Compressor rental: Key market research findings
- Next-generation air compressors
- Emergence of Tier 4 engines
Technavio has released a new market research report on the global compressor rental market, which is expected to grow at a CAGR of 7% between 2016 and 2020. Technological developments in compressed rental solutions, such as oil-free screw technology, are driving the growth of compressor rental market. Renting compressors offers cost advantage and can help overcome operational interruptions such as system breakdown. The construction and mining sectors are the significant end-user industries for compressor rental services. APAC is the largest regional market in the compressor rental market, accounting for around 42% of eth total market share. Much of this region’s growth comes from the presence of companies that are cost-intensive and prefer renting than purchasing compressors for their operational needs.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the compressor manufacturers are developing air compressors that make use of variable speed technology and also have a special drive that controls the speed. Variable speed drive (VSD) is the most superior control technology available in the market, as it aids in vast energy consumption savings, especially in the oil and gas industry. The new VSD+ technology incorporates a patented and unique drive system that reduces energy consumption by more than 50% as compared to traditional compressors. Moreover, these VSD+ compressors are expected to reduce CO₂ emissions by about 4 million tons annually, which is equivalent to the emission output of approximately 900,000 cars,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
Some of the major air compressors available in the market are gradually incorporating the Tier 4 engines. These air compressors are equipped with advanced electronic controls that include easy-to-read gauges and LCD display. These features allow end-user flexibility and aid in optimizing performance of compressors and their cost-effectiveness. Tier 4 engines also provide increased fuel efficiency, which makes the total cost of ownership of a diesel-based air compressor quite reasonable. For example, Atlas Copco makes Twin Air brand of air compressors that are equipped with the Tier 4 engine. It can generate 1,975-2,232 CFM of compressed air, and is used in offshore as well as drilling activities in the oil and gas industry.
The key vendors in the global compressor rental market are Aggreko, Atlas Copco, Caterpillar, Hertz Equipment, Ingersoll Rand, Sunbelt Rentals, and United Rentals. These global players dominate the compressor rental market as the end-user industries prefer reliable and efficient compressor rental services offered by these players. However, the local players are giving tough competition to the key vendors in terms of pricing, strong supply chains and distribution systems. Also, these regional venors offer customized services of reasonable quality.
A more detailed analysis is available in the Technavio report, Global Compressor Rental Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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