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Increasing mining and construction initiatives in Latin America are driving the adoption of construction equipment
The global construction equipment rental market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of $225 billion by 2032 with a projected CAGR of 4% over 2023-2032, according to a report by Global Market Insights.
The market growth is mainly driven by the rising demand for tech innovations in construction equipment for implementing the latest smart city technologies such as Internet of Things, Artificial Intelligence and Machine Learning, and electromobility into infrastructures, stated the report by the key market research and consulting firm.
Besides, increasing mining and construction initiatives in Latin America are driving the adoption of construction equipment.
Organizations in this industry lease out or rent construction equipment such as cranes, scaffolding, crane lorries, work platforms, graders, bulldozers and excavators to carry out building activities.
In addition, growing mineral consumption throughout Peru, Chile, and Argentina will prompt the demand for mining trucks, excavators, loaders, and dozers throughout the region, it stated.
Key providers in the construction equipment rental market are engaging in strategic initiatives such as partnerships, mergers and acquisitions, R&D investments, and new product launches to gain a competitive edge in the industry.
For instance, in January 2023, Al Faris Group recently extended its portfolio with addition of 24 Liebherr mobile cranes to its fleet, said the report.
The delivery includes a range of models with lifting capacities from 110 to 700 tonnes, including four LTM 1500-8.1s with a lifting capacity of 500 tonnes.
Overall, the construction equipment rental market is segmented in terms of product and region, it added.
Based on product, the concrete equipment product segment is expected to depict over 5% CAGR during the forecast timespan. The rising preference for high-capacity, innovative batching plants will drive the demand for such equipment, said the report by Global Market Insights.
The mounting use of rental concrete equipment in construction industry has evolved owing to the production requirements.
Modern concrete construction equipment producers use cutting-edge technologies to eliminate raw material waste and storage space, stated the report.
In addition, the constantly rising construction projects, reduction in completion times, and end-users needs for customized solutions are some of the key factors slated to assist the segment in growing, it added.-TradeArabia News Service |
