The compressor rental market is estimated to generate USD 5,104.2 million in 2023, which will touch USD 7,439.6 million, progressing at a 5.7% compound annual growth rate, by 2030.
The progression of this industry is because of the extensive application of compressors across different sectors, including automotive, aerospace, construction, and manufacturing. Moreover, the demand for energy-effective compressors is also increasing, and rental businesses are putting more effort into leveraging this.
Furthermore, the reciprocating category will also be a significant contributor to the industry, in 2023. This is because these alternatives are extensively utilized in small businesses and are suitable for three-phase or single-phase AC. Moreover, they are mainly employed where air is required in small volumes or not required constantly.
The electrically driven category, on the basis of drive type, will advance at a considerable rate during this decade, of 5.7%. This can be primarily because of its better power efficiency as compared to conventional gasoline or diesel-driven compressors. In addition, these types are also easy to maintain and low-priced.
Moreover, these tools are reliant on compressed air to deliver the suitable force and execute the tasks effectively.
Furthermore, the manufacturing category will also be a significant contributor to the industry. This can be because these tools are broadly employed in various manufacturing procedures.
APAC is leading the industry, with a share of 55%, in 2023, and it will remain leading throughout this decade. This can be ascribed to the existence of several developing nations in this region. Moreover, the regional industry is also driven by the presence of rental businesses that offer cutting-edge models with features like predictive maintenance, real-time data analytics, and remote monitoring.
The North American compressor rental industry is the second-largest contributor. This is because of the region's advanced end-use sectors, coupled with the stringent government rules concerning carbon footprint reduction and sustainable development.
With the extensive application of this tool in various sectors, the compressor rental industry will continue to grow in the coming years.