A compressor is a mechanical device which is used to increase the pressure of compressible gases, fluid, and air. Rotary screw compressor uses two mashed rotating helical screws to force the gas into smaller space. This is usually used for continuous operations in industrial and commercial sectors. Based on purpose, it is rented out for specific projects because of various reasons such as financial issues and process requirement. It is widely used in oil & gas, construction, manufacturing industries and power generation system due to ability of running continuously for a long time.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the compressor rental industry attributed to the lockdown in countries worldwide. This has hampered the growth of compressor rental market in 2020 and, is likely to revive in 2021.
- COVID-19 has already affected the sales of compressor rental in the second and third quarter of 2020 and is reviving in 2021.
- The major demand for compressor rental was previously noticed from countries including the U.S., Germany, Italy, UK, and India, which are negatively affected by the spread of the corona virus, thereby declining the demand for rental compressor.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Compressor rental manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
- Compressor rental providers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Heavy equipment is used in large scale industries such as oil & gas, mining, construction, manufacturing industries, and power generation system. Compressor is an equipment which can operate continuously in efficient and effective manner. Sometimes based on requirement, it is more affordable to rent out the compressor rather than purchasing it, especially for small and short term projects. This is one of the factors driving the growth of the compressor rental market at a global level. Growth of both mechanical and automobile sectors is another factor which fosters the market growth. In addition, its ease in operation, high efficiency, cost effectiveness, and fast cutting in short time are the attributes which are attracting the consumers and making them to rent it out. This is expected to create new opportunities for the market.
Market Trends
- Recovery of mining industry post COVID-19 crisis is expected to have a significant effect on the rental compressor market. Compressor rental has a big scope in mining industry for tire filling, scaling, and workshop service application.
- Key players of market are taking strong effort in maintain the market growth. For example, in 2019, Atlas Copco launched five new technical advance compressors in Indian market. In addition, Caterpillar also launched new cutting edge technology based product such as Next Gen Cat 120 Motor Grader.
- In regions across the globe, Asia-Pacific is dominating the market of rental compressor due to growth of food and beverages industries and chemical industries. North America holds the second largest consumer of rental compressor.
Key Benefits of the Report
- This study presents the analytical depiction of the compressor rental market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the compressor rental market share.
- The current market is quantitatively analyzed to highlight the compressor rental market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed compressor rental market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Type
- Reciprocating
- Rotary Screw
- By End-User
- Construction
- Mining
- Oil & Gas
- Power
- Manufacturing
- By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Key Market Players
- Campbell Hausfeld
- Milwaukee Electric Tool Corporation
- Atlas Copco
- Herc Rentals
- Pulford Air & Gas Pty Ltd
- Blueline
- Makita Corporation
- Sunbelt
- Coates Hire.
- DeWalt