LONDON–(BUSINESS WIRE)– The global equipment rental market is expected to grow at a CAGR of more than 3% from 2017-2021, according to a new market research report by Technavio.
The global equipment rental market is expected to grow at a CAGR of more than 3% from 2017-2021.
Global equipment rental market segmentation by end-user and geography
Technavio’s report on the global equipment rental market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, which includes oil and gas industry, construction industry, mining industry, and power industry. As projected in 2016, around 29% of the market share originated from the oil and gas segment.
Based on geography, the global equipment rental market has been segmented into the Americas, APAC, and EMEA. As of 2016, 37% of the market share came from the Americas.
“The equipment rental market in the Americas is dominated by the US. This is followed by Canada and Brazil. Drilling and production of crude oil comprise one of the major market potentials for the rental companies in the region. This is mainly attributed to the huge reserves of shale in the US and Canada. The market potential for construction rental equipment is also expected to boost market growth during the forecast period,” says Neelesh Prakash Singh, a lead analyst at Technavio for engineering tools research.
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Equipment rental market: competitive vendor landscape
The market for the global equipment rental market is fragmented. Rental companies that have niche technologies and provide a range of technology-driven equipment that not only reduces the operating time and the overall operating cost for the service companies but also requires less maintenance. Key vendors such as Atlas Copco, Caterpillar, Hertz Equipment Rental, Sunbelt Rentals, and United Rentals are the major market shareholders.
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Other topics covered in the report:
Market drivers:
- Advantages of renting equipment for short-term projects
- Increasing oil and gas consumption
Market challenges:
- Fluctuations in oil and gas prices
- Environmental impact due to end-user industries
Market trends:
- Rental equipment monitoring
- Deep-sea mining
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