The compressor rental market is expected to develop steadily over the forecast period owing to the recovery of the mining equipment market. Rising demand for modified rental air solutions to meet the needs of the industry is likely to drive the market over the forecast period, along with the growing usage of customized air compressor rental systems in the medical, construction, and oil & gas end-user industries. Demand for compressor rental services in the chemical industry for transporting liquid under pressure has accelerated over the years.
The rapid development of this industry in Asia Pacific and Middle East & Africa is anticipated to propel the compressor rental market over the forecast period. The untapped market of Latin America is also projected to exhibit potential due to the rising number of mining equipment manufacturers in the region. Introduction of new-age compressors involves the usage of differentiated speed technology with an energy-efficient operational nature.
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The variable speed drive technology is energy-efficient compared to fixed speed air compressors. Despite the decline in the investments in mining and the need for it in Europe and North America, the industry is estimated to regain its prominence to cater to the compressor rental market over the next few years.
Stimulation of the mining equipment market will play a key role in driving the growth trajectories of the global compressor rental market. Compressed rental find its usage in the mining industry raise boring, scaling, tire filling, refuge station air, workshop service air and pneumatic conveying among other functions. Therefore growth in mining activities will fuel the demand for compressed rental and drive the market.
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The market has been bifurcated by type into the reciprocating and rotary screw segments. The latter accounted for a major market share in 2016 and is predicted to regain its position over the forecast period. Rotary screws are widely used as a power tool in the construction industry as also used in the oil & gas sector – specifically in oil rigs to extract crude oil. Based on end-user industry, the compressor rental market is segregated into the mining, manufacturing, chemicals, and oil & gas categories.
The chemical industry constituted a dominant market share in 2016 and is expected to retain its position over the next few years. Compressor rentals are often employed in aeration tanks, pressurizing tanks, and culture vessels for molding plastics and spot cooling. Air compressors are mostly employed in the automatic control systems in the chemicals industry. The rapid growth of the chemical industry in Asia Pacific and Middle East & Africa is anticipated to drive the compressor rental market over the forecast period.
Geographically, the market can be distributed over North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held the dominant share in the compressor rental market in 2016 and is predicted to maintain its position during the forecast period. The rising infrastructure and industrialization in Asia Pacific offers multiple opportunities for the use of air compressors.
Increasing demand for compressors in the construction industry is a crucial driver of the compressor rental market in this region, apart from the burgeoning construction industry in India, Indonesia, Thailand, and Malaysia.
North America and Europe are mature markets for compressor rentals and predicted to expand at a decent pace over the next few years owing to the well-established end-user industries in these regions. Latin America is projected to advance rapidly due to the prevalent mining and construction industry, dominated by Brazil. Middle East & Africa is an emerging market projected to constitute a considerable market share in the near future.
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