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UAE Business: GCC construction machinery rental industry to hit $5.48bn by 2026 – Gulf Digital News
UAE Business: GCC construction machinery rental industry to hit $5.48bn by 2026 – Gulf Digital News
The GCC construction equipment/machinery rental market, which was valued at $3.77 billion in 2020, is poised for solid growth and is expected to reach $5.48 billion by 2026, growing at a CAGR of 6.15% over the next five years, said a report by ResearchAndMarkets.com.
The Covid-19 pandemic hindered the growth of construction machinery/equipment market across GCC region owing to shut down of manufacturing facilities and halt of investments into infrastructure sector.
However, post-pandemic, as economic activities resumed, the market expected to gain momentum during the forecast period, it stated.
Some of the major driving factors are the construction sector's growth in the region, increasing demand for cranes, and developing trends toward automation and telematics.
According to the report, the renting or leasing of construction equipment has been on the rise, owing to an effort to lower the equipment purchase and maintenance expenses.
Apart from the cost, there are also other benefits associated with renting of the construction equipment. Rental companies provide the machinery, along with the required professional machine operators and drivers, thereby ensuring a hassle-free operation, it added.
Moreover, advancement in the rental method of construction machinery such as digital platforms is providing ease to the consumer,
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Global Construction Equipment Rental Market Is Poised To Flourish At A CAGR Of 4.3% By The End Of 2032 https://linkewire.com/2022/04/27/global-construction-equipment-rental-market-is-poised-to-flourish-at-a-cagr-of-4-3-by-the-end-of-2032/
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Purchasing new and improved construction rental equipment requires market research, customer reviews, and other factors. EZRentOut assists you in evaluating data for procurement and helps to keep track of a wide range of items.
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With a wide range of equipment available for the construction industry, TechRentals is the experienced rental partner for construction testing equipment. Contact our friendly team at [email protected] to find the right instrument for your construction project!
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