Equipment rental can be described as a service which tools, machinery, and equipment to the industries like construction, mining, power, oil & gas on a rental basis.
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According to MarketIntelReports' “Global Equipment Rental Market 2017-2021”:
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The rental agreement is signed before the transaction, mentioning the rental amount, delivery date, late return free, and duration of the rental period.
It offers benefits like less repair cost and avoidance of initial repair cost. Growth of the construction industry boosts the demand for the Equipment Rental Market during the forecast period.
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Increasing infrastructural development also elevates the growth of the heavy equipment rental.
Scope & Regional Forecast of the Equipment Rental Market
Availability of modern equipment in the rental places boost the Equipment Rental Market. The need for automation production processes for the use of raw material will fuel the growth of power tool rental.
Middle East region is expected to have a substantial growth, while Asia Pacific will have a robust growth of the industrial rentals. Growing urbanisation and increasing population are attributed to the growth of the market in Asia Pacific.
The rental companies provide machinery with the latest technology with the updated EPA emission standards. Technological advancements to track the fuel consumption bolsters the demand for equipment rental contract.
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Introduction of remote access devices, efficient engines, and automatic controls to operate the machines are definitely assets for the construction tool rental. The fleet management software offered by the OEMS is a main trend in the industry followed by the industry that provides the information about the machinery to the end users.
The software has information about product wears out, preventive maintenance forecasting, and commercial repair tracking.
The Internet of Things will have a positive impact on the utility equipment rental as it reduces the cost by enabling the machinery for a self detect mode. This feature identifies the need for any repair.
Segmentations & Key Players Involved in the Equipment Rental Market
The Equipment Rental Market can be broken down into various segments as follows:
- Region- Americas, APAC, and EMEA.
Some of the key players involved in the Equipment Rental Market are as follows:
• AKTIO Corporation
• Ashtead Group
• BlueLine Rental
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