The global power rental market accounted for a value of USD 10.2 billion in 2019. Power rental market projected to register growth at a CAGR of 4.0% during forecast period.
COVID-19 has impacted all the businesses over the globe. The supply chain got disrupted due to travel restriction and manufacturing units and offices were closed due to lockdown. This reduces demand for power rental market. The market is likely to witness growth once situation moves back to normal.
For more details, visit: Global Power Rental Market By Fuel Type (Diesel, Natural Gas, Others), By Application (Peak Shaving, Base Load, Others.), By Equipment (Generators, Load Banks, Others), By Rental Type, By End-Users, By Region, Forecast & Opportunities to 2026
There many operations which happens at remote places such as oil & gas and mining etc. The highly inflammable nature of the extracted products is a threat for human life so the power illumination is a vital requirement for such operations. The renting generators are adopted by such industries at large scale in mining and oil & gas industries as the investments in also increasing. This drives growth in power rental market during forecast period.
On the basis of fuel type, the power rental market segmented into diesel, natural gas and others. The diesel segment is projected to be the fastest growing power rental fuel type market during forecast period. The diesel generators are economical in operations. The diesel fuel is easily available in almost all regions. They are very best for long-term use and it has a load capacity of 80%. They have maximum efficiency for operations. These generators provide voltage and power generation without peaks. All this factors are responsible for driving growth in diesel segment during forecast period.
On the basis of end-user, the power rental market is segmented into utilities, oil & gas, events, construction, mining, telecom & datacenter, manufacturing and others. The utilities segment is estimated to register fastest growth during forecast period. Generation utilities are power generating firms, the generated power is then sold by different distribution utilities along with transmission utilities which acts as a bridge to deliver power from generation to distribution site. In some regions such a Asia-Pacific and Africa, the local grids are not capable of supplying reliable power and creates lot of fluctuations in power levels inside a grid. This increases demand for power rental market and drives growth in power rental market during forecast period.
North-America region is estimated to dominate the power rental market during forecast period. The oil & gas market is expanding and investments in oil & gas and mining are increasing in this region. The construction industries are also registering high growth in this region and it utilizes rental power at large scale. The mining and its related exploration activities are rising in this region. This increases demand for rental power market in this region. This drives growth in power rental market during forecast period.
The key market players in power rental industry are Caterpillar, Atlas Copco, Cummins, United Rentals, Ashtead Group, AGGReko, Herc Rentals, Generac, Speedy Hire Plc., Wacker Neuson SE, Bredenoord, Allmand Brothers, Kohler Co., Soenergy International, Multiquip Inc., J & J Equipment Rentals and Temp-Power.
- What are the expected industry trends over the next three to five years?
- Which of the power rental application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?