Global Equipment Rental Market to Grow 3.26% by 2021



According to a report from Research and Markets, the global equipment rental market will grow at a CAGR of 3.26% from 2017 to 2021. The report names Atlas Copco, Caterpillar, Hertz, Sunbelt Rentals and United Rentals as key vendors in the space.

A trend noted in the report is rental equipment monitoring. With the rise in mining and construction activities, it becomes crucial to manage rental equipment efficiently. Keeping a regular track of fleets improves the allocation resources of a rental company. Rental equipment is often GPS-equipped which increases the efficiency of fleet management.

The advantages of renting equipment for short-term projects is a driver in the market. For equipment and heavy machinery intensive industries, the cost associated with owning equipment increases pressure on the balance sheet of the firm. The costs of leasing or renting equipment for short-term projects proves lesser than the cost of purchasing the required equipment.

Further, the report states that one challenge in the market is environmental impact due to end-user industries. Construction and mining, along with oil and gas exploration, drilling and production result in environmental damage, including the changes in hydrodynamics of underground water tables, land degradation and ground subsidence. Chemicals used in mining activities are hazardous to the ecosystem and lead to the contamination of soil and groundwater. Such activities lead to soil erosion, the formation of sinkholes and the loss of biodiversity because of deforestation. Also, in urbanized locations, mining causes dust pollution, vision impairment if exposed for a longer duration, and noise pollution.


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