Screw Compressor Rental Market Volume Analysis, Size, Share And Latest Key Trends -2023

10/gen/2019 12:30:11 Tejas Amale Contatta l'autore

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The worldwide Screw Compressor Rental Market is set to reach the valuation of USD 2,993.8 Mn by 2023. Rising demand for modified rental air solutions to meet the needs of the industry coupled with the growing usage of customized air compressor rental systems in the medical, construction, and oil & gas end-user industries have significantly buoyed the market globally. There has been an accelerated demand for compressor rental services in the chemical industry used for transporting liquid under pressure over the years. The stimulated growth of the mining equipment market in the past few years has played a crucial role in fueling the growth trajectories of the global compressor rental market. Screw compressor rental finds its usage in the mining industry for boring, scaling, tire filling, refuge station air, workshop service, air and pneumatic conveying, among other functions. In other words, growth in mining activities has and will continue to fuel the demand for compressed rental, working in favour of the global market.

On the other side, volatility in the prices of raw materials may curb the market growth to some extent. However, despite the potential risk factors, the market is soaring high on the back of the introduction of new-age compressors. These compressors involve usage of differentiated speed technology with an energy-efficient operational nature. Global players are consistently engaging in technological innovations and product enhancement to improve the appeal of their products and solidify their position in the market. For instance, AERZEN’s Delta Hybrid has developed the world’s first range of rotary lobe compressors that can create positive as well as negative pressures for air and other neutral gases.

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Global Market for Screw Compressor Rental– Segmental Analysis

MRFR’s report offers a detailed analysis of the market on the basis of Type, Portability, Stage, End-User, and Region.

By Type, the market is segmented on the basis of oil-injected screw compressor and oil-free screw compressor. The oil injected screw compressors account for the largest market share in the rental market for screw compressors. Oil-injected screw compressors help seal gaps, and role as an insulator, and maintains the optimal temperature during compression. These advantages ensure its application in numerous end-use industries such as the mining industry, power plants, and packing & palleting. Other benefits of oil-injected compressors also include high reliability, lower maintenance costs, no extra foundations, and noiseless operations.

By Portability, the market is segmented into stationary and portable. The portable screw compressors have a high demand in the market as they are an ideal solution for both long-term and short-term rental agreement. As the name suggests, portable screw compressors are designed in a way so they can be easily moved from one place to another. They are lightweight and available with various compressing capacities according to the requirements in the project. They are also built to be mounted easily on the carriages and apt for all environments. In addition, their wide use in several heavy-duty industries such as mining, shipyard, oil and gas exploitation, borehole, hydropower, construction, chemical, and pipeline pressure test can bode well for the segment. Moreover, portable screw compressors are easy to operate and capable of compressing air at higher pressures and rendering them better solutions for rental services.

By Stage, the market is segmented into multi-stage screw compressors and single-stage screw compressors. Among these, the multi-stage compressors segment has assumed the top spot in the screw compressor rental market, as they have advanced technology such as variable speed drive and turbo pressure. Furthermore, the multi-stage screw compressors are designed to be transported on wheels and highly capable of being energy-efficient. These appealing features can evoke the demand for multi-stage screw compressors in many industrial applications.

Primary market end-users include construction, mining, oil & gas, power, manufacturing, and chemical. The construction industry is gaining momentum owing to the high demand for commercial infrastructure from rapidly growing urban nations. The industry uses air compressors for air-powered nail guns, staplers, torque wrenches, screwdrivers, paint spraying and conveying of material, which fuels the demand for the screw compressors.

Regional Outlook

On the basis of Region, the market is segmented into North America, Europe, Asia Pacific, and Rest-of-the-World.

The Asia Pacific market has the upper hand among all regions with the highest CAGR in the screw compressor rental market. This stellar performance can be attributed to industrialization in emerging economies, and the growing need for efficient tools & machinery. Moreover, China is one of the biggest economies, availing screw compressor rental services. The country is also creating opportunities for investment in industrialization and has been ranked the third largest FDI recipient in the world. The most potential-rich industries in China utilizing the rental services of air compressors comprise air treatment, food & beverage, transportation, and manufacturing. Moreover, increasing number of regional market players embarking on new projects to develop their products and enhance technology, which helps widen their customer base in the region.

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The North America region dominated the global screw compressor rental market in 2017 with a 38.5% share of the total market. At present, the region has been able to outperform many other regions globally on account of aging equipment failures and need for replacement, changing emission requirements, growth in petrochemical and refining sectors along with potential growth of the manufacturing, coal and mining verticals. Apart from this, constant technological innovations such as the integration of variable frequency drives (VFDs), and global positioning systems (GPS), provide a promising impact on the regional market as well. Moreover, the presence of established players investing in marketing strategies favors the market in a big way.

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