Plant Hire Market Size Reveals the Best Marketing Channels In Global Industry
Market Overview and Report Coverage
Plant hire refers to the service of renting out machinery, equipment, and vehicles for construction, infrastructure development, and other industrial purposes. This allows companies to access a wide range of equipment without the need to invest in purchasing them outright.
The current outlook for the plant hire market is positive, with steady growth expected in the coming years. The increasing demand for construction projects, infrastructure development, and industrial activities is driving the growth of the market. Additionally, the trend towards outsourcing equipment rather than owning them is also contributing to the market growth.
The plant hire market is expected to grow at a CAGR of % during the forecasted period. The market forecast shows a continuous increase in demand for plant hire services, particularly in emerging economies where infrastructure development is booming. The latest market trends indicate a shift towards more eco-friendly and energy-efficient equipment, as well as advancements in technology such as telematics and automation in plant hire machinery. Overall, the plant hire market is poised for significant growth in the near future.
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Market Segmentation
The Plant Hire Market Analysis by types is segmented into:
- Online Rental
- Offline Rental
The plant hire market can be categorized into two types: online rental and offline rental. Online rental involves renting construction equipment through websites and apps, offering convenience and ease of access to a wide range of equipment. On the other hand, offline rental market involves renting equipment through physical stores or dealers, allowing for face-to-face interactions and personalized service. Both markets cater to the needs of construction companies and individuals looking to rent equipment for various projects.
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The Plant Hire Market Industry Research by Application is segmented into:
- Oil and Gas Industry
- Construction Industry
- Mining Industry
- Power Industry
- Others
Plant hire services are essential in various industries like oil and gas, construction, mining, power, and others. In the oil and gas industry, plant hire is utilized for exploration, drilling, and transportation purposes. In the construction industry, it is used for earthmoving, excavation, and material handling. The mining industry relies on plant hire for extracting, processing, and transporting minerals. Power industry uses plant hire for maintenance and construction of power plants. Other industries benefit from plant hire for specialized equipment needs.
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In terms of Region, the Plant Hire Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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What are the Emerging Trends in the Global Plant Hire market?
The global plant hire market is experiencing a shift towards environmentally friendly equipment, driven by increasing focus on sustainability. There is also a growing demand for specialized equipment such as drones and automated machinery for more efficient and cost-effective operations. Additionally, digitalization and the adoption of advanced technologies like telematics and IoT are becoming increasingly prevalent to enhance fleet management and performance monitoring. Moreover, the market is witnessing a trend towards rental partnerships and alliances to provide customers with a wider range of equipment and services. Overall, the industry is evolving towards more agile, innovative, and customer-centric approaches.
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Major Market Players
Herc Rentals, Sunbelt Rentals, and United Rentals are among the leading players in the plant hire market. Herc Rentals operates as an equipment rental supplier of construction and industrial equipment. Sunbelt Rentals offers equipment rental services for construction industries, government entities, municipalities, and industrial companies. United Rentals operates as an equipment rental company serving the construction and industrial sectors.
These companies have shown significant market growth over the years due to the increasing demand for construction equipment rental services. The plant hire market has been witnessing a trend towards renting rather than owning equipment, as it helps companies reduce costs and improve operational efficiency.
According to recent market research reports, the plant hire market size is estimated to be around $50 billion globally. Ashtead Group is one of the largest equipment rental companies with annual revenue exceeding $4 billion. United Rentals is another key player with annual sales revenue of over $9 billion.
The plant hire market is expected to continue growing as construction activities increase globally. Companies like Caterpillar, Atlas Copco, and Deere & Company are also expanding their presence in the equipment rental segment to capitalize on this trend. With advancements in technology and the adoption of digital solutions in equipment rental services, players in the plant hire market are focusing on enhancing their services and improving operational efficiency to stay competitive.
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