Global Power Rental Market —
Power rental refers to renting of generator which operates on diesel, gas or any other fuel in order to generate power. Power rental systems serve the requirements of numerous industries in the times of power suspension. Rental power systems are broadly used in industrial and commercial applications amid continuous power supply needs. During the times of power cut in order to keep operations running the power rental units offer back-up systems. The regions with high population and emerging economies need more power supply every day. The global Power Rental industry has been witnessing an escalation in the growth over the recent years. The rise in urbanization across the globe has accelerated the infrastructural growth over the years which are considered being one of the major aspects responsible for the upsurge in the overall industry performance.
The global power rental market size was valued at >USD 14 billion in 2019. In addition, it is projected to gather a CAGR of above 7% over the forecast years 2020-2028.
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The inadequate infrastructure and repetitive power shortages among emerging economies have been encouraging numerous companies to shift towards power rental-based solutions. In addition to that, the old power plants along with power interruption are also encouraging the power rental market in recent times. Furthermore, there has been a significant rise in the number of manufacturing and infrastructure activities in developed as well as developing regions which in turn is boosting demand for rental power systems across the globe. Several governments worldwide are actively taking efforts to strengthen manufacturing industry which is also pushing the industry growth forward. However, the growth of the Power Rental industry is anticipated to be impeded by factors like stringent government regulations, slowdown in economies and uncertain crude oil prices.
The demand for constant power supply from emerging economies has increased significantly in past decade. In addition to that, the number of mining industries and oil & gas industries across the globe is growing rapidly which requires the constant supply of power. All these aspects are acting like a catalyst for the enlargement of the Power Rental industry. However, the industry performance was obstructed in recent times due to the suspension of end-users activities caused by the rise of COVID-19 pandemic. Nevertheless, many businesses turned this crisis into an opportunity in order to provide services to society. Moreover, the massive amounts of investments being made in the sector to come up with more advanced and reliable rental power systems are also anticipated to provide numerous lucrative growth opportunities. However, stringent laws being imposed regarding reduction of emissions in fossil fuel-powered equipment might be a hurdle for the market growth in coming years.
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The major players of the global power rental market are Caterpillar, Atlas Copco, Cummins, United Rentals, Ashtead Group, Aggreko, APR Energy, Bredenoord Exploitatiemij B.V., Kohler, and Rental Solutions & Services. Moreover, the market comprises several other prominent players in the power rental market that are Herc Holdings, Generac Power Systems, Wacker Neuson SE, Wärtsilä Corporation, Speedy Hire, Smart Energy Solutions, Soenergy International, and Multiquip.
Key Segments of the Global Power Rental Market
Fuel Type Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
• Peak Shaving
• Standby Power
• Base Load
End User Overview, 2018-2028 (USD Million)
• Oil & Gas
Regional Overview, 2018-2028 (USD Million)
• Rest of Europe
• Rest of Asia-Pacific
Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• Rest of South Americ
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