Enjoy complimentary customisation on priority with our Enterprise License!
The non-residential HVAC rental equipment market size is forecast to increase by USD 1.69 billion at a CAGR of 5.65% between 2023 and 2028. Market growth is contingent upon various factors, including the expanding adoption of cleanrooms across industries, the uptick in commercial construction activities, and the rising number of data centers. As industries increasingly prioritize cleanliness and sterility, the demand for cleanroom facilities continues to surge. Simultaneously, the growth in commercial construction projects, driven by urbanization and infrastructure development, further propels the market. Additionally, the proliferation of data centers, spurred by the digital transformation and increasing data storage needs, contributes significantly to market expansion. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
Furthermore, one of the main factors that are significantly contributing to the growth of the market in APAC is the increase in infrastructure spending on commercial projects. Additionally, Aggreko Plc company offers non-residential HVAC rental equipment such as industrial and commercial heater rentals, industrial and commercial dehumidifier rentals, and commercial heat exchangers rentals. Air on Location Inc. company offers non-residential HVAC rental equipment such as commercial air conditioners and heaters.
Market Forecast 2024-2028
To learn more about this report, Request Free Sample
The market is experiencing a surge in demand for smart and connected HVAC equipment, catering to diverse environments like concerts, weddings, and trade shows. These systems offer smartphone-enabled controls, ensuring portable HVAC solutions for various settings, from outdoor events to commercial spaces. They provide a comfortable atmosphere even in challenging scenarios such as natural disasters or power outages. With primary HVAC systems designed for industrial spaces and sports events, they ensure optimal climate control for a range of event and entertainment venues. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
A cleanroom can be referred to as an enclosure that is environmentally controlled such that the concentration of airborne particulates, air pressure, temperature, humidity, static charges, airflow patterns, motion, and lighting are controlled within a particular threshold. Additionally, in order to obtain high-quality and reliable electronic and medical end-products, dirt and dust particles are prevented from adhering to surfaces.
Furthermore, the increasing government mandates and the requirement to enhance the manufacturing process and product quality are significantly fuelling the demand for cleanrooms in industries. As a result, it has increased the demand for HVAC systems as it acts as a crucial component for maintaining cleanliness standards. Hence, such factors are driving the market growth during the forecast period.
Several of the end-user industries are expanding their production volume in order to meet the growing demands of customers which in turn has fuelled the adoption of energy-efficient equipment for various industrial processes. Additionally, the regulatory authorities are encouraging the use of energy-efficient HVAC equipment due to the increasing consumption of electricity in energy-intensive industries.
Additionally, a significant portion of industry operating costs comprises heating, cooling, and ventilation costs. Thus, industries need to consistently enhance operational efficiency. As a result, several end-user industries are shifting their preference towards more energy-efficient systems which will positively impact the market. Hence, such factors are expected to drive market growth during the forecast period.
Several equipment finance companies are planning to make HVAC equipment financing more accessible and efficient for customers due to the growing demand for HVAC equipment among industrial and commercial customers. Crest Capital, TimePayment Corp. (TimePayment), and American Capital Group Inc. (American Capital) are some of the leading HVAC financing companies.
Moreover, HVAC financing companies are offering their services online due to the growing trend of digitization, thereby providing secure, fast, paperless, and complete online financing approval processes for HVAC equipment. This significantly reduces the overall time of the financing and leasing procedure which is fuelling the adoption of such services. As a result, several customers are opting to buy new HVAC equipment, which is hindering the growth of the market during the forecast period.
In the market, there's a growing demand for smartphone-enabled HVAC equipment offering advanced control and monitoring capabilities. These systems cater to various environments, including construction crews working in diverse conditions and venues such as festivals. They ensure optimal climate control even during cold spells, catering to residential spaces and beyond. With a focus on heating, ventilation, and air conditioning (HVAC), these solutions provide efficient temperature regulation in non-residential settings.
The unitary equipment segment is estimated to witness significant growth during the forecast period. This segment mainly includes heating equipment, ventilation equipment, and air conditioning equipment. Several prominent heating, ventilation, and air conditioning equipment (HVAC) market players, such as Herc Rentals, offer a wide range of customers with efficient and effective rental unitary solutions for temporary heating, cooling, drying, or dehumidification.
Customized Report as per your requirements!
The unitary equipment segment was the largest segment and was valued at USD 2.20 billion in 2018. There is an increasing demand for the unitary equipment segment due to an increase in commercial construction activities, especially in the Middle East and Asian economies. Moreover, there is a growing popularity for underfloor heating (UFH) systems in unitary equipment as they offer energy savings and occupy minimal space compared with other radiators. Furthermore, factors such as the increasing focus on energy conservation and stringent regulations are fuelling the demand for this segment. Hence, such factors are expected to drive the growth of the heating, ventilation & air conditioning (HVAC) rental market during the forecast period.
Based on end-user, the segment is classified into industrial and commercial. The industrial ?segment will account for the largest share of this segment.?The increasing investments in industries such as food and beverages, pharmaceuticals, oil and gas, mining, and power industries are fuelling the growth of this segment. There is a growing demand for efficiency, speed, and security to execute operations effectively in the different industrial end-user sectors such as food and beverage and mining. Furthermore, industries are significantly adopting HVAC equipment to comply with stringent regulations and to meet acceptable standards for air quality, airflow, and filtration. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
For more insights on the market share of various regions Download Sample PDF now!
APAC is estimated to contribute 51% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. There is an increase in spending on the commercial real estate sector in countries such as India, China, Vietnam, and the Philippines due to positive economic growth. This positively impacts the market growth in the region. Additionally, the increase in smart cities in several APAC countries fuels the use of energy-efficient systems and technologies for a sustainable living environment as they are focused on improving the living conditions of residents and reducing energy consumption and carbon emissions. Hence, such factors are expected to fuel the growth of the market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Ashtead Group Plc, Big Ten Rentals, Carrier Global Corp., Caterpillar Inc., City Air Toronto, Enercare Inc., Entech Sales and Service LLC, Gal Power Systems, Herc Holdings Inc., HVAC Equipment Rentals, Ingersoll Rand Inc., Johnson Controls, Oklahoma Chiller Corp., OnSite HVAC Rentals LLC, Reliance Comfort Ltd., Sin Chee Heng Sdn Bhd, and United Rentals Inc.
Technavio market forecast an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
HVAC Rental Equipment Market: HVAC Rental Equipment Market by End-user, Type and Geography - Forecast and Analysis
India - Heating, Ventilation, and Air Conditioning (HVAC) Systems Market: India - Heating, Ventilation, and Air Conditioning (HVAC) Systems Market by Application, Type and Installation Sites - Forecast and Analysis
HVAC System Market: HVAC System Market Analysis APAC,Europe,North America,Middle East and Africa,South America - US,China,Japan,Germany,UK - Size and Forecast
In the domain of non-residential HVAC, precision is paramount in ensuring comfort and safety across various sectors like shelters, hospitals, and medical facilities. Advanced pressure isolation rooms maintain stringent standards for indoor air quality (IAQ), employing air purification systems equipped with HEPA filters. Integration with smart and connected HVAC systems enables remote monitoring, reducing carbon footprints. In the food and beverage industry, refrigerants are pivotal in mitigating greenhouse gases.
Additionally, rental facilities and the industrial sector benefit from diverse filters like fiberglass filter, pleated filter, electrostatic filter, and carbon air filters, catering to automation needs in pharmaceutical and livestock environments. In the market, a range of filters, including fiberglass, pleated, electrostatic, and carbon filter are deployed to enhance indoor air quality. These filters, made of materials such as synthetic polymer and metal, are vital components across various sectors, including food & beverage, ensuring clean and healthy air circulation.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
168 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.65% |
|
Market Growth 2024-2028 |
USD 1.69 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.39 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 51% |
|
Key countries |
US, China, Japan, South Korea, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Aggreko Plc, Air on Location Inc., Air Solutions LLC, Ashtead Group Plc, Big Ten Rentals, Carrier Global Corp., Caterpillar Inc., City Air Toronto, Enercare Inc., Entech Sales and Service LLC, Gal Power Systems, Herc Holdings Inc., HVAC Equipment Rentals, Ingersoll Rand Inc., Johnson Controls, Oklahoma Chiller Corp., OnSite HVAC Rentals LLC, Reliance Comfort Ltd., Sin Chee Heng Sdn Bhd, 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
