Like any industry, the construction equipment rental industry can ebb and flow. Fortunately, the outlook for the future of the equipment rental industry is very positive. This market is expected to see a compound annual growth rate of 5% between 2019 and 2026, reaching 145.22 billion by that time. That's up from 98.21 billion in 2018. With so much growth in the future, it's no surprise that some changes will come with it.
Construction equipment is expected to shift in a few ways, mostly thanks to technological advances. Here are four of the areas where the construction equipment rental industry is likely to evolve in the coming years.
Heavy equipment is adopting many forms of new technology, like telematics. Fleet telematics incorporate different types of technology to monitor equipment location and status, including things like battery health and fluid levels. This information makes things easier for fleet management as well as for rental companies looking to improve their service.
Construction companies benefit from better visibility and awareness of their machinery, so they can understand how their job site is operating. Rental equipment owners, who typically take care of all maintenance, are consistently updated on the status of their machinery. As a result, they can offer improved service through better maintenance, predictive parts ordering and information about how clients use their equipment.
The world of construction equipment is experiencing growth in electric and hybrid machinery. As this equipment becomes stronger, more versatile, more efficient and even more environmentally friendly, it will gain popularity among those in fleet management.
Adding driverless equipment to job sites can make getting the job done more efficient and safer. This technology is also on the rise, with advances in different components, like geofencing and control systems.
Geofencing creates boundaries and location data for the machinery, while control systems allow operators to move the equipment from afar. Other big developments are occurring in sensor and camera technology, allowing for better data collection and safe operation. In addition to safety and efficiency, automation adds versatility, allowing operators to access hard-to-reach or otherwise inaccessible areas.
One particularly interesting application of automation is in developing countries, which are experiencing a large number of construction projects, but might not have the skilled operators to support the builds. With autonomous equipment, there is much more flexibility to get these operators from a skilled pool of workers without sending them to another country for work.
To keep up with these changes in the world of construction, many fleets and companies are imposing more training for operators and optimizing their approach to safety. Training is also evolving with the addition of augmented reality and other digital programs.
Caterpillar has always provided cutting-edge machinery, and The Cat® Rental Store can help you get the benefits of many new technologies without a high price tag. We carry a range of rental equipment from Caterpillar and other leading brands, and we're always keeping a close eye on industry developments so we can better meet your needs.
Learn more by browsing our rental equipment or get a quote by calling 1-800-RENT-CAT.Find The Cat Rental Store Near You