Technavio's latest report on the global industrial pump rental marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global industrial pump rental market from 2017-2021. (Photo: Business Wire)
The global industrial pump rental market is expected to grow during the forecast period due to the major fact that these pumps prove to be more beneficial and cost-effective for end-users when compared with new pumps. With growing population, the utilization of commodities is on the rise. This is the reason behind the vast increment in construction projects. Also, the rapidly changing technology makes it important for end-users to adopt the recent technology and products for maximum optimization in their processes.
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The top three emerging trends driving the global industrial pump rental market according to Technavio industrial automation research analysts are:
- Increasing merger and acquisition activities
- Rental companies diversifying into new segments to minimize risks
- Outsourced pump servicing
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Increasing merger and acquisition activities
"The global industrial pump rental market is highly fragmented with various vendors spread across the world. In this situation, the top vendors partner with the medium and small pump manufacturers to deliver the best of the pump rental products at reasonable costs to the end-users. The main objective of the major vendors partnering with the small and medium manufacturers is to provide benefits to the small and medium enterprises by enhancing their technology of manufacturing pumps," says Sushmit Chakraborty, a lead analyst at Technavio for research on automation.
The product portfolio, technical expertise, talent pool, and market penetration of major firms in the market remain more than that of the small and medium firms. Therefore, the small and medium manufacturers prefer to tie up with these top vendors to get a bigger market share. As pump manufacturers are highly competitive, they opt for mergers or acquisitions to develop a strong consumer base.
Rental companies diversifying into new segments to minimize risks
"The rental companies are foraying into different sectors to explore the existing opportunities and improve their market penetration at the same time. These companies have realized that their services might fade out for an industry in the future, hence the need for diversification. The equipment rental sector made an entry to the oil and gas industry despite the significant drop in the growth rate of the industry. The rental sector is expecting a lot of requirements from processing and storage department in the oil and gas industry," adds Sushmit.
Diversification not only helps the rental companies to explore more options but also helps in maintaining the business stability. When an industry is generating profits, it tends to invest more in newer equipment rather than renting them. In such cases, the rental companies rely on other end-users and industries to maintain the profitability.
Outsourced pump servicing
Pump servicing is a current trend that can affect the market landscape for rental pumps in the industry in the forecast period. The cost of pump servicing is a factor that can compel industries to invest in the rental pumps. The zero-maintenance cost of the pumps can be one of the major reasons for such diversion.
Industries that lack abundant skilled workforce often face the dilemma of investing in the servicing of the pumps. The urge of the industries to cut down on new investments during a recession or during low profitability time periods can also lead to a shift in focus to the rentals pumps market.
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