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Screw Compressor Rental Market Overview
Screw Compressor Rental Market is projected to be worth USD 6.18 Billion, registering a CAGR of 6.45% during the forecast period (2022 – 2030)
The global screw compressor rental market is expected to register a CAGR of 6.45% for the time period that this report covers. Growing demand for redid rental arrangements is a major factor that’s driving the market’s CAGR.
The screw compressor rental market will grow at a 5.73% CAGR between the forecast period 2018- 2023, states the recent Market Research Future (MRFR) analysis. A screw compressor is a form of rotary compressor that compresses air on account of screw action. It is driven by engine power takeoffs, internal combustion engines, or electric motors.
Various factors are propelling the global screw compressor rental market share. According to the recent MRFR market estimates, such factors include the growing demand for rental tools and equipment due to power generation outage, increasing use in the mining industry, increase in large industrial applications, need to operate high-power air tools, intensification of industrial applications, and upgradation in operating concepts and infrastructure facilities. Additional factors adding market growth comprise the growing reliance of leading industrial users and packagers on screw compressors, increasing approval of such rental service globally, and rentals reducing the fixed expenses significantly.
On the contrary, the volatility in raw material prices and the current COVID-19 impact may limit the global screw compressor market share over the forecast period.
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Competitive Landscape
Kaeser Kompressoren SE (Germany)
BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG (Germany)
Caterpillar Inc. (U.S.)
Air Energy Group LLC (U.S.)
Atlas Copco AB (Sweden)
Aggreko plc (U.K.)
Ingersoll-Rand plc (Ireland)
United Rentals Inc. (U.S.)
Stewart & Stevenson LLC (U.S.)
Metro Air Compressor (U.S.)
CAPS Australia (Australia)
Lewis System (U.S.).
Screw Compressor Rental Market Drivers:
Industrial Expansion: As various industries expand and grow, there is a consistent demand for compressed air systems to power various tools and equipment. Screw compressors play a vital role in providing a reliable source of compressed air for manufacturing, construction, and other industrial applications.
Construction and Infrastructure Development: The construction sector relies heavily on screw compressors for tasks such as powering pneumatic tools, sandblasting, and concrete spraying. An increase in construction and infrastructure projects drives the demand for screw compressor rentals.
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Market Segments
The MRFR report highlights an inclusive segmental analysis of the global screw compressor rental market based on types, portability, stage, and end users.
By type, the global screw compressor rental market is segmented into oil-injected compressors and oil-free compressors. Of these, the oil-injected compressors will lead the market over the forecast period.
By portability, the global screw compressor rental market is segmented into stationary and portable. Of these, the portable segment will dominate the market over the forecast period. Viable solutions for long-term and short-term rental agreements are adding to the growth of the segment.
By stage, the global screw compressor rental market is segmented into multi-stage compressor and single-stage compressor. Of these, the multi-stage compressor will spearhead the market over the forecast period.
By end users, the global screw compressor rental market is segmented into chemical, mining, power, construction, oil and gas, and manufacturing. Of these, the construction segment will stay at the forefront over the forecast period. Migration of people to cities and rapid urbanization are adding to the growth of the segment.
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Regional Analysis
By region, the screw compressor rental market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period at the highest CAGR. The presence of developing economies China, Singapore, India, South Korea, and India, increasing demand for products and services, rise in disposable income, and increasing fast track initiative (FTI), and foreign direct investment (FDIs) are adding to the screw compressor rental market growth in the region.
In North America, the screw compressor rental market is predicted to have the second-largest share over the forecast period. Aging equipment failures, need for replacement, booming refining and petrochemical sectors, changing emission needs, growth the coal and mining, and manufacturing sector, constant technological advancements like global positioning systems (GPS) and variable frequency drives (VFDs), and presence of several established players investing in smart marketing strategies are adding to the global screw compressor rental market growth in the region. The United States possesses the utmost market share.
In Europe, the screw compressor rental market is predicted to have substantial growth over the forecast period. Flourishing manufacturing and construction sector, presence of capital-intensive firms that prefer to rent air compressors than buying, and market players being involved in developing highly efficient air compressors to stop the concerns about air and noise pollution are adding to the global screw compressor rental market growth in the region.
In the Rest of the World, the screw compressor rental market is predicted to have sound growth over the forecast period.
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About:
Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
