Compressor Rental Market Worth 5.53 Billion USD by 2026
PUNE, India, January 10, 2017 /PRNewswire/ --
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", published by MarketsandMarkets, the market is projected to reach USD 5.53 Billion by 2026, at a CAGR of 6.4% from 2016 to 2026.
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Browse 81 market data Tables and 48 Figures spread through 139 Pages and in-depth TOC on "Compressor Rental Market"
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Increasing demand for pneumatic tools in the construction and manufacturing end-use industries is fueling the growth of the compressor rental market. Even though, the mining equipment market was experiencing a lull over the past few years, it began to witness a positive trend, in terms of demand for mining equipment since 2015. Air compressors are best suited for heavy duty applications in mining operations. The revival of the mining equipment market is expected to have a positive impact on 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 from 2016 to 2026.
In the chemical industry, air compressors are used for transporting liquids under pressure. They are also used in pressurizing tanks, aeration tanks, and culture vessels for spot cooling and Molding plastics. Air compressors find application in the automatic control systems used in the chemical industry. Besides air compressors, screw compressors are also commonly used in the chemical industry. Rapid growth of the chemical industry in the Middle East & Africa and Asia-Pacific regions is fueling the growth of 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 from 2016 to 2026.
On basis of compressor type, the rotary screw segment accounted for the largest share of the Compressor Rental Market in 2015. This segment is projected to grow at the highest CAGR during the forecast period, 2016 to 2026. Rotary screw compressors are being increasingly used as power tools in the construction industry. In the oil & gas industry, rotary screw compressors are used in oil rigs to extract crude oil. Growth of the construction and oil & gas industries has resulted in growth of the rotary screw compressor type segment of compressor rental market.
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The compressor rental market in the Asia-Pacific region is expected to grow at the highest CAGR between 2016 and 2026.
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 Asia-Pacific region offers numerous opportunities for use of air compressors. The key driver for the growth the Asia-Pacific compressor rental market is the rising demand for compressors from the construction industry.
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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