LONDON–(BUSINESS WIRE)–#GlobalHVACRentalEquipmentMarket–The global HVAC rental equipment market size is poised to grow by USD 1.53 billion during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
HVAC equipment rental service providers are increasing their investments in high-quality, advanced HVAC equipment to comply with the stringent regulations and capitalize on the digital industrial revolution. This has boosted the popularity of HVAC equipment rental services as it allows end-users to use the latest equipment and technologies without incurring a considerable cost. HVAC equipment rental also provides the added convenience of using the equipment as per requirement without any concerns related to possession costs, devaluation, or repair and maintenance charges. Moreover, the contracts of HVAC equipment renting include a buying or a return policy that allows end-users to buy the equipment at the end of the contract period. These cost advantages associated with renting HVAC equipment will fuel the growth of the market throughout the forecast period.
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- The major HVAC rental equipment market growth came from the industrial segment. The increasing investments in the food and beverages, pharmaceutical, oil and gas, mining, and power industries will be a significant factor in boosting the demand for HVAC rental equipment from the industrial segment. The metal processing, chemical and petrochemical, semiconductor, medical, pharmaceutical, and the construction industries also use HVAC rental equipment for various applications. However, market growth in this segment will be slower than the growth of the market in the commercial and residential segments.
- APAC was the largest HVAC rental equipment market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rapid growth of end-user industries, competitive manufacturing costs, and the high economic growth will significantly drive HVAC rental equipment market growth in this region over the forecast period.
- The global HVAC rental equipment market is fragmented. Aggreko Plc, Ashtead Group Plc, Enercare Inc., Herc Holdings Inc., HVAC RENTALS, Ingersoll Rand Inc., Johnson Controls International Plc, Raytheon Co., Reliance Comfort Ltd. Partnership, and United Rentals, Inc. are some of the major market participants. To help clients improve their market position, this HVAC rental equipment market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global HVAC rental equipment market 2020-2024 is expected to have Negative and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/HVAC-rental-equipment-market-industry-analysis
Increasing Focus on Energy-efficient Equipment will be a Key Market Trend
The increasing focus on energy-efficient equipment is one of the critical HVAC rental equipment market trends that will gain traction in the coming years. With the growing focus toward reducing costs and saving energy, end-users have started using energy-efficient equipment and technologies in their production units and commercial spaces. The high level of operational accuracy provided by energy-efficient HVAC equipment will further boost its popularity among end-users. HVAC equipment rental service providers include such energy-efficient HVAC equipment in their portfolio to cater to the rising need for energy efficiency.
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HVAC Rental Equipment Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist HVAC rental equipment market growth during the next five years
- Estimation of the HVAC rental equipment market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the HVAC rental equipment market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of HVAC rental equipment market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Industrial – Market size and forecast 2019-2024
- Commercial – Market size and forecast 2019-2024
- Residential – Market size and forecast 2019-2024
- Market opportunity by End-user
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Aggreko Plc
- Ashtead Group Plc
- Enercare Inc.
- Herc Holdings Inc.
- HVAC RENTALS
- Ingersoll Rand Inc.
- Johnson Controls International Plc
- Raytheon Co.
- Reliance Comfort Ltd. Partnership
- United Rentals Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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