PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1780758
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1780758
Global Equipment as a Service Market to Reach US$22.9 Billion by 2030
The global market for Equipment as a Service estimated at US$2.2 Billion in the year 2024, is expected to reach US$22.9 Billion by 2030, growing at a CAGR of 47.3% over the analysis period 2024-2030. Air Compressor, one of the segments analyzed in the report, is expected to record a 44.3% CAGR and reach US$6.0 Billion by the end of the analysis period. Growth in the Excavators segment is estimated at 57.4% CAGR over the analysis period.
The U.S. Market is Estimated at US$610.3 Million While China is Forecast to Grow at 56.8% CAGR
The Equipment as a Service market in the U.S. is estimated at US$610.3 Million in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$5.6 Billion by the year 2030 trailing a CAGR of 56.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 40.2% and 44.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 41.7% CAGR.
Global Equipment As A Service (EaaS) Market - Key Trends & Drivers Summarized
Why Are Businesses Adopting Equipment As A Service Models?
The Equipment as a Service (EaaS) market is experiencing rapid growth as businesses shift from traditional ownership models to subscription-based equipment usage. EaaS enables companies to access advanced machinery, tools, and industrial equipment without making large upfront investments. This model offers benefits such as cost savings, flexible scalability, and reduced maintenance burdens, making it particularly attractive for manufacturing, construction, and healthcare industries.
Cloud-based asset management platforms and IoT-enabled predictive maintenance solutions are further enhancing the appeal of EaaS by ensuring uptime optimization and real-time equipment monitoring. As organizations prioritize operational efficiency and capital expenditure reduction, the demand for equipment-as-a-service solutions is increasing across various sectors.
How Is IoT and AI Driving the Future of EaaS?
The integration of the Internet of Things (IoT) and artificial intelligence (AI) is transforming the EaaS landscape. Smart sensors embedded in equipment provide real-time data on performance, wear and tear, and potential malfunctions, allowing for predictive maintenance and reducing unexpected downtimes. AI-driven analytics help businesses optimize equipment usage, forecast demand, and automate service scheduling.
Blockchain technology is also being explored for secure and transparent equipment leasing transactions, ensuring trust between service providers and customers. The rise of Industry 4.0 is further accelerating the adoption of EaaS, as companies seek data-driven, connected equipment solutions that offer higher efficiency and lower costs.
What Are the Key Factors Driving Growth in the Equipment As A Service Market?
The growth in the Equipment as a Service market is driven by the rising adoption of smart manufacturing, the need for cost-efficient equipment management, and the increasing prevalence of cloud-based asset tracking solutions. Businesses are shifting toward subscription-based models to reduce capital expenditures and gain access to the latest technologies without heavy investment.
The demand for predictive maintenance and AI-powered analytics is further propelling market expansion. Additionally, government incentives supporting digital transformation in industries such as manufacturing and construction are encouraging companies to adopt EaaS models. As businesses continue to prioritize flexibility and efficiency, the EaaS market is expected to witness sustained growth and technological innovation.
SCOPE OF STUDY:
The report analyzes the Equipment as a Service market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Equipment (Air Compressor, Pump, Power Tools, Ground Power, Laser Cutting Machines, Printing Machines, CNC machines, Material handling system, Packaging Machine, Excavators, Cranes, Turning & milling machines); Financing Models (Subscription-based, Outcome-based); End-Use (Construction, Material Handling, Mining, Manufacturing, Packaging)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 36 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.