Rising demand from food and beverage industry and increasing disposable income are likely to stimulate demand.
Market Size – USD 2.79 billion in 2018, Market Growth - CAGR of 5.4%, Market Trends – Increasing demand from the food & beverage industry
The HVAC Rental Equipment Market is projected to register a CAGR of 5.4% by 2026, to reach USD 6.29 Billion in 2026 from USD 4.07 Billion in 2018. The increasing demand from the food and beverage industry is one of the main drivers of this market. In expanding economic opportunities, the food and beverage industry plays a key role. The industry is recording growing changes in the pattern of consumption. The increasing disposable incomes of people, especially in APAC, are driving change.
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The latest market-driven trend is increasing strict regulations on the use of refrigerants in Europe. In many countries around the world, the growing demand for manufactured refrigerants for use in air conditioners is a major concern. These refrigerants are an important source of greenhouse gasses contributing to global warming worldwide.
Low preference for rental services is one of the main factors that hinder this market's growth. One of the main challenges affecting the growth of the global HVAC rental market is that people still tend to buy and sell equipment after its intended purpose has been met.
Further key findings from the report suggest
• The HVAC Rental Equipment Market is projected to grow at a rate of 5.4% by 2026, to reach USD 6.29 Billion in 2026 from USD 4.07 Billion in 2018. The increasing demand from the food and beverage industry is one of the main drivers of this market. In expanding economic opportunities, the food and beverage industry plays a key role. The industry is recording growing changes in the pattern of consumption. The increasing disposable incomes of people, especially in APAC, are driving change.
• The industrial segment dominated the market and accounted for more than 56% of market share in 2018. This segment will remain the largest segment and by 2026 it is expected to reach more than USD 4.8 Billion. Factors such as the growing demand for nuclear-powered HVAC systems and mining sectors stimulate the growth prospects of this market segment in the coming years. In addition, strict food and beverage industry regulations will further drive this segment's growth prospects
• North America dominated the market for commercial HVAC leasing equipment and accounted for almost 45% of the market share in 2018. The US is the main generator of revenue and the rapid growth of the construction industry and an increase in LEED buildings will drive growth prospects in the Americas for the HVAC rental market.
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• The significant players in the HVAC Rental Equipment Market includes Aggreko (UK), Carrier (US), Johnson Controls (US), Trane (Ireland), Sunbelt Rentals (US), United Rentals (US), Cool Breeze Rentals (Australia), Hertz Equipment Rental (US), HVAC Rentals (Canada), Reliance Commercial Solutions (India), and Temp-Air (US).
Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2019 to 2026. For the purpose of this study, Reports and Data have segmented the HVAC Rental Equipment Market on the basis of type, application and region:
Type (Revenue, USD Million; 2016-2026)
• Air Conditioner
• Ventilation
• Stoves
• Chiller
• Heating Pumps
• Radiator
• Other
Application Outlook (Revenue, USD Million; 2016-2026)
• Industrial
• Commercial
• Residential
Regional Outlook (Revenue, USD Million; 2016-2026)
• North America
o U.S.
• Europe
o Germany
o UK
• Asia Pacific
o China
o India
• Latin America
o Brazil
• Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hvac-rental-equipment-market
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