Rising labor costs in countries including China coupled with the increasing number of accidents have led to huge demand for high-performance machinery. Amongst the many benefits of rental equipment is
The Rental Industry
Companies are increasingly focused on using technologically-advanced material handling machinery to increase their throughput which has increased their dependency on rental agencies. The rising penetration of technologies, such as Internet of Things (IoT), Radio-frequency identification (RFID), and Global Positioning Systems (GPS) in material handling equipment are also a key factor driving the construction equipment rental market growth in the present and well into the future.
Major players are focusing on incorporating the latest technologies such as IoT and telematics that can scale with the business, enabling companies to be more agile and connected in the exchange of data which they can then be used to generate a higher return on investment (ROI).
Pierre Boels, CEO of Boels Rental and current President of the ERA, speaking at the recent International Rental Conference in China, told delegates that digital technology will have a major impact on rental.
“These days, more and more people prefer to ‘share’ rather than ‘own’. They want to pay for use instead of paying for ownership. This trend has been dominating the consumer market for a few years now, with developments like Spotify, Uber, Mobike and Airbnb.”
“The internet connects us. And I’m not just talking about connecting people. Increasingly, equipment and machines are being linked through the Internet of Things,” he said.
“In the rental sector that produces a whole range of cost and time-saving solutions… we can now carry out preventive maintenance and service work more effectively. The new technology allows us to prevent breakdown, increase efficiency and reduce costs. In the near future, it will be even easier for our customers on building sites to connect and share our products. For them, time is money and the Internet of Things can help them save on both.”
Industrial Rental Locations
In Asia, especially in relatively advanced economies like China, the internet saturation across society, business, and bureaucratic systems are highly complicated and constantly being updated and require an advanced, streamlined system to keep pace.
The future of Industrial Equipment Rentals
Alongside enhanced and widened product offerings, rental companies are also now starting to exploit digital technology to help both themselves and their customers. This technology, as well as giving rental companies the tools to manage their fleets, can allow contractors to on- and off-rent equipment, view real-time data on equipment on rent, and manage invoicing in a paperless way.
Efficient and technologically-advanced storage & handling equipment, industrial trucks, and bulk material handling equipment are helping in the fast completion of the construction work thus reducing the unnecessary time consumption caused by the traditional human involvement. These types of equipment also enables systematic storage of material. The availability of fully and semi-automated material handling equipment is expected to drive the industry growth further and faster than ever before.