Equipment rental revenues worldwide grew significantly in 2011 as contractors and other equipment users increased their reliance on rental suppliers, according to a KHL Group survey.

The latest IRN100 survey of the 100 largest equipment rental companies in the world shows that rental companies in all regions reported revenue growth, although European firms lagged behind the rest.

Total rental-related revenues at the world's top 100 rental companies grew by 13.3% last year, with revenues at the top 10 growing on average by 22.9%, after adjusting for currency changes.

North American rental companies in the list grew by about 17%, while European renters reported growth of 5.9%. US rental giant United Rentals tops the list - even before accounting for its recent acquisition of RSC Equipment Rental - with UK-based power rental company Aggreko at number two.

Of the top 100 companies, 44 are from Europe, the lowest number since the survey was started in 2005 and the first time it has been below 50.

Emerging markets continue to increase their participation in the list, with Chinese and Middle East companies in the top 100 for the first time. Chinese tower crane rental company Shanghai Pangyuan Construction enters at number 90 with revenues of EUR77 million (USD93 million), while Dubai-based Rental Solutions & Services and Byrne Equipment Rental enter at 85 and 93, respectively.

Capital expenditure on fleet was also up in 2011, with the top 25 spenders investing EUR5.7 billion (USD69 billion) gross in their fleets. That is more than double the EUR2.5 billion (USD3.0 billion) in 2010, and reflects high replacement investment by rental companies in the US, Japan and Australia, the survey notes.

Report author Murray Pollok explains that a mix of factors contributed to the growth. "Many of the biggest rental companies in North America and Europe saw rental revenues recover from depressed levels in 2009 and 2010, while in developing areas of the world, rental companies are expanding rapidly as the rental concept catches on.

"In addition, many rental firms believe that the current economic uncertainty and difficulties in obtaining finance are leading equipment users to source more of their equipment from rental suppliers. This trend is most evident in North America, where rental penetration rates are increasing."

First published in 2005, the IRN100 is an annual study of the world's 100 largest equipment rental companies that is published every July by International Rental News magazine. The survey includes rental companies that rent construction equipment, aerial platforms, power generation equipment, portable accommodation/storage units and cranes.

KHL Group, the publisher of International Rental News, provides information on the construction industry through magazines, websites, newsletters, research reports, industry studies, conferences, exhibitions and apps. Headquartered in the UK, the company has offices on four continents.