Dublin, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The "2023 North American Boiler Rental Market" report has been added to ResearchAndMarkets.com's offering.
This comprehensive research report provides valuable insights into the North American Boiler Rental Market, revealing its current valuation at approximately $575 million in 2022.
The boiler rental market in North America is characterized by maturity, fragmentation, and regionalization. Key players such as WARE, Inc., Nationwide Boiler, Wabash Power Equipment, and the recent entrant Atlas Copco Specialty Rental dominate the industry. Notably, major general equipment rental companies have limited direct involvement in the boiler rental market. However, the entry of Atlas Copco in 2019 through the acquisition of Powerhouse marked a significant turning point, as a major multinational industrial brand made its foray into the North American market. Further consolidation in the future is predicted, following the trend observed in other specialty rental equipment sectors.
Since the last analysis of the boiler rental industry in 2017, boiler costs have nearly doubled. The pandemic-induced increase in steel prices, a common material used in boiler construction, contributed to a 50 percent surge. Although steel prices have since declined, boiler original equipment manufacturers (OEMs) have not passed on the reduced costs to customers. Consequently, higher boiler costs have become widely accepted, mirroring the trends observed in the automotive industry.
Supply chain challenges have further exacerbated the situation, leading to delays in the production of new boiler manufacturing capacity. As a result, acquiring new machinery now entails a lead time of approximately one year. Consequently, customers increasingly rely on renting boilers for maintenance or replacement needs. The COVID-19 pandemic has also caused shortages of boiler components such as pumps, electrical elements, and chipsets. Rental companies and customers are advised to proactively secure manufacturing capacity to ensure the availability of necessary burners and boilers. With limited boilers available for purchase, companies are turning to rentals to meet their immediate requirements.
Despite being one of the oldest designs, Fire Tube Boilers continue to be in high demand due to their durability, efficiency, simple design, ease of operation, and low maintenance costs. Their versatility and capacity to handle a wide range of pressures contribute to the robustness of the fire tube boiler rental market.
On the other hand, Water Tube Boilers are renowned for their high efficiency and ability to generate steam at high pressure and temperature. These boilers are particularly suitable for heavy-duty operations and are the preferred choice in industries such as power generation, petrochemicals, and district heating. Renting water tube boilers allows companies to address peak loads without significant capital investments, thereby benefiting the boiler rental market.
Hydronic Boilers, known for their efficient heating and compact design, utilize water to transfer heat. They find applications in space heating in hospitals, commercial and multi-family buildings, as well as process heating in the food and beverage industry.
The steam boiler rental market in the United States and Canada presents promising opportunities driven by industry demand, increasing equipment costs, fleet shortages, and lengthy lead times for parts and maintenance. A well-funded capital group equipped with the necessary technical expertise and a diverse fleet could thrive within the boiler rental market.
The report captures the following information:
- Market Size, Growth Rate, Revenue Forecasts (2012-2029)
- Growth Drivers & Restraints
- Market Data
- Quotes by Key Industry Participants
- Market Share Analysis
- Market Trends
Company Profiles
- Nationwide Boiler, Inc.
- Atlas Copco Specialty Rental
- WARE, Inc.
- Wabash Power Equipment
- Industry participant quotes
For more information about this report visit https://www.researchandmarkets.com/r/84g8dw
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