Pune, India, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The global HVAC rental equipment market was estimated to value USD 4.9 billion in 2021 and is projected to grow at a CAGR of 5.6 % during the forecast period, as per a detailed study by Quince Market Insights.
The surging demand from the food and beverage companies is one of the foremost drivers of the HVAC rental equipment market. Extensive opportunities in the food and beverage industry play an important role in the growth of the market. Additionally, surging disposable incomes of people, mainly in Asia Pacific are propelling the market growth.
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The emerging trend in the HVAC rental equipment market is surging strict rules on the use of refrigerants in Europe. In several economies across the globe, the increasing demand for manufactured refrigerants for use in air conditioners is a key concern. These refrigerants are a vital source of greenhouse gasses contributing to global warming across the globe.
Increasing rules and procedures are being laid down by governments of different countries about the permitted level of particulate matter in indoor air. This is expected to boost manufacturers to accept hygienic air filtration procedures in their manufacturing services, thus supporting the market development.
Rising consumer consciousness about the importance of consumption of pure and safe food together with growing instances of food-borne infections is set to trigger the demand for HVAC rental equipment from food & beverage industries.
Increasing the risk of health hazards caused due to abrasive and hard dust particles in the raw materials required for primary and secondary crushing, material transfer, and injection during construction and infrastructural development activities is propelling market demand.
Factors such as surging commercial and residential construction activities, the enforcement of favorable rules, and surging construction of data centers will propel the market growth. On the other hand, low preference for rental services is the major factor that is limiting the market growth.
The outbreak of COVID-19 has resulted in health emergency, and it had an exceptional effect on businesses. As HVAC system uses new technology to kill airborne viruses, like COVID-19, in an office building, many industries and business are expected to benefit from HVAC rental equipment over the forecast period.
By Product
Based on the product, the market for HVAC rental equipment market is segmented into fiberglass filter, pleated filter, electrostatic filter, carbon air filter, HEPA, pocket.
The carbon air filter holds the fastest-growing segment in the forecast period. The growth of the market is attributed to carbon filters being extremely operative for removing VOCs, controlling odors, and can be applied as a pre-filter for use in industrial and commercial purposes.
By Material
Based on material, the market for HVAC rental equipment market is segmented into fiberglass, synthetic polymer, carbon, and metal.
Carbon segment is projected to be the fastest growing segment during the forecast period. This is on account of high demand from end user, and technological advancement in the field.
By Application:
Based on application, the HVAC rental equipment market is segmented into residential, non-residential, and industrial. The residential application of HVAC rental equipment is the fastest-growing segment in the years to come.
The growth of the segment is attributed to residential filters market being temporally consolidated in nature led by the presence of several companies with significant market share. The foremost companies in the market hold a key share in the market.
The key companies of the market are HVAC RENTALS (Canada), Johnson Controls (Ireland), Ingersoll Rand (U.S.), Raytheon Technologies (U.S.). The companies are implementing several strategies comprising new product introduction, mergers, and acquisitions to increase market share and to improve the global footprint in the market.
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By Region
Asia Pacific is estimated to become the fastest growing segment during the forecast period. This is on account of as most of the projects are underway in Asia Pacific economies, such as Australia, India, and China.
Asia Pacific has huge benefits of high demand. This is also attributable to the region’s huge populace. China's booming manufacturing industry is a key catalyst for the region’s high demand.
In the forecast period, the HVAC rental equipment market will experience high development as the requirement for equipment increases in the region on account of fast paced growth.
In addition, surging customer spending on luxury goods is augmenting the air condition demand, which should further drive the demand for HVAC rental equipment market. Also, growing awareness among the populace about the air pollutant index is further driving the product demand.
Key Market Strategies of the Industry Participants of HVAC Rental Equipment Market
- October 2020, Tönnies Group (Germany), had signed a contract with Camfil Group (Sweden). In this contract, Camfil Group would be accountable for providing the CC 6000, CC 2000, and ProSafe HEPA H14 filter in Tönnies Group's meat processing factory. This agreement acquisition would allow the company to further upsurge its share in the market.
- September 2018, United Rentals, (U.S.), declared the acquirement of BlueLine Rental, which has 114 localities in North America.
Some Major Findings of the Global HVAC Rental Equipment Market Include:
- Profiles of major market players operating in the global HVAC rental equipment market include Aggreko (U.K.), Ashtead Group (London), Brookfield Business Partners (Bermuda), HVAC RENTALS (Canada), Johnson Controls (Ireland), Ingersoll Rand (U.S.), Raytheon Technologies (U.S.), Herc Rentals (Bonita Springs, FL), United Rentals (U.S.), and Reliance Comfort LP (Canada).
- Impact of COVID-19 on the global HVAC rental equipment market.
For more details on this topic, please visit report titled, “HVAC Rental Equipment Market, by Product (Fiberglass Filter, Pleated Filter, Electrostatic Filter, Carbon Air Filter, HEPA, Pocket), 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)” in-depth analysis along with the table of contents (ToC).
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