Whether a construction company or a shipping agency, you often face the dilemma – should you buy or rent rigging equipment for your next project? For most companies, buying is usually not a choice because they don’t have the resources. And rigging equipment, even the resale, carries a hefty price tag.
That said, you don’t need to own every piece of equipment in your fleet to finish your rigging and lifting projects. That’s right! Renting rigging equipment is an efficient way to fulfill all your business needs without breaking the bank. In fact, rigging rentals is a thriving industry. The crane rentals market alone was worth $44.64 billion in 2021 and is projected to reach $67.03 billion by 2030 at a CAGR of 4.62%.
But before you rent rigging equipment, you should learn about its benefits.
Let’s understand a few benefits of rigging rentals.
This is arguably the number one reason to rent rigging equipment. Buying lifting and rigging equipment is a capital expense that most companies can’t afford. Plus, you will need to consider the annual depreciation associated with owning the equipment.
On the other hand, rigging rental is relatively cost-effective, and you don’t need to worry about depreciation. In other words, renting rigging equipment can save you big bucks in the long run. Many rigging rental companies also offer flexible payment plans, allowing you to control the project cost more accurately.
This is one of the most underrated benefits of renting equipment. Not everyone will need lifting and rigging equipment regularly. You may need it occasionally, say only for a day or two.
Would you want to buy spreader bars if you need them only for a few days?
Instead, going for a spreader bar rental makes sense. Rigging hardware rentals offer the flexibility that occasional users can’t find when buying the equipment. Rentals are almost always cost-effective, whether you need the equipment for a specific job or only for a couple of days.
Another advantage of rigging rentals is the reduced repair and maintenance costs. As you don’t own the equipment, you don’t have to bear the maintenance and repair costs for life. Secondly, you can include the additional repair and maintenance costs in your contract.
But most importantly, you don’t have to scramble for parts at the eleventh hour. In some cases, emergency repairs often cost more than the rigging rentals for a couple of days. Rentals are a better option if you need lifting and rigging equipment in a hurry.
When you rent rigging equipment, you get more than just a piece of machine. For starters, rental companies provide regularly serviced and well-maintained equipment. You can get durable, certified, and safe-to-use equipment, especially if you rent it from reputable suppliers.
This significantly reduces the risk of:
Your rental company will provide the necessary support should the equipment fail. Usually, rigging rentals include provisions for reliable parts and service support. You can get the required parts delivered or pick them up quickly when needed. If needed, your supplier may also send a certified technician to fix the equipment on the site.
When you buy lifting and rigging equipment, you have to store it in a safe place. For example, you will need well-ventilated, dry, and covered areas or sheds to store wire ropes. You will also need to keep them off the floor and away from dust, water, steam, brine, and chemical fumes. That’s a time-consuming and expensive task.
However, specialty equipment gets used occasionally. This means it will sit idle in your storage for days, if not weeks until you need to use it again. Keeping it clean and functional will add up to your overall expenses.
The good news is that renting eliminates the need to store the equipment after the job. The rigging rental company will take it back as soon as your project gets done. The bottom line is rigging rentals save money, time, and storage space.
Most rigging and lifting applications require different types of equipment. You may also need special equipment for a specific purpose. A reputed rigging rental provider allows you to rent the exact piece of equipment. And the best part is you can choose from a large inventory without visiting their warehouse.
Most rental companies can look through their inventory to check the availability. You can rent the equipment over a phone call or even online. In most cases, you can rent different lifting and rigging equipment under one roof.
As technology evolves, new, upgraded equipment keeps entering the market. However, buying the latest model is not a financially viable option for most organizations. You can’t invest thousands of dollars in new equipment every few months. But you need the latest models to ensure higher productivity and stay relevant.
Renting allows you to work with the latest lifting and rigging equipment. Most rental providers will have the latest models stocked up in their inventory. You can trade in your current model for an upgrade if you need it.
Equipment disposal is a concern for many organizations. As the equipment gets old, you will either need to sell or dispose of it. Unfortunately, selling old lifting and rigging equipment is easier said than done. It could be days or even weeks before it gets sold or scrapped.
Rigging rentals eliminate this task. When you rent rigging equipment, the service provider will take care of the disposal. You don’t have to worry about moving the equipment, dismantling it, or selling it.
Renting is also easier than buying rigging equipment, especially if you have no idea what you want. A rigging rental provider will help you choose the equipment best suited for your project. Also, you can replace the equipment if it isn’t a suitable option.
But buying equipment is a long-term commitment. You don’t get the flexibility to change the lifting and rigging equipment easily and selling it is often difficult. That’s why many companies and contractors choose to rent over buying.
Renting lifting and rigging equipment is a great way to complete your projects without getting into a long-term commitment. It is also one of the best ways to find suitable solutions if you are unsure of what you need. If you are still on the fence about rigging rentals, these ten reasons will help you make an informed decision.
Are you looking to rent or buy high-quality rigging equipment? Holloway Houston is a reputed supplier of high-quality lifting and rigging equipment, including rigging rentals. We also offer rigging equipment inspections and testing.
Feel free to contact us for details.