(EMAILWIRE.COM, November 27, 2023 ) The report “Compressor Rental Market by Compressor Type (Reciprocating, Rotary Screw), End-Use Industry (Construction, Mining, Oil & Gas, Power), and Region (Asia Pacific, Europe, North America, Middle East & Africa, South America) – Global Forecast to 2028″, was valued at USD 4.4 billion in 2022 and is projected to reach USD 6.2 billion by 2028, at a CAGR of 5.8% between 2023 and 2028. Compressors are in demand to meet the short-term demands of building projects during peak construction seasons or times of increased construction activity.
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Browse in-depth TOC on “Compressor Rental Market
196 – Market Data Tables
37 – Figures
220 – Pages
Based on end-use industry, chemical segment of the compressor rental market expected to grow at the highest CAGR from 2023 to 2028
Construction companies can modify their equipment capacity in accordance with the needs of individual projects due to rental services. Large-scale financial investments are frequently made in a variety of sectors during construction projects. By choosing compressor rentals, construction companies can save their capital for essential tasks like buying supplies, recruiting qualified labor, and paying other project costs. For small or medium-sized construction enterprises, this financial flexibility is very beneficial, thus propelling the growth of compressor rentals in the construction industry.
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Based on compressor type, the rotary screw segment is expected to lead the compressor rental market from 2023 to 2028
In comparison to other types of compressors, rotary screw compressors are known for their energy efficiency. They can produce more compressed air with the same amount of energy, which saves money and has a smaller negative effect on the environment. The need for energy-efficient rotary screw compressors in rental applications is still rising as companies place more emphasis on sustainability and energy efficiency. This further provides growth opportunities of the rotary screw segment in the compressor rental market.
Asia Pacific was the largest region in the compressor rental market in 2022
With accelerated urbanization, rising populations, and greater funding for residential, commercial, and industrial construction projects, the Asia Pacific region is experiencing a construction boom. For construction tasks including demolition, excavation, concrete pumping, and running pneumatic instruments, compressors are essential. The increase in new construction is driving up demand for compressor rental services as businesses look for affordable ways to satisfy their short-term and project-specific compressed air needs. Also, the rental market is expanding significantly in the Asia Pacific region. The transition to the rental model across a number of industries, such as manufacturing, construction, and industrial applications, has favored the growth of the compressor rental industry.
Compressor Rental Market Key Players
Key players operational in the compressor rental market are Atlas Copco (Sweden), United Rentals, Inc. (US), Ingersoll Rand (US), Caterpillar Inc. (US), Hertz Equipment Rental Corporation (US), Ashtead Group Plc (UK), H&E Equipment Services (US), Loxam Group (France), HSS Hire (UK) are major players in the global compressor rental market. These players focus on acquisition, agreement, investment, joint venture, merger, product launch, expansion, divestment, and partnership to cater to the increasing demand for compressor rental from various industries.
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Atlas Copco is one of the major players operating in the compressor rental market. In June 2023, Atlas Copco finalized the acquisition of National Pump & Energy (NPE), a leading provider of dewatering, environmental services, and water treatment solutions in Australia and New Zealand. By adding NPE’s capabilities to portfolio, Atlas Copco strengthens its offerings in these areas, providing customers with a more comprehensive range of solutions for their dewatering and water treatment needs.
United Rentals, Inc. is another largest equipment rental companies in the world. The company has an extensive network of more than 890 rental locations in 49 states of the US and in every province of Canada. In December 2022, United Rentals Inc. completed the acquisition of assets of Ahern Rentals Inc., one of the largest independent family-owned equipment rental company The acquisition enabled United Rentals expand its market share and strengthen its position in the equipment rental.
Caterpillar Inc. is involved in designing, manufacturing, and marketing of construction & mining equipment, diesel & natural gas engines, industrial gas turbines, and diesel-electric locomotives. In September 2021, Caterpillar Inc. acquired Enhanced Energy Group, Inc. operating as CarbonPoint Solutions, a US based carbon capture technology company. CarbonPoint Solutions provides technology to concentrate and capture CO2 for utilization or sequestration. The acquisition is part of Caterpillar’s efforts to reduce carbon emissions and enable the cost-effective reduction of CO2 released into the atmosphere with carbon capture technology.
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