Happy New Year!

1 January 2024

Happy New Year to you! What might we expect in 2024? Here are five things to look out for.

1. Progress. In recent months I’ve been speaking with a number of hire companies which are looking to develop their business. Some will be moving to new and larger premises as they grow, others will open additional depots and several firms are actively exploring acquisition opportunities. There will be a lot to monitor and report on.

2. Innovation. There’s certainly been no let up in R&D by manufacturers and we will be seeing some of the fruits of this at exhibitions like the Executive Hire Show on 14 and 15 February at the Coventry Building Society Arena and at Hillhead near Buxton from 25 to 27 June. And I understand a number of suppliers are working feverishly in trying to develop prototypes of some particularly exciting products in popular equipment hire categories, hopefully in time for the Executive Hire Show. Watch this space. 

3. Sustainability. While environmental awareness is now an integral part of procurement, corporations and countries supplying oil, gas and other fossil fuels have noticeably pushed back in recent times, particularly at the COP27 and COP28 summits – held, significantly, in Egypt and Dubai. It’s been noted in many quarters – including this blog – that fossil fuels will remain on the agenda for some time yet until viable alternatives are available, but it’s the speed of phasing them out that is at issue. Indeed, the UK has already extended some of its green deadlines. 

So in making the case for a faster phase-out, arguments will need to focus on strategies that are presented in practical rather than evangelical terms. There will likely be robust arguments on several sides. 

4. Hydrogen. The use of hydrogen as a fuel has been mentioned on the blog frequently in recent weeks. This will continue as new developments occur , particularly for powering larger plant and machinery. And a key issue is the infrastructure investment needed to create and distribute the hydrogen fuel for commercial purposes, which has been distinctly unimpressive to date. (I'll be reportng on one major manufacturer's aspirations for hydrogen in the very near future.) 

5. Confidence. An economist has been rather unfairly defined as someone who looks at something and says: it works in practice but will it do so in theory? Since the pandemic (and before) financial commentators have debated about the state of the economy, the trading outlook and creating data about possible recessions that have to be revised and updated frequently. 

However, against such a background of number-crunching and modelling, companies have just got on with business and the hire industry has been no exception. 

So here’s to a productive, successful and Happy New Year in hire. 

Photo: Boliviainteligente