Spain Construction Equipment Rental Market Research Report, 2028

Spain has a positive business environment, ranking 30th in the 2021 ease of doing business index. The country boasts an efficient administrative structure and appealing foreign policies. Government measures to relax foreign investment regulations in the building, transportation, and renewable energy sectors encourage FDI investment. To encourage the expansion of FDI inflows, the government also provides a variety of tax breaks, support services, and import duty exemptions, as well as a free trade zone. Services, construction, and manufacturing were among the major industries in 2020, receiving roughly 68.2% of FDI inflows. The Ecological Transition Ministry is currently reviewing 697 renewable energy projects as of January 2022, comprising 467 solar parks, 211 wind farms, 2 hydroelectric plans, and 17 hybrid plants. The need for construction equipment rentals in the renewable energy sector is likely to rise as a result of these expanding initiatives. Punta Norte Residential Complex ($220 million), Palencia-Aguilar de Campoo High-Speed Railway Line Palencia Norte-Amusco segment ($114 million), Sinova Wastewater Treatment Plant ($72 million), and Sabinar Photovoltaic Complex 252 MW ($213 million) Hydraulic infrastructures received a $740.1 million investment in 2021, with an additional $102.5 million added in 2022 through public bodies and state-owned enterprises. John Deere Ibérica SA, Liebherr Industrias Metálicas SA, Jungheinrich AG, Caterpillar Inc., etc. are the major players in construction equipment rental of Spain. According to the research report, “Spain Construction Equipment Rental Market Research Report, 2028” published by Actual Market Research, the market is projected to add USD 0.52 Billion by 2028. The infrastructure improvement projects in rural areas of Spain, such as the refurbishment of commercial buildings, railway stations, and airports, the repair of runways, and the extension of roadways and bridges, are fuelling the strong demand for the Spain construction equipment rental industry. The rental business is experiencing increased demand as a result of rising equipment costs, increased economic insecurity, a cash crisis, technical advancements, and major infrastructural construction. Contractors prefer to hire construction equipment to control project costs, which have risen due to increases in labour and raw material prices. Rental companies are heavily investing in technologically innovative and environmentally friendly construction equipment in order to expand their fleet sizes and successfully meet their clients' increasing expectations. According to the World Bank, Spain has a population of 47.33 million people, with a male population of 23.29 million and a female population of 24.04 million. The majority of the population, 30.98 million people, is aged 15 to 65. The urban population outnumbers the rural population by 38.34 million. According to the World Bank, Spain's GDP in 2021 will be $1.43 trillion USD, with a 3.1% inflation rate and a per capita income of USD 30,115.7. The Spanish parliament passed the 2022 budget in December 2021, which includes spending of EUR 240 billion ($264.1 billion) in 2022, a 0.2% increase over the previous year's budget. The government allocated EUR11.8 billion ($14 billion) to resilient infrastructures and ecosystems, EUR1.6 billion ($1.9 billion) to telecommunications for 5G network deployment, EUR630 million ($745.2 million) to the development of innovative renewable energies, and EUR2.8 billion ($3.3 billion) to housing rehabilitation and urban regeneration. Spain government’s development projects Budget of $2,790 Million for the Madrid Metro Expansion. The project entails the expansion of Madrid's Metro lines. The residential complex Las Lomas del Higueron will cost $696 million. The Las Lomas del Higueron residential complex in Costa del Sol, Andalusia, Spain, is being built as part of the project. Budget of $448 Million for the development of the Xerta-Senia Canal. The project entails building the Xerta-Senia Canal between Xerta and Senia in Catalonia, Spain. Budget of $223 Million for the C43 Biofuel Production Plant. The project entails constructing the C43 biofuel manufacturing plant on a 4.14-hectare plot of land near Cartagena, Murcia, Spain. Renovation of the Monforte de Lemos to Lugo Railway Line: $132 million. The renovation of the Monforte de Lemos-Lugo railway line in Galicia is part of the project. Therefore, with increase in the construction activities by Spain government and the private sector the market for construction equipment rental shows the great potential. As the cost decreases and profitability for the company’s increases, thus companies tend to rent the equipment instead of purchasing. Covid-19 Impact The spread of COVID-19 contributed to the decline of the Spain Construction Equipment rental sector as a result of disruptions in the supply chain and production discontinuity. Furthermore, construction site closures and event cancellations have serious consequences for the equipment rental industry, including the health and safety of rental company employees, the suspension or cancellation of rental contracts, the management and maintenance of machinery, and the ability to retain staff and pay salaries. Considered in this report • Geography: Spain • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Spain Construction Equipment Rental market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Equipment type • Earthmoving • Material Handling • Concrete & Road Construction • Others By Application type • Residential • Non-Residential • Others (Infrastructure, industrial, real estate, etc.) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Construction equipment rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.