Industrial Pump Rental Market Size to Grow USD 4117.1 Million by 2029 at a CAGR of 6.1% | Valuates Reports

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Feb 23, 2023, 04:00 ET

BANGALORE, India, Feb. 23, 2023 /PRNewswire/ -- The Global Industrial Pump Rental Market is Segmented by Type (Positive Displacement Pumps Rental, Centrifugal Pumps Rental, Impulse Pumps Rental), by Application (Oil and Gas Industry, Water and Wastewater Industry, Chemical Industry, Mining Industry, Municipal): Opportunity Analysis and Industry Forecast, 2023–2028.

The global Industrial Pump Rental market was valued at USD 2881.1 million in 2022 and is anticipated to reach USD 4117.1 million by 2029, witnessing a CAGR of 6.1% during the forecast period 2023-2029.

Major factors driving the growth of industrial pump rental:

During the course of the forecast period, it is predicted that the market would grow more rapidly due to the expanding benefits of pump rental services. The introduction of digitization and the increase in internet usage have made it possible for vendors to offer cutting-edge service delivery alternatives, which is further likely to fuel the Industrial Pump Rental market growth in the years to come.

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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL PUMP RENTAL MARKET:

Government-sponsored projects are growing, as are rental pump investments in emerging nations around the world and competition in the industrial pump market. Industrial pumps can be rented much more affordably than purchased. As a result, it is anticipated that demand for rental industrial pumps would increase over the coming years. Additionally, renting a pump gives contractors and operators access to the most recent smart pumping technology for cost-effective process management. Application-specific pumps are provided by large pump rental firms for upstream and downstream activities. This factor is expected to drive the growth of the industrial pump rental market.

Every stage of oil and gas production requires the use of industrial pumps. In essence, they aid in the movement of process fluids from one location to another. For instance, a pump can be used to move crude oil from a storage tank to a pipeline, and mud pumps can move drilling mud around a drill bit's annulus before returning it to a storage tank for purification. Process fluids in oil and gas operations can be simple or complex. You'll need the appropriate pump for your needs, depending on the type of substance you wish to transfer and the flow rate you need. This in turn will drive the growth of the industrial pump rental market.

Wastewater pumps are employed in a variety of situations where sewage and seepage water are present. These pumps work by transferring liquid from the pump's expanding suction end cavity to its contracting discharge end cavity. They do this with the aid of rollers and impellers. Another factor promoting the growth of the industrial pump rental market throughout the predicted period is innovation in service offerings. The types of pumps offered and the service delivery plays a significant influence in the market because there are many sellers in the marketplace. As a result, suppliers are concentrating on innovative service delivery methods to guarantee that their potential clients can rent pumps on time and in accordance with their application requirements.

Also, the introduction of digitalization and the increasing use of the Internet have contributed to the removal of obstacles related to the availability of pumps and daily costs. Mobile apps are being used by vendors to provide real-time information regarding pump services, which speeds up the delivery of pumps based on consumer demand. Industrial pump rental companies throughout the world are attempting to use digitization to reach more customers. Hence, market players will be able to contact more customers by adopting technologically enhanced services, which is anticipated to accelerate the expansion of the global industrial pump rental market during the course of the projected period.

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INDUSTRIAL PUMP RENTAL MARKET SHARE ANALYSIS:

The highest market share is in Asia. The primary markets for the APAC industrial pump rental industry are China, India, Japan, and Australia. The market in this region will grow more quickly than the markets in other regions. The considerable increase in offshore and onshore oil and gas exploration and production operations as well as the expansion of industrialization have resulted in a high demand for water, which will support the expansion of the industrial pump rental market in APAC over the forecast period.

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Key Companies:

Xylem
MWI
United Rentals
Cornell Pump
Thompson Pump
Holland Pump
Integrated Pump Rental
Selwood
ACTION
Global Pump
Barco Pump
Tsurumi

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