LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global compressor rental market is expected to generate approximately USD 4 billion by 2020, growing at a CAGR of almost 7% during the forecast period.
This research report titled ‘Global Compressor Rental Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global compressor rental market by end-user into five broad categories of which the four most prominent ones are as discussed below:
- Construction industry
- Mining industry
- Oil and gas industry
- Power industry
Global compressor rental market in construction industry
The global compressor rental market in the construction industry is predicted to generate 1.3 billion by 2020, growing at a CAGR of over 8%.
The construction industry is the largest end-user of compressor rental services. This industry extensively uses portable diesel-driven air compressors for various applications such as pneumatic tools, concrete spraying, blasting and piling.
Technavio predicts that the global construction output will experience steady growth mainly in the US and India. Although China's real estate sector is undergoing a slump, the country will remain the world's largest construction market. India, China, and the US are projected to account for about 60% of the global construction output by 2025.
According to Anju Ajaykumar, lead analyst at Technavio for engineering tools, “Other emerging Asian nations such as Indonesia, Vietnam, Bangladesh, Thailand, Malaysia, and the Philippines are also expected to witness growth in their construction market.”
Global compressor rental market in mining industry
The global compressor rental market in the mining industry is projected to exceed USD 1 billion by 2020, growing at a CAGR of 6%.
Compressors, especially diesel-driven compressors, are widely used in the mining industry to supply compressed air without the use of electric power to operate pneumatic equipment, including drills, pumps, and ventilation fans.
Minerals and metals play a crucial role in the daily operational activities related to food and water supply, sewage treatment, as well as in the energy, infrastructure, transportation, construction, and manufacturing industries. In the last decade, substantial investments were made in these industries in Latin America, Africa, and parts of Asia, which are predicted to increase in the coming years, thus leading to growth in the compressor rental market.
Global compressor rental market in oil and gas industry
The global compressor rental market in the oil and gas industry is anticipated to reach USD 560 million by 2020, growing at a CAGR of almost 3%.
Compressors are extensively used in the oil and gas industry in upstream, midstream, and downstream applications. The production of oil and gas is an extremely dangerous process, and the non-flammable property of compressed air makes it an ideal choice in terms of safeguarding on-site workers as well as the environment.
The oil and gas industry utilizes compressor rental services during maintenance work or during installed compressor outage that might hamper operations, leading to revenue loss.
“The sluggish growth in this industry is likely to pace down market growth of the compressor rental equipment. However, the industry may revive with better prospects, as policymakers worldwide are taking initiatives to control the present situation,” says Anju.
Global compressor rental market in power industry
The global compressor rental market in the power industry is forecast to reach USD 580 million by 2020, growing at a CAGR of over 7%.
Compressor rental services are used in power applications, including in coal-fired, natural gas-fired, nuclear and cogeneration plants, especially for planned maintenance services and during emergency outages.
In 2015, these power plants together accounted for more than 75% of the total electric power generation worldwide. Although the global power sector is gradually moving toward a decarbonized system that focuses more on renewable energy sources to generate electrical energy, thermal and nuclear power sources will dominate the power mix, accounting for more than 65% in 2020. Rental compressors will be required during emergency outages and scheduled maintenance activities for a short term or long term.
Technavio heavy industry research analysts highlight the following seven vendors as the top contributors to the global compressor rental market:
- Aggreko
- Atlas Copco
- Caterpillar
- Hertz Equipment
- Ingersoll Rand
- Sunbelt Rentals
- United Rentals
Browse Related Reports:
- Global Compressor Market 2016-2020
- Global Gas Compressors Market 2015-2019
- Global Rotary Air Compressor Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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