Agriculture and Forestry Expansion Spurs Trencher Rental Market
Rockville, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The global trencher rental market is estimated at US$ 136.1 million in 2023 and is expected to expand at an impressive CAGR of 3.8% during the forecast years of 2023-2033. Tractor
Trenchers, machines used for digging narrow excavations in the ground, are related to the demand for trenching. Renting trenchers has become increasingly popular due to their flexibility in accommodating varying project durations and equipment availability. This makes it an appealing choice for construction and infrastructure projects with unpredictable timelines.
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Factors such as the expanding construction industry, urbanization, population growth, and the development of utility networks have all contributed to the rising demand for trenching services, thereby driving the growth of the trencher rental market.
In a similar vein, the agriculture sector, particularly in emerging economies, is experiencing significant growth. This has led to an increased demand for trenchers, specifically for land preparation and drainage purposes. Renting trenchers offers a cost-effective and accessible solution, catering to companies and individuals who may not have the financial resources or long-term ownership requirements to purchase a trencher outright.
Key Takeaways from Market Study
The global trencher rental market is projected to expand at a CAGR of 3.8% and be valued at US$ 197.7 million by 2033
The market witnessed a CAGR of 3.9% for the period of 2018-2022
Under the type segment, self-propelled trenchers are estimated to dominate the market with a 69.1% market share in 2023
North America is expected to dominate the market with a 27.0% market share in 2023
Based on region, the trencher rental market is expected to increase at CAGRs of 4.0% and 4.1%, respectively, in U.S. and China
“Growing Construction and Infrastructure Projects Coupled with Competitive Strategies Implemented by Market Players is Likely to Drive Trencher Rental Market” says a Fact.MR analyst.
Prominent trencher rental service providers are:-
Trencher rental companies aim to have a diverse and up-to-date equipment portfolio to cater to a wide range of customer needs. Rental service providers invest in a variety of trencher models, sizes, and configurations to provide options for different projects and industries. This diversity helps attract a larger customer base and allows rental companies to offer comprehensive solutions.
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How Does the US Trencher Rental Market Get Driven by the Expanding Military and Defence Sector?
Building bases, training centres, and logistical support systems are just a few examples of the infrastructure that is frequently needed for the military and defence industry. In order to lay utility lines, build communication networks, install subterranean facilities, and build defensive fortifications, among other uses for trenches, trenchers are essential. The need for trencher rentals is projected to rise as the military grows and updates its facilities.
Furthermore, budgetary restrictions are a common occurrence in the military and defence industries. Military groups can maximise their expenditures by renting trenchers because they can avoid the high upfront costs of buying and maintaining specialised equipment. By providing military organisations with flexibility in project-specific budget management, trencher rentals enable resource allocation that is both effective and efficient.
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Construction Equipment Rental Market: The global construction equipment rental market is projected to reach a market size of US$ 185 Billion by 2032.
Backhoe Rental Market: The global backhoe rental market is estimated to be valued at US$ 611.2 million in 2023 and it is expected to grow at a CAGR of 4.3% to reach US$ 931.4 million by the end of 2033.
Concrete Grinder Rental Market: Concrete grinder rental services demand is expanding and is poised to grow at a rate of 3.6% during the forecast period and reach a valuation of US$ 147.1 million in 2033 from US$ 103.3 million in 2023.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global trencher rental, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (self-propelled (walk-behind and ride-on), tractor-mounted (attachment)), mechanism (rock wheel and chain or ladder), application, (mining, construction, agriculture & forestry, marine & subsea, military & defense, and other), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania and the Middle East & Africa).
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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