Heavy Construction Machinery Market
The Heavy Construction Machinery Rental by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Heavy Construction Machinery Rental, 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.
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.
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The heavy construction machinery rental market covered in this report is segmented –
1) By Equipment : Earthmoving Equipment , Material Handling Equipment , Heavy Construction Vehicles , Other Equipment
2) By Application : Excavation And Demolition , Heavy Lifting , Tunneling , Material Handling , Recycling And Waste Management
3) By End User : Infrastructure , Construction , Mining , Oil And Gas , Manufacturing , Other End Users
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.
The heavy construction machinery rental market report table of contents includes:
1. Executive Summary
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