Global equipment rental software market is expanding at a high CAGR despite the COVID- 19 pandemic due to rapid urbanization that leads to the increasing demand for construction equipment and services from growing power generation projects from renewable sources.
BlueWeave Consulting, a leading strategic research and consulting company, in its recent study, estimated the size of Global Equipment Rental Software Market at USD 391.14 million in 2021. BlueWeave forecasts the global equipment rental software market size to grow at a CAGR of 9.6% between 2022 and 2028, to reach a value of USD 724.35 million by 2028. Equipment rental software aids the clients in the simplification of rental operations as well as the increase of earnings. It can help dealerships plan, operate, cover, and ameliorate rental operations to boost gains and improve client service. The software gives dealerships and rental companies comprehensive sapience and control, allowing them to make data- driven opinions.
Global Equipment Rental Software Market – Technology Advancements
Global equipment rental software market has seen tremendous expansion, because of increased contest, urbanization, and exponential growth in robotization and construction diligence. The growing use of assiduity 4.0 and 5G wireless technology is driving demand for robotization results across a variety of assiduity verticals, bolstering the request for outfit reimbursement software. In addition, The Internet of Things (IoT) is generating massive amounts of data that have the potential to transform the rental industry. By utilizing this data, organizations can work more efficiently, gain a better understanding of their processes, and increase profits. The use of analytical tools increases the value of IoT data for business growth. Through data analysis, businesses can forecast when equipment needs to be maintained, revolutionizing asset management.
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Global Equipment Rental Software Market – Demand for Software and Services
Many power generation companies are investing in renewable energy sources, particularly in North America and Europe. EDF Energy, for example, announced its plans to a USD 27 billion investment in solar power structure, in December 2017. Likewise, governments all over the world are encouraging the use of renewable energy by offering subsidies to businesses that produce it. The Australian government has handed wind power generating companies a subsidy of USD 600 million. Growing power sector, particularly renewable energy, will increase the demand for construction equipment and services. As a result, the need for global equipment rental software is forecast to grow in the coming years. The expansion of public infrastructure projects, such as airports and railways, in Italy, Germany, and France is propelling the regional construction sector forward. The growing number of construction projects in these areas is driving demand for construction equipment rental services.
Impact of the COVID- 19 on Global Equipment Rental Software Market
The COVID-19 outbreak severely impacted the supply chain, affecting the residential construction industry in North America. The pandemic posed numerous challenges to the construction industry and hampered the growth of the equipment rental software market. The size and severity of these issues will primarily be determined by the crisis’s nature and duration, the recession’s length, and the road to recovery. In 2020, the building industry, particularly the new residential segment, was doing well and seeing a rise in activity across various industries. Many ongoing projects deemed necessary by government officials were not halted, but new residential construction permits were suspended due to the rising number of instances worldwide. As a result, the pandemic had a negligible impact on the demand for rental equipment and software.
Global Equipment Rental Software Market – By Region
Global equipment rental software market is divided into five major regions: North America, Asia Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA). North America is further divided into countries, such as the United States and Canada. During the forecast period, North America is expected to maintain its leadership position in global equipment rental software market. Meanwhile, APAC is forecast to grow at the highest rate. Argentina and Brazil are Latin America’s two largest countries. Argentina’s Sullair and Brazil’s Solaris are the region’s leading rental companies.
Competitive Landscape
Major companies in global equipment rental software market include EZRentOut, eSUB, Inc., Booqable, BCS ProSoft, LLC, HQ Rental Software, inspHire Ltd, MCS Global Ltd, Orion Software Inc., Point of Rental, Wynne Systems, Asset Panda, Windward System, Flex, HireHop, Current RMS, Alert Management Systems, Texada, and HBS Systems. To strengthen their position in global equipment rental software market, these companies indulge in various strategies, including mergers and acquisitions, new product and service launches, and forming joint ventures, collaborations, and partnerships.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Equipment Rental Software Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Equipment Rental Software Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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