SAN ANTONIO, TX July 12, 2023 – A recent analysis by Verify Markets of the North American Trench Shoring Equipment Rental Market reveals that it reached revenues of $1,858.5 million in 2022 and has experienced significant growth over the past three years, despite the challenges posed by the COVID-19 pandemic and supply chain limitations. The market has witnessed increased work activity, and it is anticipated to maintain a compound annual growth rate (CAGR) of over 6.0% from 2022 to 2029.
While the market has exhibited resilience and growth, it is anticipated to face a temporary deceleration in its expansion during 2023 and 2024. This slowdown can be attributed to a decrease in residential and non-residential construction activities and the complexities associated with implementing federal infrastructure funding. However, the market is expected to regain momentum as infrastructure expansion, investment in upgrading the pipeline and water infrastructure, heightened awareness, and enhanced regulations pertaining to trench shoring equipment usage come into effect.
One of the major driving factors for the North American Trench Shoring Equipment Rental Market is the Infrastructure Investment and Jobs Act, commonly known as the Bipartisan Infrastructure Law (BIL). This legislation, signed in November 2021, has allocated more than $1 trillion for infrastructure improvements across the United States, with specific funds allocated to transportation, water, and broadband infrastructure projects. The implementation of the BIL is expected to lead to increased construction activity, subsequently driving the demand for trench shoring equipment rental to ensure worker safety during construction.
Furthermore, the investment in upgrading pipeline infrastructure will drive the demand for trench shoring equipment rental. As more pipelines are upgraded and installed, the need for shoring equipment to ensure worker safety and prevent soil collapse during excavation and construction will increase. The oil and gas industry, in particular, maintains stringent safety requirements, making shoring equipment essential to meet those standards.
Among the different end user segments (water, wastewater, and storm infrastructure, oil & gas distribution infrastructure, transport infrastructure and electrical utility), the water, wastewater, and storm infrastructure sector represented half of the total market in 2022, and is expected to experience the higher increase during the forecast period, driven by the $55 billion allocated to water infrastructure by the BIL and the materialization of projects to upgrade the water infrastructure to reduce sewage overflows and comply with the Clean Water Act.
Some of the key companies covered in this report include United Rentals, Inc., Sunbelt Rentals, Inc., Herc Rentals, Inc., National Trench Safety, LLC, Trench Shoring Company, and D.P. Nicoli, among others. This report provides an in-depth analysis of the overall North American Trench Shoring Equipment Rental Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecasts, technology trends and a competitive landscape assessment.
A copy of the North American Trench Shoring Equipment Rental Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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