REPORT OVERVIEW
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The global HVAC rental equipment market size was 2.336 billion in 2022. As per our research, the market is expected to reach USD 3.011 billion by 2028, exhibiting a CAGR of 4.3% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with HVAC rental equipment experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
HVAC rental equipment, also known as temporary or portable HVAC solutions, refers to the provision of heating, ventilation, and air conditioning equipment on a short-term or rental basis. This equipment is typically used in various applications where temporary climate control is needed, such as during construction projects, events, emergencies, or when primary HVAC systems are undergoing maintenance or repairs.
HVAC rental equipment is crucial for maintaining suitable working conditions for construction crews. It ensures that workers can be productive and comfortable year-round, regardless of weather conditions. Event organizers rent HVAC equipment for concerts, weddings, trade shows, and outdoor events to create a comfortable atmosphere for attendees. This is especially important for events held in extreme weather conditions. In the event of natural disasters or power outages, rental HVAC units can be deployed to provide critical heating or cooling for shelters, hospitals, and emergency response centers.
COVID-19 IMPACT: Adaptation to Changing Needs to Boost Demand Significantly
COVID-19 had a life changing impact globally. The HVAC rental equipment market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for HVAC rental equipment experienced an increased demand.
In the early stages of the pandemic, there was considerable uncertainty and disruption in the HVAC rental equipment market. Many businesses temporarily shut down or reduced operations, leading to decreased demand for rental equipment. Construction projects were delayed, events were canceled, and some industries, such as hospitality and entertainment, were severely affected.
On the other hand, the healthcare sector faced a surge in demand for temporary HVAC solutions. Hospitals and medical facilities required additional HVAC equipment to create negative pressure isolation rooms, maintain optimal indoor air quality, and handle increased patient loads. The HVAC rental market demonstrated adaptability by pivoting to serve emerging needs. For example, as businesses prepared to reopen and implement social distancing measures, they required HVAC solutions to ensure safe and comfortable indoor environments. The pandemic accelerated the emphasis on indoor air quality (IAQ) and ventilation. Rental companies started offering air purification systems, HEPA filters, and upgraded ventilation solutions to meet the demand for healthier indoor environments. The market is anticipated to boost the HVAC rental equipment market share following the pandemic.
LATEST TRENDS
"Energy Efficient Solutions to Broaden Market Growth"
Energy-efficient HVAC equipment and solutions were increasingly sought after to help reduce operating costs and meet sustainability goals. Rental companies likely continued to offer more energy-efficient options to cater to this demand. Integration of smart and connected HVAC systems was on the rise. These systems enable remote monitoring, control, and data analytics, allowing for improved efficiency, predictive maintenance, and cost savings.
The sustainability movement has influenced equipment choices. Rental companies likely expanded their offerings of eco-friendly HVAC equipment with lower carbon footprints and environmentally friendly refrigerants. These latest developments are anticipated to boost the HVAC rental equipment market share.
SEGMENTATION
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By Type
Based on type, the market is divided into Heating, Ventilation and Air Conditioning.
By Application
Based on application, the market is bifurcated into Industrial, Commercial and Residential.
DRIVING FACTORS
"Health and Safety Concerns to Boost Market Share"
Health and safety considerations have become paramount, particularly in light of events like the COVID-19 pandemic. HVAC rental equipment with air purification and virus mitigation capabilities has gained importance in healthcare, education, and commercial settings. Natural disasters, power outages, and emergency situations require immediate climate control solutions. HVAC rental equipment is essential for creating safe and comfortable environments in disaster shelters, healthcare facilities, and emergency response centers. Extreme heatwaves and cold spells necessitate temporary heating or cooling solutions to maintain comfort in residential, commercial, and industrial spaces. These fluctuations drive the demand for rental HVAC equipment.
"Growing Infrastructure Development and Entertainment industry to Boost Market Size"
The construction industry plays a vital role in driving the HVAC rental equipment market. During construction projects, workers need climate-controlled environments for efficiency and safety. Temporary HVAC systems are crucial in maintaining suitable conditions for construction activities. Large-scale events such as concerts, sports events, trade shows, and festivals require HVAC equipment to provide comfort for attendees. The event and entertainment industry significantly contributes to the demand for portable climate control solutions. These factors are anticipated to drive the HVAC rental equipment market share.
RESTRAINING FACTORS
"Shift in Customer Preferences to Hamper Market Share"
Some customers may prefer to invest in and own their HVAC equipment rather than renting it. This can be driven by factors like the desire for greater control, long-term cost savings, or the availability of financing options. Changes in government policies, such as tax incentives or disincentives for renting equipment versus ownership, can influence the decision-making process for potential customers. Businesses may explore alternative solutions, such as using existing HVAC systems more efficiently or implementing temporary measures that don't require rental equipment, to address their climate control needs. The factors are anticipated to hinder the growth of the HVAC rental equipment market share.
REGIONAL INSIGHTS
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"North America Dominates the Market with Extensive Construction Activities and Extreme Weather "
North America, especially the United States held a significant share of the HVAC rental equipment market due to its large and diverse economy, extensive construction activities, and various industries. The U.S. has a robust market for HVAC rentals driven by factors such as frequent extreme weather conditions, numerous construction projects, and a well-established event industry. Similar to the U.S., Canada has a substantial HVAC rental equipment market, particularly in regions with extreme weather conditions, such as the Northern provinces. The construction sector and the need for climate control in various industries contribute to the demand for HVAC rentals.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Aggreko [Scotland]
- Ingersoll-Rand [U.S.]
- Johnson Controls [U.S.]
- United Rentals[U.S.]
- United Technologies [U.S.]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 2336.1 Million in 2022 |
Market Size Value By |
US$ 3011 Million by 2028 |
Growth Rate |
CAGR of 4.3% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the HVAC Rental Equipment market expected to touch by 2028?
The global HVAC rental equipment market is expected to reach USD 3.011 billion by 2028.
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What CAGR is the HVAC Rental Equipment market expected to exhibit by 2028?
The HVAC Rental Equipment market is expected to exhibit a CAGR of 4.3% by 2028.
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Which are the driving factors of the HVAC Rental Equipment market?
Health & Safety Concerns and Growing Infrastructure Development & Entertainment industry are drivers of this HVAC Rental Equipment market.
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Which are the top companies operating in the HVAC Rental Equipment market?
Aggreko, Ingersoll-Rand, Johnson Controls, United Rentals and UNITED TECHNOLOGIES are key companies operating in the HVAC Rental Equipment market.