July 03, 2020
According to the research report titled ‘Global Dumpster Rental Market Size study with COVID-19 impact, by Type (Hourly Rental, Daily Rental, Monthly Rental, Quarterly Rental and Yearly Rental), by Application (Commercial, Industrial, Institutions and Organizations and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global dumpster rental market is expected to register significant growth by the year 2026.
For those uninitiated, dumpster rental is a business operation in which a company offers dumpsters of various sizes to end-users including industrial, commercial and private customers on rental basis.
Rapid industrialization and urbanization have augmented the demand for dumpster at construction sites for efficiently carrying & dumping heavy trash, which in turn is a major factor driving the market growth. These dumpsters play a vital role among end-use industries since they offer versatile waste disposable solution that helps in reducing the risk of litigation as well as accidents.
In fact, the Association of Equipment Manufacturers states that the U.S. construction sector grew by 1.1% and 1.9% in 2017 and 2018 respectively and is predicted to expand by 1% annually in the forthcoming years. Likewise, according to National Investment Promotion & Facilitation Agency, the construction sector in India is expected to generate revenues worth USD 738.5 billion by the year 2022.
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Dumpsters offer benefits such as employee productivity, increased profitability and environmental safety, thereby aiding the dumpster rental market expansion. However, increased pervasiveness of COVID-19 has compelled various countries to impose strict lockdown in order to curb the spread of the disease, which in turn is hampering the demand for dumpsters across the globe. Additionally, hidden costs associated with dumpsters may act as a restraining factor to the overall market growth.
Worldwide dumpster rental market, as per type, is divided into yearly rental, quarterly rental, monthly rental and hourly rental. Based on application spectrum, the industry is divided into institutions & organizations, industrial, commercial and others.
Regionally, North America dumpster rental industry is predicted to expand significantly during the forecast period, primarily driven by flourishing industrial and commercial sectors. On the other hand, Asia-Pacific market is slated to record substantial growth in the forthcoming years. Factors such as swift urbanization and favorable government regulations regarding garbage dumping practices are favoring the market outlook in the region.
The prominent companies operating in global dumpster rental market are Vine Disposal LLC, Pronto Waste Service Inc., Grime Time, Hometown Dumpster Rental, Elite Roll-Off Services, Ridgerunner Container Service, Leading Rental, Republic Services Inc. and Waste Management Inc. among others.