the global construction equipment rental market over the next eight years, with technology at the forefront.
Construction equipment is offered on rent by manufacturers or third party suppliers, usually on the basis of duration needed. Increasing operational and financial advantages related to the product are expected to lead to an overall increase in the global demand for this service.
The ability to reduce costs on large-scale projects that require large investments and a wide range of specialized equipment has led many construction companies to rent the equipment.
Many large-scale projects namely power and energy, oil & gas, and transportation projects require large investments and a wide range of specialized machinery which have led many construction companies to rent equipment in order to reduce costs. Advanced features including the availability of data regarding fuel consumption, along with the expected life of critical components will fuel demand in the near future. Growing need to replace outdated or obsolete machinery will drive the need for construction equipment rentals.
Rapid technological changes along with increasing demand for advanced and more efficient equipment from construction companies is expected to be a key driving factor for this market.