USD 9.28 billion
Report ID: SQSG55A2006 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 122 | Figures: 77
Power Rental Market size was valued at USD 9.28 billion in 2021 and is poised to grow from USD 9.8 billion in 2022 to USD 16 billion by 2030, growing at a CAGR of 5.60% in the forecast period (2023-2030).
The global power rental market is expected to expand due to the rapid development of industrial sector and the increasing demand for an uninterrupted and stable power supply. The rising demand for dependable power supply, as well as global industrialisation, are driving market growth. The expanding usage of rental generators in the utility and industrial industries has been fuelled by the insecurity of power supply provided by small-scale power grids and limited access to the main transmission network. North America and Asia Pacific are expected to be the leading investor in the oil and gas business during the forecast period, implying a growth in infrastructure and an increase in the consumption of generator services. The rising demand for dependable electricity supply, as well as global industrialisation, are propelling the sector forward.
US Power Rental Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 9.28 billion
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Global power rental market is segmented based power rating, fuel type, application, end user. Based on power rating, the Power Rental Market is segmented into Below 75 kVA, 75-375 kVA, 375-750 kVA, above 750 kVA. Based on fuel type, the market is segmented into diesel, gas, others. Based on application, the market is segmented into continuous load, standby load, peak load. Based on end user, the market is segmented into mining, construction, manufacturing, utility, events, oil & gas, others.
Power Rental Market Analysis by Application:
Global power rental market is divided into three applications: continuous load, stand load, and peak load. From 2021 to 2028, the peak load segment is predicted to grow at the fastest CAGR. Peak load is a way of lowering power bills by restricting electricity consumption during peak hours, when power rates are high. Power rental systems help reduce electricity demand during seasonal hours, which helps reduce power billing expenses. Peak load is used by commercial and industrial clients to save money on power costs by lowering peak consumption. During the summer and winter seasonal peak hours, hence power demand rises. As a result, peak load power rental system demand is projected to rise as people become more concerned about controlling their penalised power bills. Compared to active power mode, standby mode consumes up to 25% more electricity. During the projected period, the rising IT industry, data centres, and increased use of electrical appliances that generally operate in standby mode are expected to drive the standby load segment.
Power Rental Market Analysis by End User:
The global power rental market is divided into oil & gas, utilities, events, manufacturing, mining, construction, and others. Based on end-user, the utility sector is predicted to dominate the power rental market during the forecast period. This can be ascribed to utility companies providing rental electricity during the conversion or reconstruction process. With the world's thermal power plant network ageing, the utility sector's demand for rented electricity is expected to increase.
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Based on region global power rental market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2021, Asia Pacific is expected to have the largest market share worth US$ 2.20 billion. China now enjoys a considerable market share in Asia Pacific in terms of value in the global market. China is one of the most important mining countries.
China was also reported to have more than a 30% share in the global mining sector in 2022. China's manufacturing industry is likewise expanding at a rapid pace, owing to plentiful raw material availability and low labour costs. Owing to these characteristics, demand for rental electricity is predicted to remain high, and China market is expected to dominate the global market. The Middle East and Africa are the most rapidly increasing regions for rental power solutions. Construction and the oil and gas industries are expanding at a steady pace throughout the region. The region accounted for a sizable global market share, primarily due to demand from the mining, construction, and oil and gas industries. The absence of sufficient grid structure, increased mining activities in Africa, and high demand for rental electricity from off-grid oil and gas wells are among the primary drivers for the region's market growth. Latin America is a high-potential market that is expected to grow at a faster CAGR than other regions. Latin America is a major producer of lithium and graphite, owing to mining activities in Brazil, Argentina, and Chile. In Latin America, grid infrastructure has not reached isolated areas such as the Caribbean Islands, where power renting is still the primary source of power. As a result of these factors, the market is likely to gain traction in Latin America.
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Power Rental Market Driver
Increasing Demand for Continuous and Reliable Power Supply
Power Rental Market Restraints
Generators are Subject to Severe Regulatory Controls
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The global power rental market is fragmented, with a prominent market player acquiring a sizable portion. Some of the market's leading companies such as Atlas Copco (India) Ltd, Cummins Inc., Ashtead Group PLC, Modern Hiring Service, United Rentals Inc., Herc Rentals Inc., Generac Power Systems, Wacker Neuson Group, and Wartsila Corporation, among others are forming multiple strategic alliances in order to increase their market share and get a competitive edge.
Top Players in the Global Power Rental Market
Power Rental Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global power rental market analysis, strong infrastructure construction, as well as the growing importance of power backup solutions and disaster management among end users, will drive the market growth. The rising population and rapid urbanisation have increased the demand for a consistent supply of electricity. The demand for minimal infrastructure and lower start-up costs, as well as a growing desire to follow business activities is projected to boost the power rental market.
|Market size value in 2021||USD 9.28 billion|
|Market size value in 2030||USD 9.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Power Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Power Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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