Equipment As A Service Market Analysis Report By Equipment, End-use, Financing Models, Companies, And Growth Forecasts

The global equipment as a service market size is anticipated to reach USD 27,804.4 million by 2030, according to a new report by Grand View Research, Inc. expanding at a CAGR of 49.9% from 2023 to 2030. Equipment as a Service (EaaS) is gaining traction among a broad spectrum of machine manufacturers as a result of globalization, digitization, and the Internet of Things, which have been significant drivers and catalysts of this innovation in recent years. For instance, a construction equipment model emphasizing usage rather than ownership will enable Volvo clients to invest more money profitably and expand their main business operations.

Equipment As A Service Market Report Highlights

  • The laser cutting machine equipment segment led the market and accounted for 14.9% of the global revenue share in 2022. Given the intense rivalry among manufacturers, the major companies in the laser cutting machine industry are concentrating on lowering the price of these machines by implementing EaaS models, driving market growth
  • The CNC machines equipment segment is expected to attain a CAGR of 56.4% over the forecast period. EaaS offers manufacturers of CNC machines significant advantages, such as minimizing risk and assuring long-term profitability
  • The subscription based financing models segment led the market and accounted for 51.5% of the global revenue share in 2022. EaaS reduces risks through recurrent revenue or expenses, predictable subscription pricing, and adaptable contracts. For instance, the International Energy Agency suggests that services for charging electric vehicles as a service offer efficient monitoring & maintenance, and infrastructure installation, in exchange for a subscription fee
  • Outcome based financing models segment is expected to witness a CAGR of 51.4% over the forecast period. These models charge customers for a specific, measurable business result or value obtained from used services, thereby driving market expansion
  • In October 2020, the Munich Re Group and TRUMPF Group entered into a strategic agreement, to provide a cutting-edge service for laser cutting machines. Customers can utilize a full-service laser machine without buying owing to the jointly created “pay-per-part concept”. This allows customers to increase the flexibility of their production processes and respond to market developments more quickly

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Equipment-as-a-Service (EaaS) is an industry model where the producer of a machine or product rents out equipment to end users and collects periodic payments for use of the equipment. EaaS model allows users to get speedy access to machines and technology without making a massive financial commitment or hiring additional manpower. Notably pioneered by Rolls-Royce, It is a growing trend among a wide range of machine manufacturers, and has the potential to change the familiar equipment manufacturer business model. Subscription-based models are now becoming increasingly popular across industries as it takes a step beyond service contracts with more effective operations and a simpler financial model based on pay-per-use models. The EaaS market is also witnessing innovations such as the use of IoT sensors and predictive analytics to optimize equipment performance and minimize downtime. Some companies are also offering EaaS solutions that are tailored to specific industries such as healthcare, construction, and agriculture. The COVID-19 pandemic has also had an impact on the EaaS market, with many businesses turning to EaaS solutions as a way to reduce capital expenditure and improve cash flow. Additionally, the pandemic has accelerated the trend toward remote work, which has increased demand for equipment rental services that can be accessed from anywhere.

U.S. Equipment As A Service Market Size By End-use
U.S. Equipment As A Service Market size, by end-use

Today’s equipment manufacturers are attempting to shift the focus from capital expenditure (CapEx) to operating expenditure (OpEx) in order to increase flexibility, which will further fuel market demand. This effort is being driven by the meteoric rise of well-known B2C offerings like Netflix and Spotify. The benefit of EaaS models is that they make it possible to switch from a high initial CAPEX to a recurrent OPEX model. Equipment as a service (EaaS) models does away with the necessity for substantial investments and the related long-term financial commitment for the consumers of the equipment manufacturers. In the coming years, the demand for equipment as a service will be driven by the aforementioned causes. For instance, the much-touted Rolls-Royce concept, known as “power-by-the-hour” since clients are only charged for each hour of actual usage, has completely changed how the business sells aviation turbines.

Contrary to CAPEX business models, the client relationship is maintained over the long term, much like subscription models. Instead, it is limited to the completion and follow-up of the equipment purchase. As a result, the customer benefits from the manufacturers continued responsibility for the product and the machine manufacturer’s continued awareness of the client’s needs. In addition, the manufacturer of the equipment makes ongoing additional revenues through services and gains expertise by having access to user data in addition to one-time earnings. These aforementioned factors will propel the market demand in the coming years.

Machine manufacturers also manage to monitor equipment status as part of EaaS models or Machine as a Service (MaaS), and provide predictive maintenance based on usage data analysis via the IIoT. Furthermore, these models contain more sophisticated services that would often be outsourced. The opportunity for providers to make more money above and beyond their pre-EaaS business model exists here. This business model is being studied by an increasing number of industrial manufacturing enterprises for their machinery, tools, software, and digital services. Examples of companies that have successfully used this business model for industrial devices and equipment include Kaeser (compressors), Heidelberger Druckmaschinen (digital printing machines), and Atlas Copco (mining equipment).

EaaS or MaaS fundamentally enables users to rent machinery for a set length of time or to reach other pre-determined outputs, in contrast to a traditional model where manufacturers sell machinery, equipment, and production systems for a single, upfront cost. Providers can create specialized, user-friendly solutions that satisfy the commercial objectives of their partners owing to this cutting-edge pay-per-use or pay-per-unit-produced business model. For instance, in May 2020, Equipment Financing Group, Milacron’s exclusive finance partner, introduced a new leasing option for machinery upgrades. Milacron is a major industrial technology business serving the plastics processing sector. Moreover, EaaS or MaaS models have benefits over owning, such as cheaper monthly payments that are often made over the course of months or years rather than all at once, thus driving market expansion.

By engaging in a strategic collaboration with the Munich Re Group, for instance, The Heidelberg Group hopes to both grow the amount of revenue it generates through its digital usage-based Subscription Plus model and to further develop it into a shared Equipment as a Service (“EaaS”) model. Through this cross-industry alliance, the two businesses are combining their respective advantages.

Equipment As A Service Market Insights By Region

North America led the market. The EaaS model applied in manufacturing offers potential for the construction industry as well. This enables businesses to lease equipment and pay for extra services like preventative maintenance and other services based on the equipment’s production. This would make it possible for consumers in the construction industry to rent the most cutting-edge equipment without having to make a significant investment in it. The manufacturing sector in Europe will experience increased demand for EaaS models due to the aforementioned considerations. Asian Pacific is estimated to witness a high CAGR. Given the presence of strong economies such as China, India, and Japan, the region is predicted to grow at the quickest rate. The growth is being boosted by the growing manufacturing industry. The subscription-financing model has gained traction ground in Central and South America as the digital movement has expanded and intensified.

Competitive Analysis By Major Companies

Major companies are focusing on strategic initiatives like mergers & acquisitions, joint ventures, collaborations, and facility expansion, in order to gain a competitive edge in the market.  Some prominent players in the global equipment as a service market include:

  • Atlas Copco
  • Heidelberger Druckmaschinen AG
  • SMS group GmbH
  • Arnold Machine
  • Uteco
  • AB Volvo
  • Exone

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Equipment As A Service Market Segmentation

Grand View Research has segmented the global equipment as a service market based on equipment, end-use, financing models, and region:

  • EaaS Equipment Outlook (Revenue, USD Milion; 2018 – 2030)
  • EaaS End-use Outlook (Revenue, USD Milion; 2018 – 2030)
  • EaaS Financing Models Outlook (Revenue, USD Milion; 2018 – 2030)
  • EaaS Regional Outlook (Revenue, USD Milion; 2018 – 2030)
  • List of Key Players in the EaaS Market

Research Methodology

We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.



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