Spending in construction, manufacturing recovery, the continuing shift from ownership to rental, and aging refining facilities are major drivers.
SAN ANTONIO, TX, UNITED STATES, October 29, 2020 /EINPresswire.com/ — A new analysis by Verify Markets shows the North American Air Compressor Rental Market was valued over $950.0 million in 2019. The market is mature and competitive with the presence of local, regional, and national market participants. The market has experienced a low, but steady, growth rate during the last few years and is expected to continue growing at a compound annual growth rate (CAGR) of over 2.0 percent from 2019 to 2026.
"The impact of the COVID-19 pandemic has affected the air compressor rental industry and is likely to continue affecting market revenues during the short-term of the forecast period. The manufacturing and construction sectors, representing 35 and 62 percent of the total market, respectively, have been affected by the COVID-19 pandemic. Expansion projects, non-critical work, and maintenance work is being postponed, delayed, or canceled at manufacturing plants,” states Senior Consultant for Verify Markets Georgina Carraway.
Moreover, the oil & gas industry has traditionally been one of the main end-users for oil-free air compressor rentals. The recent sharp decline in crude oil & gas prices is affecting the production, investment, and financial decisions of petrochemical and downstream companies. Continued declines of oil & gas prices are expected to adversely affect the air compressor rental market during the short-term of the forecast period.
The air compressor rental market is a mature and a well-established market with strong demand across different customer segments. Increasing spending in construction activities, the recovering of the manufacturing sector, continuing shift from ownership to rental, and aging refining facilities are major drivers behind strengthening interests in the air compressor rental.
The North American Air Compressor Rental Market report has been segmented by type of equipment (oil-flooded, oil-free, and instrument quality), end-user, type of engine, pressure, and horsepower range. Main customers include petrochemical & refining, general manufacturing, the pharmaceutical industry, food & beverages, construction, and painting & sandblasting.
Oil-flooded air compressors are the most rented, representing an estimated 49 percent of the total air compressor rental market. IQ air compressors are a cost-effective alternative to their oil-free counterparts in some categories. This circumstance does not apply to industries where compressed air directly encounters the product.
Some of the key companies covered in this report include Atlas Copco USA Holdings Inc., Aggreko, LLC, United Rentals, Inc., Sunbelt Rentals, Inc., Herc Rentals Inc., CAT Dealership Network, and others. This report provides an in-depth analysis of the North American Air Compressor Rental Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecasts, technology trends, and a competitive landscape assessment.
A copy of the North American Air Compressor Rental Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
• U.S Utility-Scale Energy Storage Market
• North American Temporary Cooling Market
• North American Ground Protection Rental Market
• North American Power Rental Market
• North American Pump Rental Market
• North American Aerial Equipment Rental Market
• Latin American Generator Set Market
• North American Temporary Heating Market
• UPS Rental Market: North America
• North American Steam Boiler Rental Market
• North American Trench Shoring Equipment Rental Market
• Global Power Rental Market
Verify Markets’ research methodology consists of extensive primary interviews with key participants in the industry along with analysis of secondary resources to validate information. For more information on this report and other research (including custom reports and consulting), contact email@example.com or call +1 210.595.9687.
Source: EIN Presswire