LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global HVAC rental equipment market to grow at a CAGR of nearly 8% during the period 2018-2022, according to their latest report.
This market research report segments the global HVAC rental equipment market into the following end-users (industrial, commercial, and residential) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increasing demand from the food and beverages industry as a key factor contributing to the growth of the global HVAC rental equipment market:
Increasing demand from the food and beverages industry
The food and beverages industry has a major role in expanding economic opportunities. The industry has been increasingly recording changes in the consumption pattern. The rising disposable incomes of people are fueling the change, particularly in APAC. The growing population, consolidation, and increasing regulations imposed by various emerging countries have impacted the food manufacturing companies in terms of revenue and compelled them to reorganize business strategies.
The rapid economic growth in countries such as India, Brazil, China, Vietnam, Thailand, and Indonesia have given rise to a wide range of food and beverage products. This has created new market opportunities for several products. But, the massive influx of new consumers has resulted in price hikes for food items. The food and beverages industry must have access to reliable systems to certify food safety and uninterrupted production process.
According to a senior analyst at Technavio for tools and components, “The quality of air within the facility has a direct impact on the quality of food produced. HVAC equipment has a major role in maintaining the prescribed temperature levels, humidity, and permissible level of contamination. All of these are important in creating a safe environment for manufacturing food and beverages. HVAC rental equipment is usually used in this industry for planned support, as an emergency backup or in a contingency plan to counter seasonal variations in temperatures.”
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Global HVAC rental equipment market segmentation
Of the three major end-users, the industrial segment held the largest market share in 2017, accounting for nearly 51% of the market. This segment is anticipated to witness steady growth during the forecast period.
The Americas was the leading region for the global HVAC rental equipment market in 2017, accounting for a market share of around 41%. This region is expected to dominate the market throughout the forecast period.
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