The global compressor rental market has garnered USD 5,104.2 million in revenue in 2023, and it is projected to rise at the rate of 5.7% from 2024 to 2030, to capture USD 7,439.6 million by 2030. This development of the market can be credited to the extensive application of compressors in several sectors, like construction, aerospace, manufacturing and automotive. There has also been a growing demand for power-effective compressors, which rental businesses are trying hard to influence.
There has been a rising demand for modified rental solutions, as companies are widely looking for items that suit their necessities; this is in consideration of the increasing price of buying and upholding such machines. The total price of buying a compressor and sustaining it afterward can put a burden on operators’ pockets. To lessen such difficulties, rental businesses are providing cost-effective and modified solutions, as per the businesses’ needs.
In 2023, the rotary screw category dominates the type segment of the compressor rental industry with share of 60%, and the category is also projected to remain dominant during the projection period as well. This growth is because of such variants’ advanced effectiveness, as they have a more constant flow of compressed air, which outcomes in a deceased power loss.
Due to the low number of movement parts that result in less wear and tear, it also has an extended service life. In addition, these variants have quieter operation than other versions so they are suitable for environments where there is a certain degree of sensitivity. The fact that they operate without petroleum is one of their main advantages, which makes them suitable for applications such as in the food and beverage sector where oil free air is required.
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 construction category, based on industry, will be the largest contributor to the compressor rental market, with a 25% share, in 2023, and it will continue this trend during this decade. This can be ascribed to the advancing construction sector, which extensively utilizes compressed air to power pneumatic tools, including nail guns, jackhammers, air drills, and impact wrenches.
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.
