Global Power Rental Market Size, Share, Future Scope, Demand, Growth Analysis and Forecast Report 2020 to 2027.
Pune, Maharashtra -- (SBWIRE) -- 08/19/2020 -- The global Power Rental market was valued at US$ 14,580 Mn in 2018 and is projected to reach US$ 30,500 Mn by the end of 2027, with a CAGR of 8.36% from 2019-2027.
The Power Rental Market report, at first, has given a brief understanding of the industry through basic overview. This overview includes the market definition, key applications of the product, and the recent manufacturing technology employed for such production. The global Power Rental market has been analyzed in detail to gain an understanding of the competitive landscape, key regional status, and recent trends noted in the relevant industry.
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The power rental market is defined as the rental business of power generators or generators on hire, to fulfill demands of continuous power supply in-case of irregular power cuts and temporary power back-up. This include diesel and gas generators, which are either fixed, portable or towable to support power requirements for demanding applications in industrial as well as commercial sectors.
The market in Asia Pacific Region is projected to exhibit the highest growth during the forecast period, owing to the increasing demand for continued power supply for demanding applications, in emerging economies such as China, India and others.
In the Fuel Type segment, Diesel Generator is expected to dominate the power rental market throughout the forecast period
The power rental equipment providers are doing strategic partnerships across the globe, with distributors and suppliers, to increase their market presence. They also rent/sell directly to the end users via sales representative to fulfil customer demands
Drivers: Unreliable and inconsistent power supply from local power grids
The growth in the power rental business is fueled by the unreliable power supply from the local grids due to poor power transmission network. This causes delay in the delivery of power for required production and operation within the end-use industries for demanding applications. Hence, auxiliary electrical power is required in the scenario of limited power supply, natural disasters, and lack of permanent power in remote locations. Rental generators comes handy while solving these problems for demanding applications in industrial and commercial sectors.
Challenges: Rise in energy transmission and distribution expenditure and economic slowdown
Over the past couple of years, the energy consumption per customer has increased multiple-folds. Hence, the energy transmission and distribution costs are increased, to improve electricity reliability, replacing aging power lines, as the end-use applications keeps growing demanding continuous power supply. Moreover, due to economic slowdown globally, there is uncertainty in the demand-supply for rental equipment which poses as a challenge for the market.
Opportunities: Increasing demand from developing economies such as China, India and MEA
There has been an increase in demand for generator rentals from emerging and developing nations in Asia-Pacific and Middle East & Africa. Countries such as China, India, African countries and GCC countries are running huge infrastructure project and manufacturing plants, which demands for power supply back-up in case of emergencies and power cuts. Having access to the power rental equipment, the industries such as mining, oil & gas, manufacturing, utilities and others and have steady power supply for operational support.
Market Key Players
Various key Players are discussed in this report such as Aggreko, Rental Solutions & Services LLC., Soenergy International Inc., Hertz Corporation, Speedy Hire PLC, Kohler Co., and Atlas Copco CB
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- Dual Fuel
By Power Rating
- 11-50 KW
- 51-200 KW
- 201-500 KW
- 501-1000 KW
- 1501-2000 KW
- Above 2000 KW
By End User
- Oil & Gas
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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