The compressor rental industry provides temporary air compression equipment to businesses and individuals in need of compressed air for a wide range of applications. The industry serves various sectors, including manufacturing, construction, oil and gas, mining, and others.
The compressor rental market is projected to reach USD 5.53 Billion by 2026, at a CAGR of 6.4% from 2016 to 2026. The report also highlights the qualitative aspects in the study. Additionally, the unit takes in the key findings, in terms of market overview and investment prospects. The market report also involves the competitive landscape containing the compressor rental market key players in the industry.
As for the demand and scope of the compressor rental industry in 2023-24, it is likely to be driven by several factors, including:
- Growing industrialization and urbanization: The increasing demand for compressed air in various industrial applications, coupled with the growing number of construction projects worldwide, is expected to fuel the demand for compressor rental services.
- Technological advancements: The development of more advanced and efficient compressor systems is expected to increase the demand for rental services, as businesses may not want to invest in purchasing these expensive systems themselves.
- Cost-effectiveness: Renting compressors can be a cost-effective option for businesses that require compressed air only for short-term projects or occasional use.
- Emergence of new applications: The growing adoption of compressed air in new and emerging applications, such as medical equipment and food processing, is also likely to boost the demand for compressor rental services.
Overall, the compressor rental industry is expected to experience steady growth in 2023-24, driven by the factors mentioned above. However, the growth may be influenced by factors such as economic conditions, government policies, and competition in the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23430927
Compressor Rental Market Key Players
Atlas Copco, Ingersoll Rand, and United Rentals, Inc., among others Key players have been focusing on the strategy of mergers acquisitions to expand their presence in the compressor rental market.
The chemical segment of the compressor rental market is projected to grow at the highest CAGR
The chemical segment of the compressor rental market is expected to grow at a high compound annual growth rate (CAGR) in the forecast period due to several factors.
Firstly, the chemical industry is one of the largest consumers of compressed air, and the demand for compressed air in this sector is expected to increase due to the growth of the chemical industry worldwide. Compressed air is used in several chemical processes, such as agitation, mixing, and separation, among others.
Secondly, the chemical industry is highly regulated, and businesses in this sector must adhere to stringent safety and environmental regulations. Renting compressors can provide a cost-effective and compliant solution for businesses that need compressed air but do not want to invest in expensive equipment or risk non-compliance.
Thirdly, the chemical industry is continuously evolving, and new applications for compressed air are emerging. For example, compressed air is used in pneumatic conveying systems to transfer powders, pellets, and granules in the chemical industry.
Based on compressor type, the rotary screw segment of the compressor rental market is projected to grow at the highest CAGR
The rotary screw segment of the compressor rental market is expected to grow at a high compound annual growth rate (CAGR) in the forecast period due to several factors.
Firstly, rotary screw compressors are widely used in several industrial applications, including manufacturing, construction, and oil and gas. These compressors offer high efficiency, reliability, and versatility, making them a popular choice for businesses that require compressed air.
Secondly, the demand for energy-efficient compressors is increasing due to rising energy costs and growing environmental concerns. Rotary screw compressors are known for their high energy efficiency, making them a preferred choice for businesses looking to reduce their energy consumption.
Thirdly, the rental market for rotary screw compressors is highly competitive, with several players offering a range of services, including maintenance, repair, and replacement. This competition is driving innovation and cost-effectiveness, making it easier for businesses to access high-quality rotary screw compressors.
Get Sample Copy of this Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=23430927
The compressor rental market in the Asia-Pacific region is expected to grow at the highest CAGR between 2016 and 2026
The Asia-Pacific (APAC) region is expected to grow at the highest CAGR in the forecast period due to several factors.
Firstly, the APAC region is experiencing rapid industrialization and urbanization, leading to an increase in demand for compressed air in various sectors such as manufacturing, construction, and mining. This is expected to drive the demand for compressor rental services in the region.
Secondly, the APAC region is home to several emerging economies, such as China and India, which are expected to drive the growth of the global economy. These economies are likely to invest heavily in infrastructure development, which will increase the demand for compressed air in the construction industry, further driving the demand for compressor rental services.
Thirdly, the region is witnessing an increasing adoption of advanced technologies in various industries, such as automation and robotics, which require compressed air for their operations. This trend is expected to fuel the demand for compressor rental services in the region.
