Industrial Pump Rental Market Size, Share, Growth, and Industry Analysis, By Type (Bypass pumping, Dewatering, Wastewater (surface mounted) pump, Others), By Application (Oil and gas industry, Chemical industry, Mining industry, Power industry, Construction, Municipal, Others), Regional Forecast By 2031

Updated On: 29 April 2024

Industrial Pump Rental Market Report Overview

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The global Industrial Pump Rental market size was USD 2939.07 million in 2022. As per our research, the market is expected to reach USD 5768.37 million in 2031, exhibiting a CAGR of 7.78% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Industrial Pump Rental Market experiencing lower-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 once the pandemic is over.

Industrial pump rental refers to the practice of renting or leasing pumps and related equipment for temporary use in industrial applications. Industrial pumps are used to transfer liquids, gases, or slurries from one location to another within industrial processes such as manufacturing, construction, mining, oil and gas, agriculture, and water treatment. Rather than purchasing pumps outright, businesses and organizations can rent them for specific periods of time based on their project needs. Industrial pump rental services are typically offered by specialized companies that maintain a fleet of pumps in various sizes, types, and configurations to accommodate different applications.

Industrial pump rental offers several advantages to businesses, including cost savings by eliminating the need for upfront capital investment in pumps, flexibility to adapt to changing project requirements, access to specialized pumps for specific applications, and the ability to rely on the rental company for maintenance and support. It's important to note that the availability, pricing, and terms of industrial pump rental may vary among different rental providers and locations.

COVID-19 Impact: Pandemic decreased the Market Demand

Many industries experienced a decline in operations and production due to lockdowns, travel restrictions, and reduced consumer demand. This led to a decrease in the demand for industrial pumps and, consequently, affected the rental market. Numerous construction and infrastructure projects were postponed or delayed during the pandemic. These delays directly impacted the need for industrial pumps, as they are often rented for temporary use in construction, mining, oil and gas, and other projects.

Latest Trends

"Increasing demand for energy-efficient pumps to Fuel Market Growth"

Energy efficiency has become a significant focus in industrial operations. As a result, there has been an increasing demand for energy-efficient pumps in the rental market. Customers are seeking pumps with advanced technologies, such as variable speed drives and intelligent control systems, to optimize energy consumption and reduce operational costs. The adoption of digital technologies has been transforming the industrial pump rental market. Rental companies are incorporating remote monitoring systems and advanced data analytics to provide real-time insights into pump performance, identify potential issues, and optimize maintenance schedules. This enables proactive maintenance, minimizes downtime, and improves overall operational efficiency.

Industrial Pump Rental Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into, bypass pumping, dewatering, wastewater (surface mounted) pump, others.

• By Application Analysis

Based on application, the market can be divided into, oil and gas industry, chemical industry, mining industry, power industry, construction, municipal, others.

Driving Factors

"Rental Market Consolidation to stimulate market demand"

The industrial pump rental market has been experiencing consolidation as larger rental companies acquire smaller regional players. This consolidation trend aims to enhance market presence, expand geographic reach, and offer a broader range of pump solutions and value-added services to customers. Sustainability has gained prominence in the industrial sector, including the pump rental market. Rental companies are adopting environmentally friendly practices, such as using pumps with lower emissions and promoting equipment recycling and reuse. Additionally, there is a growing emphasis on providing pumps for renewable energy projects, such as wind farms and solar installations. These factors are driving the Industrial Pump Rental market growth rapidly.

"Enhanced customer support and services to propel market growth"

Rental companies are placing greater emphasis on customer support and services. This includes providing technical expertise, on-site assistance, and comprehensive maintenance and repair services. By offering value-added services, rental companies aim to differentiate themselves in the market and build long-term customer relationships.

Restraining Factors

"Maintenance and operational cost to restrict the market growth"

Industrial pumps require regular maintenance, servicing, and repairs to ensure optimal performance and prevent breakdowns. Rental companies bear these costs to keep their equipment in good working condition. Increasing maintenance and operational costs can impact profitability and pricing strategies, particularly if rental rates do not adequately cover these expenses.

Industrial Pump Rental Market Regional Insights

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"Increasing demand in North America has boosted Industrial Pump Rental Market share"

The industrial pump rental market in North America is driven by various industries, including oil and gas, mining, construction, and water treatment. The region has a well-developed industrial sector, and rental companies cater to the demand for pumps in these industries. Stringent environmental regulations and emphasis on energy efficiency drive the adoption of advanced pump technologies. The United States and Canada are key markets in the region. These factors are increasing Industrial Pump Rental market share in the region.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of 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 portfolios.

List of Market Players Profiled

• Action
• United Rentals
• Ashtead Group Plc
• Holland Pump
• Integrated Pump Rental
• Barco Pump
• Thompson Pump
• Global Pump
• Xylem
• Tsurumi
• Power Zone Equipment, Inc
• Selwood
• MWI

Report Coverage

This report examines an understanding of the Industrial Pump Rental market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.