Core Drill Rental Market
Core Drill Rental Market Analysis, By Drill Type (Desk Drill and Hand Drill), By Technology (Electric, Pneumatic, and Hydraulic) and By Region - Global Market Insights 2023 to 2033
Analysis of Core Drill Rental Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Core Drill Rental Market Growth Outlook (2023 to 2033)
Core drill rental services demand is expanding and is poised to grow at a rate of 6.7% during the forecast period and reach a valuation of US$ 795.5 million in 2033 from US$ 415.9 million in 2023.
A core drill, also known as a diamond core drill or core drilling machine, is a specialized tool used to remove cylindrical cores of material from surfaces such as concrete, masonry, or asphalt. It consists of a motor-driven drill bit with diamond-embedded segments that grind away the material to create a hole.
Report Attributes | Details |
---|---|
Core Drill Rental Market Size (2022A) | US$ 389.8 Million |
Estimated Market Value (2023E) | US$ 415.9 Million |
Forecast Market Value (2033F) | US$ 795.5 Million |
Global Market Growth Rate (2023 to 2033) | 6.7% CAGR |
US Market Growth Rate (2023 to 2033) | 6.9% CAGR |
China Projected Market Value (2033F) | US$ 190.1 Million |
Key Companies Profiled | Aggreko; Atlas Copco; Carolina CAT; Herc Rentals; Loxam Group; Sunbelt Rentals; United Rentals |
Don't Need a Global Report?
save 40%! on Country & Region specific reports
Historic and Future Pathway Analysis for the Core Drill Rental Market
Core drills are crucial in geological and mining exploration to extract core samples from the earth's subsurface. These samples provide valuable information about the composition, structure, and properties of rocks and minerals, aiding in mineral prospecting, resource evaluation, and research. Further, core drills are used in construction projects for creating holes in concrete or masonry walls, floors, and ceilings.
Core drills can be expensive to purchase, especially for small-scale construction companies, contractors, or individuals who require them infrequently. Renting core drills becomes a more cost-effective option, allowing users to access the equipment without significant upfront investment.
- Short Term (2023 to 2026): The market is expected to grow at a significant rate during (2023 to 2026) due to the substantial rise in construction activity, infrastructure development, and mining activities worldwide. The cost-effectiveness and convenience to use these machinery by renting them out will be key factors that attract consumer interest towards it.
- Medium Term (2026 to 2029): During the medium term, the market is projected to gain substantial growth with the introduction of various local market players in the industry. The introduction of online platforms and exposure to the digitalization of this industry will escalate the revenue growth of the established as well as new market player.
- Long Term (2029 to 2033): Renovation & refurbishment of new buildings will be the leading factor that will promote market growth during the long run. Whereas, government investment in infrastructure development will be a key factor boost the demand for core drilling machine rental services.
On the back of the aforementioned facts, the core drill rental market is expected to grow at a CAGR of 6.7% during the forecast period from 2023 to 2033, According to the Fact.MR, a market research and competitive intelligence provider.
Market share analysis of core drill rental based on the drill type and region is provided in a nutshell in the above image. Under the drill type segment, the desk drill type sub-segment is expected to dominate with a 69.1% market share in 2023.
Market Dynamics Outlook
“Growing Geotechnical Engineering Industry Drives Core Drill Rental Market Growth”
Geotechnical engineering involves studying the behavior of soil and rock materials to assess their suitability for construction projects, identify potential risks, and design appropriate foundations and structures. Core drilling is a crucial method for collecting soil samples and conducting subsurface investigations. As the geotechnical engineering industry grows, the demand for core drills for soil investigation purposes also increases, driving the rental market.
Further, geotechnical engineers work closely with geologists and mining companies in exploration activities to identify mineral deposits, evaluate resource potential, and assess geological stability. Core drilling is an essential technique for obtaining core samples and analyzing subsurface rock formations. The expansion of geological exploration and mining activities drives the demand for core drills, increasing the rental market's growth.
“Factors Restraining Core Drill Rental Market Growth”
Core drills require regular maintenance, servicing, and occasional repairs to ensure optimal performance and longevity. These costs are typically borne by the rental companies. However, when maintenance costs are high or rental companies fail to adequately maintain their equipment, it affects the availability and reliability of rented core drills, potentially hindering the market's growth.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Country-wise Insights
What are the Factors Driving Core Drill Rental Demand across the US?
The leading factor impacting the demand for core drills is substantial growth in residential & commercial buildings and continuous growth in infrastructure development & refurbishment of buildings. In 2023, Infrastructure Investment and Jobs Act (IIJA) directed spending of about US$ 550.0 billion toward infrastructure development.
In April 2023, The Bipartisan Infrastructure Law provided US$ 16 million to the US Department of Energy (DOE) in order to bring important mineral supply chains to the US and lessen dependency on rivals like China. The money will go towards building a groundbreaking refinery for the extraction and separation of key minerals and rare earth elements in West Virginia and North Dakota.
The need for equipment like core drills is anticipated to rise significantly with the prospective government backing for the mining industry, which would ultimately lead to growth in the core drill rental market.
Why Chinese Core Drill Rental Market is flourishing?
A rise in infrastructure development and building projects is being caused by the region's strong economic growth. Due to the strong demand for construction equipment caused by this, the use of rental equipment has increased. Governments in the China region are making significant investments in the construction of infrastructure, which is increasing the need for construction machinery.
In the upcoming years, it is anticipated that this investment will continue, which will probably result in an additional expansion of the market for construction equipment rentals. In the China region, a lot of sizable and respected rental companies are in operation. This makes it simple for contractors to rent the tools they require at the appropriate time.
In the China region, renting construction equipment is frequently less expensive than buying and maintaining it. Due to this, contractors on a limited budget may find renting equipment to be an appealing choice.
Category-wise Insights
Why Electric Core Drill Rental Is Gaining Immense Popularity?
The electric core drill machines have most users worldwide owing to their versatile coring system for a wide range of concrete and asphalt sampling applications. Electric core drills are preferred over hydraulic & pneumatic ones due to their cost efficiency, environment-friendly, and easy-to-use features.
The electric core drill has a lot of potential to make diverse system installations more effective and precise. Core drilling enables the installation of HVAC, plumbing, and electrical services without compromising the building's structural integrity. These facts indicate that end-use sectors will have a significant need for electric core drill machines shortly.
Why Demand for Core Drill Rental Services is Growing in Construction Industry?
The substantial rise in population and urbanization has given an immense boost to the construction industry worldwide. Production of new buildings, houses, and commercial offices has witnessed an increase of about 2-3% in the last few years worldwide. With the increasing construction activity demand for construction equipment has grown drastically. Buildings and workers have increased their demand for core drills in order to effectively install HVAC ducts, plumbing activity, electrical work, and reinforcements. This makes installation easier and more efficient, reduces noise and vibration, and strengthens the concrete to make it more durable and less likely to crack.
Rental core drills are extremely popular in the construction business since there is a large danger of equipment damage, which would put an undue financial load on the owner. Further, using rental core drills for the builders could minimize increased repair and maintenance costs.
Additionally, since rental firms frequently have access to the newest technology, customers may be confident they are working with the best equipment available. They may be able to do this to save time and money, as well as to get a competitive advantage that will significantly spur market growth.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Eminent Player’s Key Stratagems
Prominent players operating in the global core drill rental market are Aggreko, Atlas Copco, Carolina CAT, Herc Rentals, Loxam Group, Sunbelt Rentals, and United Rentals
To attract customers, rental service providers offer a wide range of core drill machinery to cater to various project requirements. Also, rental service providers strive to offer competitive pricing to attract customers. Offering flexible rental plans, discounts, and package deals give service providers a competitive edge. For instance,
- In 2023, Atlas Copco launched a new portable core drill, the DM28. The DM28 is a lightweight and compact drill that is ideal for use in tight spaces. It is also equipped with a dust collection system that helps to keep the work area clean.
- In January 2022, Atlas Copco and Husqvarna agreed to merge their core drill businesses. The merger created a new company called Atlas Copco Husqvarna Core Drilling Systems. The new company is a leading provider of core drills for construction, mining, and other industries.
Fact.MR has provided detailed information about the key rental service providers of core drills, their total fleet, service portfolio, and revenue growth, in the recently published report.
Segmentation of Core Drill Rental Industry Research
-
By Type :
- Hand Type Drill
- Desk Type Drill
-
By Technology :
- Electric
- Pneumatic
- Hydraulic
-
By End-use Industry :
- Construction
- Mining
- Geotechnical Engineering
- Environmental Remediation
- Forensic Science
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Table of Content
- 1. Market - Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data
- 4. Global Market Value (US$ million) Analysis and Forecast
- 5. Global Market Analysis and Forecast, By Type
- 5.1. Hand Type Drill
- 5.2. Desk Type Drill
- 6. Global Market Analysis and Forecast, By Technology
- 6.1. Electric
- 6.2. Pneumatic
- 6.3. Hydraulic
- 7. Global Market Analysis and Forecast, By End-Use Industry
- 7.1. Construction
- 7.2. Mining
- 7.3. Geotechnical Engineering
- 7.4. Environmental Remediation
- 7.5. Forensic Science
- 8. Global Market Analysis and Forecast, By Region
- 8.1. North America
- 8.2. Latin America
- 8.3. Europe
- 8.4. East Asia
- 8.5. South Asia & Oceania
- 8.6. Middle East & Africa
- 9. North America Market Analysis and Forecast
- 10. Latin America Market Analysis and Forecast
- 11. Europe Market Analysis and Forecast
- 12. East Asia Market Analysis and Forecast
- 13. South Asia & Oceania Market Analysis and Forecast
- 14. Middle East & Africa Market Analysis and Forecast
- 15. Country - level Market Analysis and Forecast
- 16. Market Structure Analysis
- 17. Market Competition Analysis
- 17.1. Aggreko
- 17.2. Atlas Copco
- 17.3. Carolina CAT
- 17.4. Herc Rentals
- 17.5. Loxam Group
- 17.6. Sunbelt Rentals
- 17.7. United Rentals
- 17.8. Other Prominent Players
- 18. Assumptions & Acronyms Used
- 19. Research Methodology
Don't Need a Global Report?
save 40%! on Country & Region specific reports
List Of Table
Table 1: Global Market Value (US$ million) by Region, 2018 to 2022
Table 2: Global Market Value (US$ million) and Forecast by Region, 2023 to 2033
Table 3: Global Market Value (US$ million) By Type, 2018 to 2022
Table 4: Global Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 5: Global Market Value (US$ million) By Technology, 2018 to 2022
Table 6: Global Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 7: Global Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 8: Global Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
Table 9: North America Market Value (US$ million) by Country, 2018 to 2022
Table 10: North America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 11: North America Market Value (US$ million) By Type, 2018 to 2022
Table 12: North America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 13: North America Market Value (US$ million) By Technology, 2018 to 2022
Table 14: North America Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 15: North America Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 16: North America Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
Table 17: Latin America Market Value (US$ million) by Country, 2018 to 2022
Table 18: Latin America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 19: Latin America Market Value (US$ million) By Type, 2018 to 2022
Table 20: Latin America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 21: Latin America Market Value (US$ million) By Technology, 2018 to 2022
Table 22: Latin America Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 23: Latin America Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 24: Latin America Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
Table 25: Europe Market Value (US$ million) by Country, 2018 to 2022
Table 26: Europe Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 27: Europe Market Value (US$ million) By Type, 2018 to 2022
Table 28: Europe Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 29: Europe Market Value (US$ million) By Technology, 2018 to 2022
Table 30: Europe Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 31: Europe Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 32: Europe Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
Table 33: East Asia Market Value (US$ million) by Country, 2018 to 2022
Table 34: East Asia Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 35: East Asia Market Value (US$ million) By Type, 2018 to 2022
Table 36: East Asia Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 37: East Asia Market Value (US$ million) By Technology, 2018 to 2022
Table 38: East Asia Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 39: East Asia Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 40: East Asia Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
Table 41: South Asia & Oceania Market Value (US$ million) by Country, 2018 to 2022
Table 42: South Asia & Oceania Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 43: South Asia & Oceania Market Value (US$ million) By Type, 2018 to 2022
Table 44: South Asia & Oceania Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 45: South Asia & Oceania Market Value (US$ million) By Technology, 2018 to 2022
Table 46: South Asia & Oceania Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 47: South Asia & Oceania Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 48: South Asia & Oceania Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
Table 49: MEA Market Value (US$ million) by Country, 2018 to 2022
Table 50: MEA Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 51: MEA Market Value (US$ million) By Type, 2018 to 2022
Table 52: MEA Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 53: MEA Market Value (US$ million) By Technology, 2018 to 2022
Table 54: MEA Market Value (US$ million) and Forecast By Technology, 2023 to 2033
Table 55: MEA Market Value (US$ million) By End-Use Industry, 2018 to 2022
Table 56: MEA Market Value (US$ million) and Forecast By End-Use Industry, 2023 to 2033
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
List Of Figures
Figure 1: Global Market Value (US$ million) Forecast, 2023 to 2033
Figure 2: Global Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 3: Global Market Value (US$ million) by Region, 2023 & 2033
Figure 4: Global Market Y-o-Y Growth Rate by Region, 2023 to 2033
Figure 5: Global Market Value (US$ million) By Type, 2023 & 2033
Figure 6: Global Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 7: Global Market Value (US$ million) By Technology, 2023 & 2033
Figure 8: Global Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 9: Global Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 10: Global Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 11: North America Market Value (US$ million) Forecast, 2023 to 2033
Figure 12: North America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 13: North America Market Value (US$ million) by Country, 2023 & 2033
Figure 14: North America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 15: North America Market Value (US$ million) By Type, 2023 & 2033
Figure 16: North America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 17: North America Market Value (US$ million) By Technology, 2023 & 2033
Figure 18: North America Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 19: North America Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 20: North America Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 21: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 22: North America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 23: North America Market Attractiveness Analysis By Technology, 2023 to 2033
Figure 24: North America Market Attractiveness Analysis By End-Use Industry, 2023 to 2033
Figure 25: Latin America Market Value (US$ million) Forecast, 2023 to 2033
Figure 26: Latin America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 27: Latin America Market Value (US$ million) By Country, 2023 & 2033
Figure 28: Latin America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 29: Latin America Market Value (US$ million) By Type, 2023 & 2033
Figure 30: Latin America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 31: Latin America Market Value (US$ million) By Technology, 2023 & 2033
Figure 32: Latin America Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 33: Latin America Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 34: Latin America Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 35: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 36: Latin America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 37: Latin America Market Attractiveness Analysis By Technology, 2023 to 2033
Figure 38: Latin America Market Attractiveness Analysis By End-Use Industry, 2023 to 2033
Figure 39: Europe Market Value (US$ million) Forecast, 2023 to 2033
Figure 40: Europe Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 41: Europe Market Value (US$ million) By Country, 2023 & 2033
Figure 42: Europe Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 43: Europe Market Value (US$ million) By Type, 2023 & 2033
Figure 44: Europe Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 45: Europe Market Value (US$ million) By Technology, 2023 & 2033
Figure 46: Europe Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 47: Europe Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 48: Europe Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 49: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 50: Europe Market Attractiveness Analysis By Type, 2023 to 2033
Figure 51: Europe Market Attractiveness Analysis By Technology, 2023 to 2033
Figure 52: Europe Market Attractiveness Analysis By End-Use Industry, 2023 to 2033
Figure 53: East Asia Market Value (US$ million) Forecast, 2023 to 2033
Figure 54: East Asia Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 55: East Asia Market Value (US$ million) By Country, 2023 & 2033
Figure 56: East Asia Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 57: East Asia Market Value (US$ million) By Type, 2023 & 2033
Figure 58: East Asia Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 59: East Asia Market Value (US$ million) By Technology, 2023 & 2033
Figure 60: East Asia Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 61: East Asia Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 62: East Asia Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 63: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 64: East Asia Market Attractiveness Analysis By Type, 2023 to 2033
Figure 65: East Asia Market Attractiveness Analysis By Technology, 2023 to 2033
Figure 66: East Asia Market Attractiveness Analysis By End-Use Industry, 2023 to 2033
Figure 67: South Asia & Oceania Market Value (US$ million) Forecast, 2023 to 2033
Figure 68: South Asia & Oceania Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 69: South Asia & Oceania Market Value (US$ million) By Country, 2023 & 2033
Figure 70: South Asia & Oceania Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 71: South Asia & Oceania Market Value (US$ million) By Type, 2023 & 2033
Figure 72: South Asia & Oceania Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 73: South Asia & Oceania Market Value (US$ million) By Technology, 2023 & 2033
Figure 74: South Asia & Oceania Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 75: South Asia & Oceania Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 76: South Asia & Oceania Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 77: South Asia & Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 78: South Asia & Oceania Market Attractiveness Analysis By Type, 2023 to 2033
Figure 79: South Asia & Oceania Market Attractiveness Analysis By Technology, 2023 to 2033
Figure 80: South Asia & Oceania Market Attractiveness Analysis By End-Use Industry, 2023 to 2033
Figure 81: MEA Market Value (US$ million) Forecast, 2023 to 2033
Figure 82: MEA Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 83: MEA Market Value (US$ million) By Country, 2023 & 2033
Figure 84: MEA Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 85: MEA Market Value (US$ million) By Type, 2023 & 2033
Figure 86: MEA Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 87: MEA Market Value (US$ million) By Technology, 2023 & 2033
Figure 88: MEA Market Y-o-Y Growth Rate By Technology, 2023 to 2033
Figure 89: MEA Market Value (US$ million) By End-Use Industry, 2023 & 2033
Figure 90: MEA Market Y-o-Y Growth Rate By End-Use Industry, 2023 to 2033
Figure 91: MEA Market Attractiveness Analysis by Country, 2023 to 2033
Figure 92: MEA Market Attractiveness Analysis By Type, 2023 to 2033
Figure 93: MEA Market Attractiveness Analysis By Technology, 2023 to 2033
Figure 94: MEA Market Attractiveness Analysis By End-Use Industry, 2023 to 2033
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the Market Size of the Global Core Drill Rental Market?
The core drill rental market is expected to grow from US$ 415.9 million in 2023 to US$ 795.5 million in 2033 at a rate of 6.7%.
Which Drill Type Holds a Prominent Share in the Core Drill Rental Market?
By drill type, desk drill is estimated to hold a prominent share of the core drill rental market accounting for 69.1% in 2023.
Which Technology has a Significant Share in the Core Drill Rental Market?
Electric technology is expected to hold a significant position in the core drill rental market accounting for 43.2% market share in 2023.
What is the Expected Growth Rate of the Chinese Core Drill Rental Market?
The Chinese core drill rental market is expected to grow at a CAGR of 7.0% during the forecast period and reach a valuation of US$ 109.1 million in 2033.
What is the Valuation of the US Core Drill Rental Market?
The US core drill rental market is likely to grow at a CAGR of 6.9% during the forecast period to reach a valuation of US$ 224.3 million in 2033 from a valuation of US$ 115.2 million in 2023.