(MENAFNEditorial) iCrowdNewswire - Sep 24, 2018
The report " Compressor Rental Market by Compressor Type (Reciprocating, Rotary Screw), End-Use Industry (Construction, Mining, Oil & Gas, Power, Manufacturing), Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) - Global Forecast to 2026″, The compressor rental market is projected to reach USD 5.53 Billion by 2026, at a CAGR of 6.4% from 2016 to 2026.
A compressor is a mechanical device that converts power into potential energy by compressing air or gas in a sealed unit and delivering desired pressure level to cater to varied requirements of different applications in numerous industries. Air compressors are used in a broad range of end-use industries, such as construction, mining, oil & gas, and power, among others. There are various industries that choose to rent compressors instead of buying them as different types of compressors are required to carry out different works. The demand for compressor rental services is highly dependent on the performance of various process industries. The compressor rental market is projected to reach USD 5.53 billion by 2026, at a CAGR of 6.4% between 2016 and 2026. This growth can be attributed to growing industrialization and infrastructure development in the Asia-Pacific region. Increasing demand for customized air rental solutions to meet requirements of varied applications in different industries is fueling the growth of compressor rental market during the forecast period. Renting customized compressors offers improved cost advantage as well as reduces additional repair costs resulting from system breakdowns.
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Key players of the compressor rental market, such as Atlas Copco, Ingersoll Rand, and United Rentals, Inc. have been focusing on new product launches, expansions, and acquisitions to cater to the increasing demand for compressor rentals from various industries. The new next generation air compressors are expected to propel the growth of the compressor rental market in the coming years. Next generation air compressors incorporate Variable Speed Drive (VSD) technology, which facilitates increased air flow output. The new compressors with VSD technology ensure reduced energy consumption by more than 50% as compared to traditional compressors. These compressors reduce CO? emissions by about 4 million tons, annually. Thus, these compressors are expected to drive the growth of the compressor rental market during the forecast period.
Among end-use industries, the chemical segment of the compressor rental market is projected to grow at the highest CAGR during the forecast period. Air compressors are used in chemical industries for transporting liquids under pressure. These are also used in pressurizing tanks, aeration tanks, and culture vessels for spot cooling and molding plastics. Air compressors are also used in the automatic control systems. China is the largest market for compressor rentals, owing to continuous growth of the chemical industry in the country.
The rotary screw compressor type segment of the compressor rental market is expected to grow at the highest CAGR from 2016 to 2026. Rotary screw compressors are used in construction sites to power air-operated construction machinery. In the mining end-use industry, these compressors are used to carry out crushing, screening, smelting, and refining operations. In the oil & gas end-use industry, rotary screw compressors are used in oil rigs to extract crude oil. Growth of the construction industry of China, India, Saudi Arabia, and Turkey has resulted in the growth of the rotary screw type segment of the compressor rental market.
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The Asia-Pacific compressor rental market is projected to grow at the highest CAGR between 2016 and 2026. Growing industrialization and infrastructure development in the region offers numerous opportunities for use of air compressors. The key driver for the growth of the Asia-Pacific compressor rental market is the rising demand for compressors from the construction industry. Growth of the construction and general manufacturing industries is also projected to fuel the demand for compressors in the Asia-Pacific region. China is leading the compressor rental market in the Asia-Pacific region. In 2016, the Chinese government revised environmental protection laws for the first time in 25 years. This change in legislation has increased emphasis on energy efficiency, which in turn, is fueling the growth of the China compressor rental market as air compressors are more energy-efficient than electrical driven or diesel driven power tools. Growing chemical and manufacturing industries in China are fueling the growth of compressor rental market in the country.
Key players, such as Atlas Copco, Ingersoll Rand, and United Rentals, Inc., among others have been focusing on the strategy of mergers & acquisitions to expand their presence in the compressor rental market.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: [email protected]
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