SAN ANTONIO, Sept. 20, 2022 (GLOBE NEWSWIRE) — New analysis from Verify Markets shows that the North American pumping equipment: OEM and rental markets are expected to grow more than 7.0% in 2022. The market is expected to be driven by rising oil and gas prices, population and urbanization growth, the consequent increase in residential and non-residential construction activities, as well as the expansion and modernization of public infrastructure. water and waste water. Pumping equipment rental revenue was estimated at over $1.5 billion in 2021 and over $2.5 billion in 2028. Sales of new pumping equipment were estimated at over $2. .0 billion in 2021 and is expected to grow at a CAGR of over 3.0% from 2021 to 2028.
“Most pump OEMs have been impacted by supply chain constraints. However, longer delivery times for new pumping equipment benefited the rental market. Rental pumps are used when replacing old equipment or in new installations,” notes Georgina Carraway, head of research at Verify Markets.
The shortage of qualified personnel has also limited the growth potential of the market in 2021. North American pump rental companies and OEMs are struggling to find and retain qualified talent. This shortage can often lead to poor system design and installation and difficulty in fixing a problem during maintenance and repair. To overcome this challenge, companies are focusing on training and increasing incentives for existing employees. Some companies are also focusing on expanding their digital service capabilities to move from a planned maintenance model to usage-based predictive maintenance.
Despite these challenges, companies are optimistic about the future. The municipal and construction market segments are expected to continue to grow in the coming years due to urbanization, population growth and aging water infrastructure. Moreover, market participants expect the US infrastructure bill to boost the demand for pumping equipment in these sectors during the forecast period.
The North American Pump Equipment: OEM and Rental Markets report has been segmented by end user, pump type, and pump size. Major customers include Municipal, Construction, Oil & Gas, Industrial and Mining. The oil and gas industry is one of the largest end users of pumping equipment in North America. As rising oil and gas prices have boosted profit margins in the industry, companies are expanding existing plants, boosting the market for pump retrofits. In the long term of the forecast period, the oil and gas sector is expected to shrink its market share as long-term capital investment in the hydrocarbon industries is expected to decline.
Some of the major companies covered in this report include major rental market players such as Sunbelt Rentals, United Rentals, Xylem Inc. (Godwin), Rain for Rent and HERC Rentals Inc., Global Pumps, Mersino Equipment Rental, MacAllister Machinery Company, Inc., and Moving Water Industries (MWI Pumps), among others. Major players in the OEM market include Flowserve Corporation, Xylem Inc., Sulzer Ltd., ITT Gould Pumps, KSB, Wilo, Gundfos, EBARA International Corporation, Gorman-Rupp Pumps, and Pentair, among others. The report captures various market dynamics such as growth drivers, restraints, market revenue and forecasts, technology trends, and competitive landscape.
A copy of the North American Pump Equipment: OEM and Rental Markets research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Subscription to rental equipment and power solutions market research and consultancy. Other market reports include:
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