Pune, India, December 30, 2021 (GLOBE NEWSWIRE) – The global rental HVAC equipment market was estimated at USD 4.9 billion in 2021 and is expected to grow at a CAGR of 5.6% during the forecast period , according to a detailed study report by Quince market overview.
One of the main drivers of the HVAC equipment rental market is growing demand from food companies. Numerous opportunities in the food and beverage industry are playing an important role in the growth of the market. Moreover, soaring disposable income of people mainly in Asia-Pacific is propelling the market growth.
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The emerging trend in the HVAC equipment rental market imposes strict rules on the use of refrigerants in Europe. In several economies around the world, the growing demand for manufactured refrigerants for use in air conditioners is a major concern. These refrigerants are a vital source of greenhouse gases contributing to global warming across the world.
More and more rules and procedures are established by the governments of different countries regarding the permitted level of particulate matter in indoor air. This should encourage manufacturers to accept hygienic air filtration procedures in their manufacturing departments, thereby supporting the development of the market.
Growing consumer awareness of the importance of consuming pure and safe foods along with the increasing number of foodborne infections is expected to trigger demand for HVAC rental equipment from the food industry.
The increased risk of health risks due to abrasive and hard dust particles in the raw materials required for primary and secondary crushing, material transfer and injection during construction and infrastructure development activities stimulates the market demand.
Factors such as the surge in commercial and residential construction activity, the application of favorable rules and the increasing construction of data centers will propel the market growth. On the other hand, the low preference for rental services is the main factor limiting the growth of the market.
The COVID-19 epidemic has resulted in a health emergency and has had an exceptional effect on businesses. As the HVAC system uses new technology to kill airborne viruses, like COVID-19, in an office building, many industries and businesses are expected to benefit from rental of HVAC equipment during the forecast period.
On the basis of product, the HVAC equipment rental market is segmented into Fiberglass Filter, Pleated Filter, Electrostatic Filter, Carbon Air Filter, HEPA, Bag.
The carbon air filter holds the fastest growing segment during the forecast period. The growth of the market is attributed to the fact that carbon filters are extremely effective in removing VOCs, controlling odors and can be applied as a pre-filter for industrial and commercial purposes.
On the basis of materials, the HVAC equipment rental market is segmented into fiberglass, synthetic polymer, carbon, and metal.
The carbon segment is expected to be the fastest growing segment during the forecast period. This is due to the high demand from the end user and to technological advancements in the field.
Based on the applications, the HVAC rental equipment market is segmented into residential, non-residential and industrial. The residential HVAC rental equipment application is the fastest growing segment in the coming years.
The growth of the segment is attributed to the fact that the residential filters market is temporarily consolidated by the presence of several companies holding a significant market share. The leading companies in the market hold a key market share.
The key companies in the market are HVAC RENTALS (Canada), Johnson Controls (Ireland), Ingersoll Rand (United States), Raytheon Technologies (United States). The companies are implementing several strategies including new product introduction, mergers and acquisitions to increase market share and improve the global market footprint.
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Asia-Pacific is expected to become the fastest growing segment during the forecast period. This is because most of the projects are underway in Asia-Pacific economies, such as Australia, India and China.
Asia-Pacific has huge advantages of high demand. This is also attributable to the huge population of the region. China’s booming manufacturing industry is a key catalyst for the region’s strong demand.
During the forecast period, the HVAC rental equipment market will experience high development as the equipment requirement increases in the region due to rapid growth.
In addition, the increase in customer spending on luxury goods increases the demand for air conditioning, which is expected to further boost the demand for the HVAC rental equipment market. In addition, the growing public awareness of the air pollutant index further stimulates the demand for products.
Key Market Strategies of HVAC Rental Equipment Market Industry Participants
- In October 2020, Tönnies Group (Germany) signed a contract with Camfil Group (Sweden). In this contract, the Camfil group would be responsible for the supply of the CC 6000, CC 2000 and ProSafe HEPA H14 filters to the Tönnies group’s meat processing plant. This acquisition agreement would allow the company to further increase its market share.
- In September 2018, United Rentals (USA) announced the acquisition of BlueLine Rental, which has 114 locations in North America.
Some of the key findings of the global HVAC rental equipment market include:
- The profiles of the major market players operating in the global rental HVAC equipment market include Aggreko (UK), Ashtead Group (London), Brookfield Business Partners (Bermuda), HVAC RENTALS (Canada), Johnson Controls (Ireland), Ingersoll Rand (US), Raytheon Technologies (US), Herc Rentals (Bonita Springs, FL), United Rentals (US) and Reliance Comfort LP (Canada).
- Impact of COVID-19 on the Global HVAC Equipment Rental Market.
For more details on this topic, please visit the report titled, “HVAC Rental Equipment Market, by product (fiberglass filter, pleated filter, electrostatic filter, carbon air filter, HEPA, bag), material (fiberglass, synthetic polymer, carbon, metal), application (residential, non-residential [Commercial, Office, Institution, Healthcare], Industrial [Food & Beverage, Pharmaceutical, Construction, Livestock]), Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)“ an in-depth analysis with the table of contents (ToC).
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