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SAN FRANCISCO, CA--(Marketwired - Feb 15, 2016) - The construction equipment rental market is expected to reach USD 84.60 billion by 2022, according to a new study by Grand View Research, Inc.
Availability of wider range of modern, productive machinery in rental fleets coupled with infrastructural development occurring at brisk pace is projected to drive demand. Significant factors such as the cost inflation associated with the replacement of equipment and the technical changes pertaining to machinery requirement has positively favored rental demand. Environmental and safety issues make it more economical. Further, considerable shift towards renting over buying due to less immobilized capital, low maintenance, improved cost control and reduction in transportation fleets are expected to boost revenue growth over the forecast period.
Browse full research report with TOC on "Construction Equipment Rental Market Analysis by Product (Systems, Tags), and Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/construction-equipment-rental-market
Stringent regulations, financial constraints and increasing cost of ownership makes it a considerable alternative for various government authorities, contractors and other users. The manufacturers are aggressively focused on providing tailored solutions and financial packages in order to meet the requirement of individual customers which is further projected to drive growth over the forecast period.
Reduced burden of upfront investment, and eliminated risk of expensive breakdown repairs, is expected to offer lucrative growth opportunities. For instance, over 80% of the machinery sold in the UK goes to the plant hire companies.
Further key findings from the study suggest:
Grand View Research has segmented the construction equipment rental market on the basis of product and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.