The global industrial pump rental market to grow at a CAGR of 8.24% during the period 2017-2021.
The report, Global Industrial Pump Rental Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is increasing merger and acquisition activities. The global industrial pump rental market is highly fragmented with various vendors spread across the world. In this situation, the top vendors partner with the medium and small pump manufacturers to deliver the best of the pump rental products at reasonable costs to the end-users.
According to the report, one driver in the market is higher flexibility in terms of movement and labor requirements. The pump rental services are highly flexible, and the pumps are made available to the end-users at any time of the operation. Any difficulty faced by the pumps are being cleared by the experts provided to the end-users by the manufacturers of pumps. During a harsh process, if any part of the pump is damaged, it becomes very difficult to service it or to replace the pump, and due to this, the entire operation suffers. But when the company rents a pump, it can be serviced or replaced at any stage of the operation.
Further, the report states that one challenge in the market is renting pumps can be cumbersome for end-users. Renting the pumps can be challenging for the end-users as well. In the case of long duration contracts with the pump rental vendors, the end-users end up paying more money when compared with buying a new pump. The rent of the pumps remains the same during the entire operation. Also, the industries that have a low production capacity tend to spend a huge amount on procuring the pumps on rent for a small output. Therefore, the companies require a considerable amount of production to justify the amount spent on the pump rentals.