Industrial Pump Rental Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, Canada, Russia, Germany, Poland - Size and Forecast 2024-2028

Industrial Pump Rental Market Forecast 2024-2028

The industrial pump rental market size is forecast to increase by USD 2.12 billion, at a CAGR of 7.94% between 2023 and 2028. Market growth is being driven by several factors, such as the increasing benefits of pump rental services, greater investments in residential and commercial construction endeavors, and a growing preference for outsourcing equipment rather than purchasing it directly. These trends underscore a shift in the market dynamics, with more businesses and industries recognizing the advantages of rental services and opting for them to meet their pumping needs, fueling the overall growth of the market. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasted market scenario.

The market in APAC is fuelled by factors such as the strong industrialization in these countries due to increasing investments in the power, chemical and petrochemical, oil and gas, and food and beverage industries. Action International Services LLC offers industrial pumps for rent purposes such as Centrifugal Pumps, Dewatering Pumps, and Submersible Pumps. Ashtead Group Plc offers industrial pumps for rent purposes such as centrifugal pumps, Jetting pumps, positive displacement pumps, and submersible pumps.

Market Forecasting and Size

Market  Forecast 2024-2028

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Market Dynamics and Customer Landscape

The industrial pump rental market is driven by the diverse needs of sectors like manufacturing, construction, mining, and oil and gas, fostering demand for temporary pumping solutions. Rental companies cater to these industries with energy-efficient pumps, integrating digital technologies for enhanced performance and sustainability. The rise of wind farms and solar installations fuels demand, while maintenance costs and water and wastewater industry requirements further contribute. Challenges include adapting to evolving technology and ensuring sustainable practices in pump manufacturing, aligning with the growing focus on environmental consciousness and resource optimization. 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.

Key Driver - Rising shift toward outsourcing equipment rather than purchasing it outright

The global market is experiencing substantial growth, primarily fueled by the increasing trend of outsourcing equipment rather than outright purchases. Industries like manufacturing, construction, mining, oil and gas, agriculture, and water treatment are increasingly turning to rental solutions for energy-efficient pumps that offer cost-effectiveness, flexibility, and reduced maintenance costs. Opting for rental services enables businesses to access the latest technology without a hefty upfront investment, allowing them to allocate resources efficiently and focus on core operations.

This shift toward outsourcing equipment aligns with the broader emphasis on sustainability and resource optimization. Renting equipment temporarily helps minimize idle resources, reducing the environmental impact associated with manufacturing and disposal. Furthermore, renting provides businesses with flexibility, allowing them to scale operations based on market conditions, project requirements, or seasonal demands. This strategic approach by industries aims to streamline operations, optimize costs, and enhance overall efficiency, contributing to the robust growth of the global market in the forecast period.

Key Trends - Focus on expanding service offerings by companies

The pump in end-user industries has to perform round-the-clock, and thus, the need for effective monitoring of the pump is important. In addition, the most common issue that leads to pump failure is the misalignment between the pump and faulty drive systems. Furthermore, in such a case, if they are not monitored, they may have a catastrophic effect on the end-users pumping application and, in turn, have an adverse impact on productivity and the project delivery timeline.

Moreover, the revenue generated from the renting of this device is relatively low compared with that generated from pump services and maintenance. In addition, industries such as mining, cement, and chemicals have a high demand for such devices, and usually, these end-users opt for a part replacement instead of going in for a complete system changeover.  Furthermore, all these factors have attracted a large number of pump OEMs to enter the pump services segment. Hence, such factors are driving the market growth during the forecast period.

Significant Challenge - Operational challenges in pump rental services

The rental companies realize that their pump rental services face significant challenges from OEM product pricing strategies, which might affect their revenue from these rental businesses. Additionally, the option available for long-term leasing also affects the demand for rental services. Therefore, rental service providers are focusing on diversifying their product offerings by providing related products, such as pump controllers, pump housing, and other industrial equipment.

Moreover, diversification not only helps the rental companies in exploring more options but also aids them in maintaining business stability. In addition, when an industry is making profits, it tends to invest more in new equipment rather than renting it. Therefore, the continuous demand for pump applications in industries, such as food and beverage, water treatment, and pharmaceutical, justifies the huge investments made in buying new pumps. Hence, such factors are hindering the market during the forecast period.

Market Segmentation by End-user, Type and Geography

End-user Segment Analysis:

The industrial segment is estimated to witness significant growth during the forecast period. The industrial segment comprises the use of rental pumps in industries, including food and beverage, pharmaceutical, automotive, electronics and semiconductor, oil and gas, chemical, power, and mining. In addition, in these industries, these rental services are primarily used during the construction process for dewatering and in large-volume pumping to remove the excess water or sludge that is generated during construction activities.

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The industrial segment was the largest segment and was valued at USD 2.66 billion in 2018. Moreover, the other uses of rental pumps in the industrial segment are application-specific. For example, in the oil and gas industry, rented devices are used for drilling mud, mud and water separation, mud mixing and mud storage, fluid management, gas busters, water treatment, and filtration applications. In addition, in the power industry, rented devices are used in water circulation, dewatering, and filtration processes. Furthermore, in the food and beverage industry, these are used for cleaning applications, temporary storage, dewatering, and the filtration process. Thus, based on the industry and the application, different types of these devices are rented in the industrial segment. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Type Segment Analysis:

Based on the type, the market has been segmented into centrifugal pumps, positive displacement pumps, jet pumps, and others. The centrifugal pumps segment will account for the largest share of this segment. Centrifugal segments work on the rotational motion of the impeller, which is fitted inside the pump. In addition, the impeller rotates the fluid as it passes through it and transfers its kinetic energy to the fluid. Moreover, while transferring the kinetic energy, the pressure of water at the discharge section increases while the pressure at the suction side decreases. In addition, there are three types of centrifugal segments, namely, axial, mixed, and radial centrifugal segments, available in the market. Furthermore, in terms of products, axial-type centrifugal segments have a major demand, mainly due to their ability to handle high-pressure fluid, thereby making them the optimal choice in industries such as water utilities and construction. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Regional Analysis

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APAC is estimated to contribute 40% 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. China, India, Japan, and Australia are the prominent revenue-generating countries in the market in APAC. In addition, APAC is home to some of the largest oil and gas-consuming countries, where chemical and industrial manufacturing is on the rise. Moreover, APAC is also the world's largest automotive manufacturing hub. In addition, the region comprises both developed as well as developing countries and for this reason, the demand for these rental services varies widely in each country. Furthermore, the oil and gas industry in APAC is expected to be a major revenue contributor to the growth of the market in the industrial end-user segment in the region due to the significant rise in the number of offshore and onshore oil and gas E&P activities, as a result of the recovery in the global price of crude oil. Hence, such factors are driving the market growth in APAC during the forecast period.

Who are the Major Market Companies?

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.

Barco Pump: The company offers industrial pump for rent purpose such as Self-priming trash pumps, Hi-volume pumps up to 15,000gmp, Hydraulic submersible, Vacuum assisted priming and Electric submersible.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Alfa Laval AB, Grundfos Holding AS, Holland Pump, INDRA HYDRO TECH PUMPS PVT LTD., IPR, KSB SE and Co. KGaA, Mersino, MWI Pumps, Power Zone Equipment Inc., Roper Technologies Inc., Speedy Hire Plc, SPX FLOW Inc., Sulzer Ltd., Tsurumi Manufacturing Co. Ltd., United Rentals Inc., Workdry International, and Xylem Inc. 

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies 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.  

Segment Overview

The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook 
  • Industrial
  • Water Utility
  • Construction
• Type Outlook 
  • Centrifugal pumps
  • Positive displacement pumps
  • Jet pumps and others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is witnessing a surge in demand, driven by the growing emphasis on sustainable practices in agriculture and the adoption of energy-efficient pumps with variable-speed drives. The integration of intelligent control systems, digital technologies, and remote monitoring systems is further enhancing operational efficiency. The market consolidation trends, especially in the water and wastewater industry, chemical industry, and power generation sector. With a focus on renewable energy projects, including wind farms and solar installations, companies are providing customer support and services while addressing maintenance and operational cost concerns. This dynamic market landscape aligns with global industrial pump market trends, catering to diverse sectors such as exploration and production, sewage disposal, and fire protection systems. Competitive benchmarking, historical data analysis, and understanding regional opportunities are crucial aspects for companies operating in the Industrial Pump Rental Market. In the construction industry, peristaltic pumps play a significant role, highlighting the market's adaptability to various sectors under a robust regulatory framework and substantial capital investments.

Moreover, variable speed drives (VSDs) play a crucial role in the industrial sector, especially in the context of energy efficiency and cost savings. They are used to control the speed of electric motors in various applications, leading to reduced energy consumption and lower operational costs. The market for VSDs has been witnessing consolidation, with larger companies acquiring smaller ones to expand their market share and product offerings. Maintenance and operational costs are key considerations for industries using VSDs. Proper maintenance can help prevent downtime and reduce overall operational costs. Companies need to invest in regular maintenance and monitoring of their VSDs to ensure optimal performance and longevity. Moreover, the market is influenced by various factors, including economic conditions, technological advancements, and industry trends. The market is segmented based on pump type, application, and region. Factors such as increasing demand from the water and wastewater treatment segment, as well as the power generation industry, are driving the growth of the market. In addition, the power generation industry is undergoing significant changes, with a shift towards renewable power generation. This shift is driven by factors such as environmental concerns, government regulations, and the declining cost of renewable energy technologies. As a result, there is a growing need for pumps and other equipment that can support renewable power generation. Exploration and production activities in the oil and gas industry require reliable pumps for various applications, including crude oil transportation, drilling operations, and water injection. Reciprocating pumps are commonly used in these applications due to their high efficiency and reliability.

However, water supply is a critical aspect of infrastructure development, and pumps play a key role in ensuring reliable water supply to communities. The demand for pumps in the water supply sector is driven by factors such as population growth, urbanization, and the need for efficient water distribution systems. Company revenue shares in the industrial pumps market can vary based on factors such as market dynamics, product innovation, and geographical presence. Companies that focus on developing innovative products and expanding their global footprint are likely to experience growth in their revenue shares. The water and wastewater treatment segment is a major driver for the industrial pumps market, with an increasing focus on environmental sustainability and water conservation. Pumps are used in various processes within water and wastewater treatment plants, including water intake, filtration, and wastewater disposal. Overall, the power generation industry is a significant market for industrial pumps, with increasing demand driven by factors such as renewable power generation and exploration and production activities.

 

Market Scope
Report Coverage	Details
Page number	167
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.94%
Market Growth 2024-2028	USD 2.12 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	7.15
Regional analysis	APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution	APAC at 40%
Key countries	US, Canada, Russia, Germany, and Poland
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Action International Services LLC, Alfa Laval AB, Ashtead Group Plc, Barco Pump, Grundfos Holding AS, Holland Pump, INDRA HYDRO TECH PUMPS PVT LTD., IPR, KSB SE and Co. KGaA, Mersino, MWI Pumps, Power Zone Equipment Inc., Roper Technologies Inc., Speedy Hire Plc, SPX FLOW Inc., Sulzer Ltd., Tsurumi Manufacturing Co. Ltd., United Rentals Inc., Workdry International, and Xylem 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth of market  companies

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