Global HVAC Rental Equipment Market 2018-2022
About HVAC Rental Equipment
HVAC systems are used for heating, cooling, and air conditioning spaces such as commercial buildings, and industrial facilities. End-users opt for HVAC rental services owing to the cost constraints or short duration requirements.
Technavio’s analysts forecast the global HVAC rental equipment market to grow at a CAGR of 7.62% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global HVAC rental equipment market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of HVAC rental equipment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global HVAC Rental Equipment Market 2018-2022
Technavio recognizes the following companies as the key players in the global HVAC rental equipment market: Aggreko, Ingersoll -Rand, Johnson Controls, United Rentals, UNITED TECHNOLOGIES
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising stringent regulations on refrigerant use in Europe. The growing demand for manufactured refrigerants for use in air conditioners is a prime concern among many countries across the world. Globally, these refrigerants are a significant source of greenhouse gases that contribute to global warming. Therefore, some countries, particularly in Europe, are introducing increasingly stringent regulations on refrigerants used in air conditioners to combat climate change.”
According to the report, one of the major drivers for this market is Increasing demand from food and beverages industry. The food and beverages industry plays a pivotal role in expanding economic opportunities. The industry is recording increasing change in the consumption pattern. The increasing disposable incomes of people are fueling the change, especially in APAC. The growing population, consolidation, and increasing regulations imposed by various emerging countries in emerging nations have impacted food manufacturing companies not only in terms of revenue but has also compelled them to reorganize business strategies.
Further, the report states that one of the major factors hindering the growth of this market is Low preference for rental services. One of the most prime challenges impacting the growth of the global HVAC rental market is that people still have the tendency to buy equipment and sell it after it has served its intended purpose. However, such a belief is not only impractical but also financially illogical. Buying equipment results in a substantial amount of capital being locked in the purchase of the equipment.
Aggreko, Ingersoll -Rand, Johnson Controls, United Rentals, UNITED TECHNOLOGIES