Insights on the Power Rental Global Market to 2027: Rising Demand for Uninterrupted Power Supply Along With Rapid Industrialization Drives Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Power Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global power rental market size reached US$ 17.7 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 26.9 Billion by 2027, exhibiting a CAGR of 7.23% during 2021-2027.
Companies Mentioned
- Aggreko Plc
- Caterpillar Inc.
- Atlas Copco Group
- Cummins Inc.
- United Rentals Inc.
- HIMOINSA S.L.
- Horizon Acquisition (Horizon Power Systems)
- The Hertz Corporation
- Generac Power Systems
- Wacker Neuson SE
- Wartsila Oyj Abp
- Speedy Hire Plc
- Smart Energy Solutions (SES)
- SoEnergy International Inc.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Power rental refers to the facility of temporarily renting power plants or generators for supplying energy to industrial units. It delivers functioning power equipment along with various scalable components, which are installed in power stations. It also offers reliability, flexibility, speed and cost-effectiveness to businesses for coping with brief shortages of power.
The power rental services are aimed to stabilize utility power grids and provide additional energy to industries and support communities. Owing to this, it finds extensive application across the construction, mining, and oil & gas industries.
The rising demand for uninterrupted power supply along with rapid industrialization across the globe are the key factors driving the market growth.
The increasing instances of unreliable power supply generated through small-scale power grids and limited access to the main transmission network has catalysed the demand for rental generators across the utility and manufacturing industries. Furthermore, there is a growing requirement for scalable rental equipment that can overcome the problems associated with voltage sags & swells, and power outages.
Additionally, rising awareness regarding the benefits of outsourcing power equipment is also impacting the market positively. Power rental systems enables consumers to obtain equipment according to their requirements in a cost-effective manner.
Moreover, the implementation of favourable government initiatives to expand metro and airport networks, along with the construction of hotels and shopping malls, are further increasing the demand for power rental across both the developed and emerging nations.
Other factors, including the adoption of natural gas-based power generators and the increasing deployment of renewables as an alternative power source to reduce carbon emissions, are projected to drive the market further.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global power rental market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on equipment type, fuel type, power rating, application and end use industry.
Breakup by Equipment Type:
- Generator
- Transformer
- Load Bank
- Others
Breakup by Fuel Type:
- Diesel
- Natural Gas
- Others
Diesel currently is the most popular fuel type across the globe, owing to its higher energy density as compared to natural gas.
Breakup by Power Rating:
- Up to 50 kW
- 51 -500 kW
- 501 -2,500 kW
- Above 2,500 kW
The 51 -500 kW power rating segment dominates the market.
Breakup by Application:
- Peak Shaving
- Standby Power
- Base Load/Continuous Power
At present, base load/continuous power represents the leading application segment.
Breakup by End Use Industry:
- Utilities
- Oil & Gas
- Events
- Construction
- Mining
- Data Centers
- Others
The Utilities industry accounts for the majority of the market share.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
North America exhibits a clear dominance in the market, holding the largest market share.
Key Questions Answered in This Report
1. What is the global power rental market growth?
2. What are the global power rental market drivers?
3. What are the key industry trends in the global power rental market?
4. What is the impact of COVID-19 on the global power rental market?
5. What is the global power rental market breakup by fuel type?
6. What is the global power rental market breakup by power rating?
7. What is the global power rental market breakup by application?
8. What is the global power rental market breakup by end use industry?
9. What are the major regions in the global power rental market?
10. Who are the key companies/players in the global power rental market?
For more information about this report visit https://www.researchandmarkets.com/r/xau7sm
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