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Compressed air is involved in various aspects, from inflating air into type to transfer energy in industrial processes. A compressor is a mechanical device used to increase the pressure of air. Over the years compressor has been widely used in several industries to provide high-pressure air to pneumatic tools and so many industrial application. Compressor rental attributing strong growth in the recent period owing to the reduction in operational cost and benefits of customized compressor. Renting out compressors provides flexibility over choosing right compressor for high power applications.
It also optimizes the maintenance cost of existing compressor unit by reducing seasonal peak demand. Massive economic growth in several parts of the globe owing to expansion of industries, urbanization, and rampant use of digital technology. Simultaneously the tremendous investment in upstream activities along with expansion of refineries, expansion of construction, and infrastructure activities may exhibit robust growth for the compressor rental market. Also, the increasing demand for various materials and metals such as diamond, iron, gold, etc. may exhibit a robust demand for compressor in the mining industry. Thus, compressor rental plays an essential role in uplifting the economic growth of the world.
The segmentation of compressor rental market is done on the basis of type and end-user. The type segment is further classified into a rotary screw compressor, reciprocating air compressor, centrifugal compressor, and others. The rotary screw compressor is projected to gain a substantial share of compressor rental market. It is used in several industries due to its ability to withstand extreme weather conditions and designed to last longer.
Key Market Driver -
Key Market Driver – Increasing demand for customized compressor and growing mining & construction industry
Key Market Restraint -
Key Market Restraint – High operational and maintenance cost
Rotary screw compressor commonly employed at high power applications. The end-user segment is bifurcated into construction, mining, oil & gas, utility, manufacturing, chemical, and others. A tremendous investment in construction activities across the globe owing to rapid urbanization and industrialization is surging the demand for compressor.
Flexibility over-delivering different types of compressors according to various applications may exhibit concrete growth for the compressor rental market. Growing demand for the customized compressor in mining, oil & gas, construction, and manufacturing units is projected to leverage the growth of the compressor market. Enormous investment in mining and construction segment requires high power equipment likely to provide lucrative growth for the compressor rental market.
A compressor is quite expensive in terms of operation and its maintenance may restrain the growth of the compressor rental market. Also, they are extremely noisy in operation and emit several harmful organic compounds, particulate matter, carbon monoxide, GHG, and sulfur dioxide, among others, which would hamper the growth of the compressor rental market.
Some of the major companies in the compressor rental market are United Rentals, Aktio Corporation, Atlas Copco, Ingersoll Rand, Washington Air Compressor Rental Co., Cisco Air Systems, Sunbelt Rentals, Inc., Cramo Group, Coates Hire, Acme Fabcon India Private Limited, and Kompresory PEMA.
The global compressor rental market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The oil and gas industry in the U.S. is highly dynamic and growing rapidly. Consequently, exponential investment in the exploration and production of hydrocarbon is persistently growing. The recent innovation in large scale exploration of shale gas has placed the U.S. on the top producer of natural gas. Simultaneously, rising investment in Gulf of Mexico for offshore production may boost the growth of the compressor rental market in North America. Europe is projected to offer lucrative market for the growth of the compressor rental market owing to expansion of district heating project along with massive investment in processing industries. Norway, Germany, UK, and Russia, among others, are incessantly investing in agriculture and construction.
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The expansion of processing industries is expected to upsurge the compressor rental market in Europe. The Asia Pacific is projected to offer profitable market for the growth of the compressor rental market. The emerging economies in the region, such as China, India, Japan, and Indonesia among others are massively investing in oil and gas, construction activities, and manufacturing plants. China is forecasted to provide sizeable growth for the compressor rental market owing to continuous investment in mining and oil & gas. Industrial transformation in GCC countries and concrete progress in infrastructure activities expected to underpin the compressor rental market in MEA.
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