NEW YORK, March 29, 2023 /PRNewswire/ -- The global HVAC rental equipment market size is estimated to increase by USD 1.43 billion from 2021 to 2026. The market's growth momentum will accelerate at a CAGR of 4.67%. The enforcement of favorable regulations is driving market growth. Organizations such as the EPA and OSHA in the US have imposed regulations related to environment and worker safety. Some of the key regulations imposed by OSHA are 1910 Subpart D, 1910 Subpart G, 1910 Subpart J, and 1910 Subpart L. Organizations such as the National Fire Protection Association (NFPA) and the International Code Council (ICC) regulated combustible. In addition, various provisions and standards imposed by organizations such as the MSHA promote worker safety. These factors will fuel the market growth during the forecast period.
The use of energy-efficient solutions is a key trend in the market. As consumers are increasingly focusing on environment-friendly and energy-efficient products, manufacturers of HVAC equipment have started to use advanced raw materials and production technologies. HVAC equipment rental service providers are including energy-efficient HVAC equipment in their portfolios. Such equipment provides a high level of accuracy in operations. Therefore, developments in HVAC equipment will support the growth of the HVAC rental equipment market during the forecast period. Discover some insights on the market - Request a sample report
HVAC rental equipment market - Segmentation assessment
Segment overview
Technavio has segmented the market based on end-user (industrial, commercial, and residential).
- The industrial segment will account for a significant share of the market growth during the forecast period. The increasing investments in the food and beverages, pharmaceutical, oil and gas, mining, and power industries are driving the growth of this segment. The investments mainly include the expenditure on industrial HVAC to make industrial processes more efficient. The need for efficiency, speed, and security in industrial operations is increasing among various end-users. These factors will fuel the growth of the segment during the forecast period.
Geography overview
Based on geography, the global HVAC rental equipment market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global HVAC rental equipment market.
- APAC will account for 56% of the market's growth during the forecast period. China and Japan are the key contributors to the HVAC rental equipment market growth in the region. Moreover, market growth in this region will be faster than the growth of the market in regions. Increasing construction of data centers will drive the HVAC rental equipment market growth in APAC during the forecast period.
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HVAC rental equipment market – Vendor analysis
Vendor landscape –
The global HVAC rental equipment market is fragmented, with the presence of many international, regional, and country-specific vendors. A few prominent vendors that offer HVAC rental equipment in the market are Aggreko Plc, Air on Location Inc., Air Solutions LLC, Andrews Sykes Group Plc, Ashtead Group plc, Big Ten Rentals Inc., Carrier Global Corp., Caterpillar Inc., City Air Toronto, Enercare Inc., Entech Sales and Service LLC, GAL Power Systems, Herc Rentals Inc., HVAC Rentals, Ingersoll Rand Inc., Johnson Controls International Plc, Reliance Comfort Ltd. Partnership, TK Rentals Sdn Bhd, Trane Technologies Plc, and United Rentals Inc. and others.
International players offer a wide range of energy-efficient HVAC equipment and provide rental services, while local vendors generally cater to specific end-user applications. This, in turn, has led to intense competition in the market. Hence, vendors are focusing on offering HVAC rental equipment based on customers' requirements. They are also expected to face intense competition from the growing unorganized market in emerging countries such as China and India. The competition in the market is expected to intensify during the forecast period.
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Vendor offerings -
- Aggreko Plc – The company offers HVAC rental equipment such as generators, chillers, and cooling towers.
- Ashtead Group plc - The company offers HVAC rental equipment under its brand Sunbelt Rentals.
- Carrier Global Corp. - The company offers HVAC rental equipment such as chillers, air conditioners, and cooling towers.
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HVAC rental equipment market – Major challenges
Risks associated with HVAC equipment renting are challenging the market growth. Technological advances and the decreasing residual value of HVAC equipment are some of the major risks associated with HVAC equipment rentals. The popularity of other types of equipment financing, such as loans and leasing, has increased. New and efficient versions of HVAC equipment are also being introduced frequently into the market. Therefore, rented HVAC equipment is likely to become outdated after the rental period. Moreover, HVAC equipment that has been used for a long duration has a lower market value for renting when compared to the latest equipment. In addition, HVAC equipment can get severely damaged during extreme conditions, which reduces its value. Thus, the risks associated with renting HVAC equipment can hinder the growth of the market during the forecast period.
What are the key data covered in this HVAC rental equipment market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the HVAC rental equipment market between 2022 and 2026
- Precise estimation of the size of the HVAC rental equipment market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the HVAC rental equipment market across APAC, North America, Europe, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of HVAC rental equipment market vendors
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The HVAC equipment market in Europe is estimated to grow at a CAGR of 5.16% between 2022 and 2027. The size of the market is forecasted to increase by USD 9.49 billion. This report extensively covers market segmentation by product (air conditioning equipment, heating equipment, and ventilation equipment) and end-user (non-residential and residential).
The HVAC sensors market is estimated to grow at a CAGR of 5.5% between 2022 and 2027. The size of the market is forecasted to increase by USD 2,498.75 million. This report extensively covers market segmentation by application (automotive, residential, commercial, and industrial), type (temperature sensors, humidity sensors, pressure sensors, and air quality sensors), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
HVAC Rental Equipment Market Scope | |
Report Coverage | Details |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 4.67% |
Market growth 2022-2026 | USD 1.43 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 3.91 |
Regional analysis | APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution | APAC at 56% |
Key countries | US, Canada, China, India, Germany, and Italy |
Competitive landscape | Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled | Aggreko Plc, Air on Location Inc., Air Solutions LLC, Andrews Sykes Group Plc, Ashtead Group plc, Big Ten Rentals Inc., Carrier Global Corp., Caterpillar Inc., City Air Toronto, Enercare Inc., Entech Sales and Service LLC, GAL Power Systems, Herc Rentals Inc., HVAC Rentals, Ingersoll Rand Inc., Johnson Controls International Plc, Reliance Comfort Ltd. Partnership, TK Rentals Sdn Bhd, Trane Technologies Plc, and United Rentals Inc. |
Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by End-user
- 5.1 Market segments
- Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
- Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
- 5.2 Comparison by End-user
- Exhibit 26: Chart on Comparison by End-user
- Exhibit 27: Data Table on Comparison by End-user
- 5.3 Industrial - Market size and forecast 2021-2026
- Exhibit 28: Chart on Industrial - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Industrial - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Industrial - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Industrial - Year-over-year growth 2021-2026 (%)
- 5.4 Commercial - Market size and forecast 2021-2026
- Exhibit 32: Chart on Commercial - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Commercial - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Commercial - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Commercial - Year-over-year growth 2021-2026 (%)
- 5.5 Residential - Market size and forecast 2021-2026
- Exhibit 36: Chart on Residential - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Residential - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Residential - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Residential - Year-over-year growth 2021-2026 (%)
- 5.6 Market opportunity by End-user
- Exhibit 40: Market opportunity by End-user ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 42: Chart on Market share by geography 2021-2026 (%)
- Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 44: Chart on Geographic comparison
- Exhibit 45: Data Table on Geographic comparison
- 7.3 APAC - Market size and forecast 2021-2026
- Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.4 North America - Market size and forecast 2021-2026
- Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.5 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.7 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.8 China - Market size and forecast 2021-2026
- Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.9 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.10 India - Market size and forecast 2021-2026
- Exhibit 74: Chart on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on India - Year-over-year growth 2021-2026 (%)
- 7.11 Germany - Market size and forecast 2021-2026
- Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.12 Italy - Market size and forecast 2021-2026
- Exhibit 82: Chart on Italy - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on Italy - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on Italy - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on Italy - Year-over-year growth 2021-2026 (%)
- 7.13 Canada - Market size and forecast 2021-2026
- Exhibit 86: Chart on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on Canada - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on Canada - Year-over-year growth 2021-2026 (%)
- 7.14 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 94: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 95: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification
- 10.3 Aggreko Plc
- Exhibit 97: Aggreko Plc - Overview
- Exhibit 98: Aggreko Plc - Business segments
- Exhibit 99: Aggreko Plc - Key news
- Exhibit 100: Aggreko Plc - Key offerings
- Exhibit 101: Aggreko Plc - Segment focus
- 10.4 Ashtead Group plc
- Exhibit 102: Ashtead Group plc - Overview
- Exhibit 103: Ashtead Group plc - Business segments
- Exhibit 104: Ashtead Group plc - Key offerings
- Exhibit 105: Ashtead Group plc - Segment focus
- 10.5 Carrier Global Corp.
- Exhibit 106: Carrier Global Corp. - Overview
- Exhibit 107: Carrier Global Corp. - Business segments
- Exhibit 108: Carrier Global Corp. - Key news
- Exhibit 109: Carrier Global Corp. - Key offerings
- Exhibit 110: Carrier Global Corp. - Segment focus
- 10.6 Enercare Inc.
- Exhibit 111: Enercare Inc. - Overview
- Exhibit 112: Enercare Inc. - Product / Service
- Exhibit 113: Enercare Inc. - Key offerings
- 10.7 Herc Rentals Inc.
- Exhibit 114: Herc Rentals Inc. - Overview
- Exhibit 115: Herc Rentals Inc. - Product / Service
- Exhibit 116: Herc Rentals Inc. - Key offerings
- 10.8 HVAC Rentals
- Exhibit 117: HVAC Rentals - Overview
- Exhibit 118: HVAC Rentals - Product / Service
- Exhibit 119: HVAC Rentals - Key offerings
- 10.9 Ingersoll Rand Inc.
- Exhibit 120: Ingersoll Rand Inc. - Overview
- Exhibit 121: Ingersoll Rand Inc. - Business segments
- Exhibit 122: Ingersoll Rand Inc. - Key offerings
- Exhibit 123: Ingersoll Rand Inc. - Segment focus
- 10.10 Johnson Controls International Plc
- Exhibit 124: Johnson Controls International Plc - Overview
- Exhibit 125: Johnson Controls International Plc - Business segments
- Exhibit 126: Johnson Controls International Plc - Key news
- Exhibit 127: Johnson Controls International Plc - Key offerings
- Exhibit 128: Johnson Controls International Plc - Segment focus
- 10.11 Reliance Comfort Ltd. Partnership
- Exhibit 129: Reliance Comfort Ltd. Partnership - Overview
- Exhibit 130: Reliance Comfort Ltd. Partnership - Product / Service
- Exhibit 131: Reliance Comfort Ltd. Partnership - Key offerings
- 10.12 United Rentals Inc.
- Exhibit 132: United Rentals Inc. - Overview
- Exhibit 133: United Rentals Inc. - Business segments
- Exhibit 134: United Rentals Inc. - Key news
- Exhibit 135: United Rentals Inc. - Key offerings
- Exhibit 136: United Rentals Inc. - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 137: Inclusions checklist
- Exhibit 138: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 139: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 140: Research methodology
- Exhibit 141: Validation techniques employed for market sizing
- Exhibit 142: Information sources
- 11.5 List of abbreviations
- Exhibit 143: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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