The compressor rental market is projected to reach USD 5.53 billion by 2026, at a CAGR of 6.4% between 2016 and 2026. Various end-use industries, such as construction, chemical, oil & gas, and manufacturing, among others in the emerging economies, such as China, India, Thailand, and Malaysia, among others are expected to register growth during the forecast period, which in turn, is expected to fuel the growth of the compressor rental market from 2016 to 2026. Growth of the compressor rental market can be attributed to increasing demand for customized air rental solutions to meet varied requirements of different industries. Renting customized compressors offers improved cost advantages and reduces additional repair costs resulting from system breakdowns. Prices of raw materials, such as carbon steel, stainless steel, and cast iron, among others, used for manufacturing compressors, are extremely sensitive to changes in macro-economic conditions. Any small change in raw material prices can significantly impact production costs of compressors, thereby adversely affecting the compressor rental market.
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“Based on end-use industry, the construction segment is projected to lead the compressor rental market during the forecast period.”
Among end-use industries, the construction segment is projected to lead the compressor rental market from 2016 to 2026, owing to growth of various sectors, such as residential & commercial construction, infrastructure development, demolition & road building equipment, and civil engineering in the Asia-Pacific region. Compressors are considered to be the most efficient tools for bulk handling & lifting as well as drilling applications in the construction industry. Increased use of compressors in the construction industry is one of the driving factors for the growth of the compressor rental market.
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“Based on compressor type, the rotary screw segment of the compressor rental market is projected to grow at the highest CAGR ”
Construction, mining, and oil & gas are the key end-use industries of rotary screw compressors. In the construction industry, rotary screw compressors are used at 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 in China, India, Saudi Arabia, and Turkey has resulted in the growth of the rotary screw type segment of the compressor rental market.
The Asia-Pacific region was the largest market for compressor rental in 2015 due to growing industrialization and infrastructure development in the region. Growth of the construction and general manufacturing industries in the Asia-Pacific region is also projected to drive the demand for compressors in the region. Moreover, the growth of the Asia-Pacific compressor rental market is also driven by increasing government focus on energy conservation, which is expected to fuel the demand for energy-efficient air compressors. The Asia-Pacific compressor rental market is projected to grow at the highest CAGR.
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