Compressor Rental Market Global Research and Analysis 2024Compressor Rental Market size is expected to witness healthy growth during the forecast period owing to its application in manufacturing, power, mining, oil & gas and construction industries. Increase in demand for several precious metals including platinum, gold, silver and coal will foster the demand for various mining tools including cable shovels, hydraulic shovels, long-wall machines and continuous machines during the forecasted time.
However, mining industry was experiencing difficulties over the past couple of years due to lack of investment activities in several regions. Currently, mining activities is witnessing a progressive trend in North America and Europe region. Restoration of mining equipment market is foreseen to have a positive impact on compressor rental market over the forecasted years. Air compressors are most appropriate to carry out heavy mining operations.
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Significant upsurge in demand for customized air rental solutions has propelled the compressor rental market. This customized compressors offers amounts of savings and lessens the repairing costs caused due to system failures. Various raw materials including cast iron, carbon steel and stainless steel used in manufacturing these products are tremendously price sensitive regarding macro-economic conditions. A minor change in raw material prices can adversely effect on the product market.
Compressor rental market will be further enhanced by future innovative pneumatic equipment. Numerous prominent manufacturers are continuously involved in developing new products which can make use of speed technology by controlling the compressor speed. These products will be energy efficient owing to their speed controlling nature, in turn, flourishing the industry growth.
On the basis of the product design, compressor rental market can be segmented into rotary screw and reciprocating. Further, rotary is sub-segmented into rotary vane, scroll, screw and centrifugal. Among these, rotary screw segments holds a larger market owing to its increasing use in construction and oil & gas industries as power tools and as oil rigs in crude oil extraction. Also, rising mining end use industry uses this tool to carry out refining, smelting, screening and crushing operations further augmenting the product market over the forecasted time.
Based on the end-user industry compressor rental market can be categorized into chemical, manufacturing, power, oil & gas, mining and construction industries. Among them, the construction segment is estimated to stimulate the product market owing to evolution of various sectors, including commercial & residential buildings, demolition & road construction equipment, and infrastructure development in various region, in turn, propelling the market. These tools are used in chemical industries for transporting fluids under high pressure. Further, they are used in aeration tanks and pressurizing tanks.
North America compressor rental market is expected to upsurge at healthy growth with increase in construction, chemical and mining activities in the region. Recent boom in shale gas in the region has further flourished the industry market. Another prime indicator to drive the market will be stringent regulations made by government on low emissions and shift away from purchasing this equipment to renting out in order to save money will further fuel the market.
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Asia-Pacific is expected to be the fastest growing rental compressor market attributable to rapid industrialization and urbanization in the region. Sprouting infrastructure operations will create enormous opportunities for the use of these products. Government focus on saving energy will additionally augment the market. Numerous emerging economies including China, India, Malaysia, Philippines, Thailand and Indonesia are predictable to see high construction activities, in turn, escalating the product market over the forecasted years.
Middle East and Africa region will be one of the promising rental compressor market during the estimated timeframe. Rapid industrial transformation in the region will propel the market size. Drilling activities coupled with oil and gas industries in the region has also been increased, which will also have a positive impact on the industry growth.
Global compressor rental market is competitive in nature. Some of the key competitors across the globe are Aggreko, Caterpillar, Hertz equipment, Ingersoll Rand and Atlas Copco. Few other prominent leading vendors present in the market are Blueline, Sunbelt, Cramo, ACME fab-con and Coates Hire.
In 2016, Atlas Copco launched 10 new 8 series compressor range models. All the products fall below the 750 kg limit, making it 150 kg lighter as compared to other products. Lightweight and compact design of this equipment enables them to lessen the fuel consumption thereby, improving the efficiency.
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