SAN ANTONIO, Texas, June 30, 2021 (GLOBE NEWSWIRE) -- A new analysis by Verify Markets shows the North American Temporary Heating Market was valued at over $600.0 million in 2020. The COVID-19 pandemic had a negative impact on heating equipment rental company revenues during 2020. Most companies were affected by lower demand from the construction and oil & gas industries and the near complete cancellation of events. However, some companies did benefit from demand from temporary healthcare facilities and testing sites.
“The demand for temporary heating is directly affected by the level of economic activity in the construction industry, which represents almost half of the total market. The COVID-19 pandemic has affected the non-residential construction industry as many projects have been delayed or cancelled. Moreover, the pandemic has also undermined productivity levels as companies across the country have changed the way they operate to protect workers, and projects take longer to complete,” states Senior Consultant for Verify Markets Georgina Carraway. “Similarly, the oil & gas industry is one of the most important customers for temporary heat, and the impact of lower oil & gas price, coupled with lower energy demand due to the COVID-19 pandemic, considerably reduced investment in the sector in 2020.”
Despite these challenges, rental companies are optimistic about the future and expect the market to recover and return to its previous growth rates by the start of the winter season in 2021. This expectation is based on strong market fundamentals including the projected recovery of construction activity in the non-residential segment, increased drilling and refining activities due to the rise in oil & gas prices, and the expansion of economic activity as vaccine programs become prevalent and the coronavirus outbreak fades. Other important factors contributing to future market growth are the surge in warehouse construction, the prospects of a $2.0 trillion plan to overhaul and upgrade the nation’s infrastructure, the recovery of industrial activity, and many of the benefits associated with renting equipment over purchasing equipment.
The North American Temporary Heating Market report has been segmented by heater type, fuel type, output, and end user. The main customer groups include construction, oil & gas, industrial, emergency response, mining, events, and others (others include pest control, agriculture, and some commercial applications). The events sector historically represented around 8.0 percent of the market. However, it only contributed less than 1.0 percent of the market revenues in 2020 as most events were cancelled due to the pandemic. On the other hand, demand for temporary heat from temporary healthcare facilities and testing sites has increased the share of the emergency sector in 2020.
Some of the key companies covered in this report include Aggreko plc., Caterpillar , Inc., United Rentals , Inc., Sunbelt Rentals, Inc., Herc Rentals, Inc., and Resolute Industrial, LLC, among many others. This report provides an in-depth analysis of the overall North American Temporary Heating Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecast, technology trends, and competitive landscape.
A copy of the North American Temporary Heating Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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