SAN ANTONIO, TX, UNITED STATES, August 24, 2023 -- A new analysis by Verify Markets unveils the North American Air Compressor Rental Market has demonstrated a rapid resurgence following the aftermath of the COVID-19 pandemic. Notably, the years 2021 and 2022 witnessed remarkable growth, with increases of approximately 17.0% and 20.0%, respectively. This surge in demand can be attributed to extended equipment lead times and deferred facility maintenance that transpired during the pandemic's disruption.
Supply chain constraints exert a dual influence on the North American Air Compressor Rental Market. Extended lead times for new air compressors and repair parts have surged demand for rentals, driven by users facing equipment delays. Rental companies with robust supply chains capitalized on this, fueling market growth. Conversely, these constraints pose challenges for air compressor rental companies. Lengthened lead times and increased costs for new air compressors and components have disrupted manufacturing and fleet expansion plans.
Furthermore, the shortage of skilled labor is emerging as a critical constraint for rental companies, impacting multiple aspects ranging from equipment delivery and setup to installation and maintenance services. The scarcity of proficient technicians hampers system design and troubleshooting during repairs, thus constraining the growth potential of some companies.
Besides the aforementioned challenges, the air compression rental market is a mature, well-established market with strong demand across different customer segments. The benefits of renting versus owning equipment, urbanization, and construction growth, and demand from the petrochemical & refining segment are major drivers behind strengthening interests in 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, horsepower range, and pressure. Main customers include petrochemical & refining, general manufacturing, pharmaceutical, food & beverages, construction, painting & sandblasting.
The petrochemical and refining sector remains a dominant force in the air compressor rental market, constituting a substantial 55.0 percent share of the oil-free air compressor segment. This sector's dynamics, influenced by evolving U.S. refinery trends and operational capacity, continue to shape demand patterns for air compressor rentals.
Similarly, the construction sector retains its dominance in the oil-flooded air compressor rental market, capturing 65.0 percent of the market share. The sector's extensive reliance on compressors for diverse construction applications underscores its pivotal role in the market's landscape. As urbanization continues to drive construction activity, the air compressor rental market is poised to benefit from heightened demand within the construction industry.
Oil-flooded air compressors are the most rented, representing 48.0 percent of the total air compressor rental market. IQ air compressors are seen as a cost-effective alternative to their oil-free counterparts in some categories where the perceived risk can be minimized and managed, and the economic benefit outweighs the potential risk factor of failure and oil contamination of the process.
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. This report provides an in-depth analysis of the overall 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:
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Our research methodology consists of extensive primary interviews with key participants in the industry along with analysis of secondary resources to validate our information. For more information on this report and other research (including custom reports and consulting), contact info@verifymarkets.com or call +1 210.595.9687.