HVAC Rental Services Market Size, Share & Trends Analysis Report By Product (Heating, Ventilation, Cooling, Cooling), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2024 - 2030

HVAC Rental Services Market Size & Trends

The global HVAC rental services market size was estimated at USD 2,110.54 million in 2023 and is projected to grow at CAGR of 5.8% from 2024 to 2030. Cost-effectiveness plays a crucial role in driving market growth. Renting Heating, Ventilation, and Air Conditioning (HVAC) equipment allows businesses to avoid the high upfront costs of purchasing new systems and instead pay for rental services only when needed. This approach can be more financially manageable, particularly for short-term requirements.

Technological advancements further enhance the attractiveness of HVAC rentals. Modern rental units often incorporate the latest energy-efficient technology, providing superior performance and cost savings. Businesses are increasingly drawn to these advanced systems, which offer both temporary solutions and high efficiency.

Drivers, Opportunities & Restraints

The growth of the construction and event management sectors also drives demand for HVAC rentals. As construction projects become more frequent and events more elaborate, the need for temporary climate control solutions rises. Similarly, emergency response and disaster recovery efforts benefit from rapid deployment of rental HVAC systems, which help maintain operations and support recovery.

Rental services may be limited to remote or less accessible locations, where logistical challenges and higher transportation costs can affect the availability and timeliness of rental units. This can restrict market growth in such areas.

The expansion of urban areas and infrastructure development in emerging markets presents new opportunities for HVAC rental services. As these regions grow, they require temporary climate control solutions, creating a potential growth avenue for rental providers.

Product Insights

“The cooling segment is expected to grow at a notable CAGR of 6.1% from 2024 to 2030 in terms of revenue”

The heating segment led the market with the largest revenue share of 32.9% in 2023. During construction and renovation projects, heating systems are essential to maintain appropriate working conditions and ensure the proper curing of materials, which boosts demand for rental services. The appeal of modern, energy-efficient heating technologies also plays a role, as they offer better performance and lower operating costs. In addition, heating rentals are crucial in emergencies, such as system failures or power outages, where rapid and reliable solutions are needed.

The growing demand for cooling systems within the global market is significantly influenced by rising global temperatures and more frequent heatwaves, which increase the demand for effective cooling solutions. As urbanization expands and high-density buildings create heat retention in cities, the need for efficient cooling becomes more pronounced. In addition, advancements in cooling technologies, including energy-efficient and environmentally friendly systems, make rental options more attractive.

Application Insights

"The demand for the industrial segment is expected to grow at a considerable CAGR of 6.1% from 2024 to 2030 in terms of revenue”

Based on application, the commercial segment led the market with the largest revenue share of 43.3% in 2023. Increasing commercial real estate development contributes significantly to this growth. As businesses expand and new commercial spaces are constructed or renovated, there is a heightened need for temporary HVAC solutions to ensure comfort and meet building codes during these phases. This trend is particularly prominent in sectors such as retail, office spaces, and hospitality.

The industrial segment experiences growth driven by the expansion of industrial activities and the establishment of new facilities, which creates a demand for systems that maintain optimal working conditions and equipment efficiency. Compliance with strict regulations regarding workplace conditions and environmental controls necessitates the use of advanced HVAC systems, and rental services offer a flexible solution for meeting these requirements.

Regional Insights

“India to witness fastest market growth at 7.4% CAGR”

The HVAC rental services market in North America benefits from a combination of technological advancements and regulatory requirements. The region's emphasis on energy efficiency and environmental sustainability drives the demand for modern, energy-efficient rental HVAC systems that help businesses meet stringent regulations and reduce their carbon footprints. Seasonal extremes in temperature—such as hot summers and cold winters—also create a steady need for temporary heating and cooling solutions.

U.S. HVAC Rental Services Market Trends

The HVAC rental service market in the U.S. is experiencing robust growth driven by increased demand for temporary climate control solutions across various sectors. This growth is fueled by factors such as rising construction activities, emergency repair needs, and seasonal temperature fluctuations that necessitate flexible HVAC solutions. Additionally, the trend towards shorter project timelines and the need for cost-effective, scalable solutions further bolster the market. Companies are expanding their rental fleets and enhancing service offerings to meet the evolving needs of industries ranging from construction to events, contributing to the sector's dynamic expansion.

Asia Pacific HVAC Rental Services Market Trends

Asia Pacific dominated the HVAC rental services market with the largest revenue share of 47.58% in 2023. The market growth is primarily driven by rapid urbanization and industrial expansion. As cities across Asia Pacific experience significant population growth and infrastructure development, the demand for temporary HVAC solutions for construction projects, commercial spaces, and events increases. The region's diverse climate conditions, ranging from extreme heat in some areas to cold temperatures in others, further fuels the need for adaptable and efficient HVAC systems. In addition, the economic growth in emerging markets within Asia Pacific contributes to rising construction activities and increased investment in temporary HVAC solutions for both short-term and seasonal needs.

The HVAC rental services market in India is estimated to grow at the fastest CAGR of 7.4% over the forecast period. Rapid urbanization and infrastructure development across cities increase the demand for temporary climate control solutions for construction projects, commercial spaces, and events. Seasonal temperature extremes necessitate adaptable HVAC systems to manage heating and cooling needs. The growing industrial sector further fuels demand for temporary HVAC solutions during peak periods and for specialized applications. In addition, the rise in disposable incomes and the expansion of the event and hospitality industries contribute to the need for flexible and cost-effective HVAC rental options.

Europe HVAC Rental Services Market Trends

The HVAC rental services market in Europe is influenced by a strong focus on regulatory compliance and sustainability. European countries have rigorous standards for indoor air quality and energy efficiency, which prompts businesses to seek rental solutions that align with these regulations. The region's emphasis on reducing greenhouse gas emissions and promoting eco-friendly technologies drives interest in advanced, energy-efficient rental systems. In addition, Europe’s fluctuating climate conditions, with cold winters and hot summers in various parts, contribute to the need for temporary HVAC solutions to address seasonal demands and ensure optimal conditions for commercial and industrial activities.

Key HVAC Rental Services Company Insights

Some of the key players operating in the market include Caterpillar, and Carrier among others.

• Caterpillar is a global manufacturing company that specializes in construction and mining equipment, diesel-electric locomotives, natural gas engines, industrial gas turbines, and diesel engines for marine applications. The company's products are sold in more than 190 countries. Caterpillar's HVAC rental service business offers a wide range of heating, ventilation, and air conditioning equipment for rent, including chillers, air conditioners and different types of heaters. This service is particularly valuable for temporary heating and cooling needs, such as construction sites, events, and emergency situations

• Carrier is a global provider of heating, ventilation, air conditioning, and refrigeration systems. The company offers a wide range of products and services, including commercial and residential HVAC systems, refrigeration equipment, building automation systems, and aftermarket parts and services. Carrier is known for its innovative products and solutions and has a long history of technological advancements in the HVAC industry

Recent Developments

• In January 2024, ClimateCare, Canada’s prominent cooperative of residential HVAC contractors announced an update to its Consolidated Purchasing Program. With this upgrade, ClimateCare member companies will now have access to the full range of residential equipment distributed by Carrier (Canada branch). This partnership aids Carrier in deeper market penetration in Canada

• In November 2023, Andrews Sykes Group Plc, a provider of temporary climate control and energy solutions, announced its expansion into Germany. The company has established a new branch in Hamburg, marking its entry into the German market. This strategic move is aimed at enhancing their service capabilities and expanding their customer base in the region

HVAC Rental Services Market Report Scope

Global HVAC Rental Services Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global HVAC rental services market report based on the product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Heating

  • Ventilation

  • Cooling

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Residential   

  • Commercial

  • Industrial

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE